|Sportingbet, one of the world's leading online betting and gaming groups, has released a trading update for its third quarter ending 30 April 2005. The update comes in advance of the general meeting to be held April 29th in connection with Sportingbet’s proposed reduction of capital and other matters.|
The update applies only to sports betting– forecasts for Paradise Poker remain unchanged. According to the release, Sportingbet has enjoyed a good third quarter and operating profit before interest and goodwill amortisation for the quarter is expected to be not less than £19.0 million.
This is the third update to Sportingbet’s forecasts in less than three months, reflecting the success of the brand. Sports betting volumes during the period have been strong and there has been some improvement in margin compared with the first half. The Company's poker, casino and gaming revenue streams have also continued to perform well.
Sportingbet will announce its third quarter results and cumulative results for the nine months ending 30 April 2005 on 2 June 2005.