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Sportingbet Profits Up 98%

The UK online gambling group Sportingbet has posted a 98 percent increase in pre-tax profits in Q3 of its financial year, and based on initial Q4 numbers has expressed confidence in the future. Investors will take added comfort from the news that the company is actively engaged in settlement negotiations with the US Department of Justice in an attempt to emulate PartyGaming in wiping the slate clean on American operations pre-UIGEA.
 
Operating profit for the third quarter to April 30 2009 was up 34 percent to GBP 9.8 million (GBP 7.3 million in Q3 2007) with the punters wagering GBP 431.7 million - up 18 percent for the quarter.
 
Net profit rose to GBP 8.2 million, an impressive rise from GBP 3.4 million at the same point a year ago, whilst pre-tax profit rose 98 percent to GBP 8.3 million, compared with GBP 4.2 million on a quarterly basis, and by a remarkable 236 percent on a nine month basis to GBP 21.5 million, from GBP 6.4 million during the same period last year.  
 
Net gaming revenue climbed to GBP 43.8 million, well up from GBP 40.7 million last year.
 
Management reported robust growth in sports betting, mainly due to wagering on European soccer leagues and the Champions League. Sportsbetting accounted for 66 percent of the Q3 income.
 
Online poker results were somewhat weaker at 12 percent of quarerly income and lacklustre contributions from casino games of 22 percent were noted.
 
The fourth quarter of Sportingbet's financial year has started strongly with gross gaming revenue for the month of May 2009 19 percent above the same period last year, giving the directors cause for "cautious optimism" regarding the full year results.
 
Sportingbet customers in Spain and Greece are increasingly betting on soccer games during the match itself, Chief Executive Officer Andy McIver said. A total of 51 percent of all customers bet on matches during the game, up from 47 percent in the previous quarter, he reported. Greek sportsbetting rose 57 percent, Spain's 34 percent and in Eastern Europe 18 percent.
 
European turnover grew by 33 percent during the quarter to GBP 264 million, with net gaming revenues reaching GBP 25 million, compared with GBP 21 million in 2008.
 
Yield per customer in sports wagering rose 36 percent to GBP 130.7, and the number of bets placed per player was up 22 percent.       
 
Surprisingly, only 6 percent of the company's business came from the UK, prompting McIver to suggest that a marketing push may be imminent in the region. The French market currently contributes a mere 4 percent of income, but management has the upcoming liberalisation of the gambling sector in that country on its list of priorities.
 
The online poker results were not as positive, the Sportingbet reporting a decline in revenues from European poker players of 15 percentplaying poker in Europe has declined by 15 percent.
 
“Poker undoubtedly had an element of fad about it,” McIver said, adding that Web-based poker companies like Pokerstars and Full Tilt Poker that continued to operate in the U.S. had a “massive liquidity advantage” over European-based operators.
 
A more enlightened approach to advertising in Australia which allowed gambling more scope contributed to a 61 percent rise in the number of Internet bets placed Downunder, although high-roller telephone betting business declined. Australian sports wagering showed only a small increase of 1 percent to GBP 152.7 million with net gaming revenues dropping to GBP 3.9 million from GBP 5.2 million during the same period last year.
 
The currency fluctuations of the past year had not affected the group significantly, with more than 90 percent of its revenues earned in non-sterling currencies, it said.
 
Sportingbet reported a net cash position of GBP 31.3 million at the end of its third quarter, and has indicated that it is still interested in making acquisitions as the online gambling industry consolidates.



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Day 2 of the MPNPT Tallinn Main Event - Day 1b of the MPN Poker Tour 2017 Tallinn Main Event easily surpassed the tournament’s €150,000 guarantee on its own. Yesterday’s 416 entries brought the total number so far up to 522

Michael Myers is back in Halloween Slot Machine - Get ready for a blood-curdling adventure with Microgaming’s latest offering – Halloween Follow Annie, Lynda, Doctor Loomis, and our heroine Laurie as they try to survive the ultimate horror movie villain, Michael Myers.

Joe Fortune new Rewards Program - Once you sign up, you’re automatically enrolled in the rewards program – and that’s when the epic journey begins. You’ll start earning Adventure Miles immediately, and can embark on the quest of a lifetime: To get paid to play, which stays true to the rewards program’s slogan, ‘Play More Get More’.

Day 1a MPN Poker Tour Tallinn Main Event - Day 1a brought 106 entries into the €550 Main Event, with nearly as many players turning out for the last €35 super satellite into tomorrow’s Day 1b

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

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