Despite the current economic crisis, London-based online casino and sportsbook operator Sportingbet has announced a 23 percent rise in its net gaming revenues for the past twelve months to $253.02 million.
The firm released its audited results this week for the year ending in July showing operating profits more than trebled to $39.07 million adjusted to exclude exceptional items, share option charges and amortization. In addition, a recent restructuring resulted in an improved adjusted operating profit as a percentage of net gaming revenues of 15.4 percent compared to the previous year’s 4.1 percent.
It revealed that an increased product range and strong performances in Europe and Australia saw net gaming revenues from sportsbetting grow 45 percent while it has brought Spanish and Bulgarian marketing in-house.
Looking ahead, the firm revealed that the new financial year has started well with revenue growth in excess of 30 percent over the first two months while it has net cash of $49.23 million.
“It has been an exciting year for Sportingbet,” said Andrew McIver, Chief Executive Officer for Sportingbet.
“Sportsbetting continues to be the key driver of our business, demonstrated by the increase in net gaming revenues of 43 percent in Europe and 54 percent in Australia. Sportsbetting represented 61 percent of the group’s income, up from 52 percent last year. This strong and resilient growth in sportsbetting reinforces the group’s strategy of continued investment in this area.”
The firm also released a statement regarding its troubles in May when two employees holidaying in Turkey were detained by authorities on suspicion of online gambling offences. One was subsequently released without charge soon after and returned to the UK but the second was further detained. Sportingbet stated that this second employee has now been released pending trial, which has had a date provisionallly set for January 26 with no charges yet formalised.