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Sportingbet First quarter report shows good NGR and pre-tax profits
Online gambling group Sportingbet's belt-tightening has started to deliver results, with a brighter first quarter report that shows a pretax profit of GBP 4.9 million, net gaming revenue growth up 28 percent to GBP 38.9 million, and sports betting net gaming revenue growth of 34 percent.
Operating profit was up by 45 percent to GBP 6.1 million, and the group had net cash of GBP 19.5 million at quarter's end. A further GBP 22.3 million is held in liquid assets.
Group CEO Andrew McIver said, "Performance during August, September and October has provided a solid start to the new financial year. As the business enters its busiest two quarters, our focus will continue to be on the provision
of quality and value sports betting services to a globally diversified customer base. This core revenue stream will continue to be supplemented by our additional casino, poker and games offer.
"Whilst sports betting has historically shown itself to be 'recession hardy', no industry is 'recession proof'. Unfortunately there is also no empirical data with regard to the online casino and poker industry to estimate what the impact of an economic downturn may or may not be on these products. That said, customer metrics remained very robust both during the quarter and in the four weeks since it ended. As such the Board remains cautiously optimistic in achieving the Group's full year forecast."
McIver also revealed that the company has plans to grow sportsbook revenue through a focus on live streaming of sporting events for its key markets. The company launched its live streaming on 29 October 2008 and raw data has so far showed an increase of between 5 percent and 10 percent in total gaming revenues.
Finance director Jim Wilkinson said the company suffered an initial drop in margins on in-running betting, but those margins had “recovered to the previous levels as we increased the number of markets we offered in-running”.
Sportingbet also reported a 25.4 percent rise in gross win to GBP 364.9 million. The group reported a pre-tax profit of GBP 4.9 million, compared with a loss of GBP 1.4 million for the three months to October 2007.
European NGR from sports betting was up 19 percent on the previous year, McIver reported, whilsy the Australian business saw an impressive 97 percent growth, almost doubling to GBP 7.1 million for the quarter due in part to the relaxation of advertising restrictions in new South Wales and Victoria .
Online casino activities saw NGR increase by 34 percent, helped by a strong flow of customers cross-marketed from the Sportingbet sport sites. The industry trend toward weaker poker action was reflected in Sportingbet's online poker results, with NGR down 4 percent as a result of having to exclude U.S. poker action. Talks with the US Department of Justice were progressing, according to finance director Wilkinson.
Spanish, Greek and Eastern European markets, all delivered positive growth, but the group continued to struggle in the UK and Italy due to overservicing of the markets and expensive media environments. Sportingbet's overall margins in its European markets are around 10.7 percent and those experienced during the live streaming of sports events were 9.4 percent, Wilkinson revealed.
Perhaps predictably after recent run-ins with the authorities there, the results from the Turkish market were poor - NGR fell 42 percent as the group downsized its operations in that country. On the positive side, the company has plans to launch sportsbetting in the regulated South African market.
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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.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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