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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
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 :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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