|London-listed online betting company Sportingbet has reported to shareholders that sales have continued to meet analysts' estimates since its first quarter ended in October.|
Sportingbet owns a number of well-established online gambling operations and released a statement asserting that it has maintained the quarter's ‘strong performance’.
Sportingbet was one of the many large listed European gambling companies that exited the lucrative American online gambling market late in 2006 following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA), which banned financial transactions with online gambling companies. The company disposed of its US-facing assets for one dollar to Jazette Enterprises and took substantial losses forward that it has managed to absorb by diversification into other markets.
The Bloomberg news service reported that, excluding the US, the amount wagered by gamblers rose by 12 percent during the first quarter of 2007 as European and Australian bettors made more wagers.
Sportingbet’s share price grew 17 percent last year after losing almost nine-tenths of its value in 2006.