Feb
28th

Sportingbet Presents Good Financial Results

The leading gambling group, Sportingbet.com, announced that it had earned good numbers for the second quarter and half year ending January 31st, 2011. In particular the group saw strong growth in its Australian operations and reported an NGR increase of 73%. Further, 10% of Sportingbet’s active customers came from its mobile phone products.

Total net cash for Sportingbet.com for this time period was £25.5 million, according to the group, and interim dividends were up 20%. In play betting increased 27% and contributed 67% of the group’s European sports revenues.

“Strong growth in Australia, emerging markets and Turkey more than offset the recessionary weakness of Europe, particularly notable in our larger markets of Greece and Spain”, said the group chief executive of Sportingbet.com, Andrew McIver. “Once again this demonstrates the attractiveness of a geographically diverse operation.”

McIver said that Sportingbet continues to monitor regular developments very closely and looks forward to taking full advantage of opportunities as these markets regulate.

“Our experience in such markets is that whilst there is a short term impact from tax on existing profitability, this recovers as regulated markets grow disproportionately,” he said. “Over and above that you gain the benefit of the continuity of future revenue streams that regulation brings. “

In the time period covered by these financial results, Sportingbet announced a landmark sponsorship deal at the Cheltenham Racecourse for the Queen Mother Champion Chase race for the next four years until 2015.

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