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SPORTINGBET QUARTERLY PROFITS UP 143 PERCENT

The UK online gambling group Sportingbet reported a rise in Q3 operating profits of 143 percent this week, with company management confident of meeting full year expectations despite Turkish legal challenges and the international credit squeeze.
 
The company took the opportunity to update the market on the fate of two employees arrested last week  in Turkey, confirming that they remain in custody with very little information flowing from the Turkish authorities. The group has

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appointed lawyers to safeguard the interests of the two. The company continues to take Turkish bets.
 
CEO Andrew McIver commented that online gaming was apparently not specifically mentioned in Turkish court proceedings on the arrests, "...but we are none the wiser. It's had absolutely zero impact on our operations in the area. It's just unbelievably unfortunate for the employees in question.''
 
Group Q3 operating profit rose to GBP 7.3 million from GBP 3 million last time, and to GBP 19 million for the 9 month period to date compared with GBP 7 million last year. Revenues rose 25 percent to GBP 365 million in the three month Q3 period. Net income was GBP 3.4 million pounds in the three months through April, compared with a loss of GBP 62.4 million a year earlier.
 
The company statement reported that May's trading volumes have continued in line with recent trends in both Europe and Australia.
 
In Europe, sports margin has been below long term annual averages due to the run of sports results falling more in favour of the customer. In Australia, the business has experienced good betting volumes supported by a favourable sports margin.
 
The group said that it anticipates significant betting volumes from the Euro 2008 football championships but cautioned that the predictable nature of such tournaments can often result in low returns to the bookmaker.
 
Lost US business due to the UIGEA-enforced departure from that market has been largely offset by more business in Europe And Asia as the company builds on its objective of geographic diversification.
 
Third-quarter sports bets by European customers gained 27 percent to GBP198 million, the statement shows. Australian gamblers wagered GBP 152 million, up 26 percent. Betting on sports events constitutes nine-tenths of Sportingbet revenues.
 
UK online operators including Sportingbet, 888.com and PartyGaming plc began talks with the U.S. Department of Justice last year as concern spread about possible legal action against companies that took bets from Americans pre-UIGEA. McIver commented that nothing concrete has yet evolved, saying: "It's their timetable. Talks are very amicable and constructive, but where they might end up, I don't know.''
 
The US market constituted some 65 percent of Sportingbet's business when the company exited this market in late 2006, and this has influenced its strategy of diversification with a preferred goal of no more than 20 percent of business from any one country.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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