|Sportingbet bucked the perceived trend by posting healthy profits in its annual report for the last 12 months, leading up to 31st July 2005. The company surprised many analysts by reporting a massive five-fold increase in profits and a 1.5 million increase in customers.|
Nigel Payne CEO of Sportingbet said, “The whole thing has been overblown. From where I am standing, volumes up 50% this year after being in business for seven years is something any company in any industry in any part of the world would want.”
The company has seen its shares price plummet in the wake of a feared industry-wide bust, which has affected all the biggest online gambling companies like PartyGaming and Empire Online. However with Sportingbet’s £40m profit from the last 12 months, of which the majority was generated by online poker, Mr Payne obviously feels that his company is in good financial shape.