World Cup boosts SportingBet
By Paul
It was a good World Cup for online bookmaker Sportingbet, as the company claims to have gained 11,000 new customers during the tournament and over 300,000 bets. Turnover was up to £248million in the first quarter ending June 30 ($388m) from £111m ($174m) last year.

The company said that the new customers, together with organic growth from other marketing initiatives, helped cut registered customer acquisition costs to £54 ($85). In addition, Sportingbet reported its lowest ever cost per active customer of £305 ($478).

The company also announced that it had secured a £20 million ($30.02 million) loan from Barclays Bank to cover acquisition costs of its US betting operation Sportsbook last July. Sportsbook has traded above expectations, the company said.

The World Cup proved an unexpectedly good return for Sportingbet's American business, with a significant proportion of Sportingbet's American customers betting on soccer for the first time.

Sportingbet FD Andy McIver said: 'Its been a fairly quiet quarter but we have made good progress in terms of customer growth and will be fully profitable at the end of the year, some 12 months ahead of expectations.'

McIyer also revealed that Sportingbet is to launch its own peer to peer betting exchange in the UK and the US in near future. He said: 'We have partnered with Trading Sports in the UK, which is acting as a third-party to bring together other bookmakers into the fray. In the US, we have 500,000 customers, and believe that this user base offers the liquidity needed to operate a peer-to-peer exchange.'

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