Sportingbet Issues Favourable Results
By Staff
According to the Reuters news service, UK online gaming group Sportingbet has reported profits for the last six months despite sporting results going against it.

'With six months of the year completed we have achieved an operating profit of $23.59 million versus $8.06 million last year,' said Andrew McIver, Chief Executive for Sportingbet.

'This has not been achieved by especially favourable outcomes to sports events, the margin percentage is actually slightly lower than last year, but rather from strong growth in turnover from our core sports offering and careful cost control.'

McIver stated that net gaming revenues for the three months ending in January jumped from $69.37 million to $83.08 million to see the total for the interim period rise from $134.91 million to $144.39 million. Pre-tax profits for the second quarter were $7.25 million versus $201,707 the year before with a total interim profit of $4.43 million compared with the previous $22.99 million loss.

He stated that sports betting levels rose 29.6 percent year-on-year in the second quarter while casino activity was up 29.1 percent and poker rose by 34.1 percent quarter-on-quarter.

McIver stated that the third quarter had started well but that the company would have to wait until after the Euro 2008 Championships to see whether it would post strong annual profits. The final quarter would be dominated by the soccer tournament, Sportingbet stated, with punter-friendly results having hit its margins in the first half of the year.

'We are happy to bank the strong performance in these results against the second half and remain confident for the full year's out-turn,' said the firm in a statement.

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