|Online gambling group Sportingbet has released the financial results for its second quarter ending in January showing profits up 275 percent.|
The Alderney-licensed firm revealed that group operating profits for the quarter had risen to $15.27 million from last year’s $4.07 million while those for the year stood at $23.82 million. This was 18.2 percent of net gaming revenue, which was up on the targeted 13 percent.
It stated that the amount wagered had increased almost 30 percent to $742.61 million from 2007’s $573.48 million while cash on the balance sheet excluding customer liabilities was shown at $65.15 million. This was down from 2007’s $72.27 million but statutory group operating profit stood at $7.32 million from a loss of $203,600 for the previous year.
Other highlights included growth in net gaming revenues across the portfolio with sportsbetting growing 29.6 percent year-on-year while casino business was up 29.1 percent year-on-year. However, the biggest growth was in poker, which increased 34.1 percent quarter-on-quarter.