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SPORTINGBET PLC REPORTS GOOD PROGRESS

In-play growth rises 27 percent
 
Respected online gambling group Sportingbet Plc reports good progress in released results (unaudited) for the first quarter of its financial year. 
 
Key Highlights for the first quarter ended 31 October 2010 include:
 
-     Amounts wagered up 11 percent to GBP 513.9 million (Q1/2009: GBP 463.2 million)
-     EBITDA up 17 percent to GBP 11.3 million (Q1/2009: GBP 9.7 million)
-     Mobile phone launch proving successful
-     In-play growth of 27 percent - now 66 percent of European sports revenue (2009: 58 percent)
-     Joint venture announced with First International Bookmakers Company, Russia's second largest licensed bookmaker
-     Non Prosecution Agreement reached with the US
-     Net gaming revenue up 5.1 percent to GBP 51.1 million (Q1/2009: GBP 48.6 million)
 
 
Andrew McIver, Group Chief Executive, commented:
 
‘’I am pleased to report a strong set of results for the first quarter of the new financial year. Sportingbet continues to capture the growth opportunity in our industry which is ultimately being driven by ever increasing broadband penetration, continuing customer confidence in transacting over the internet and a greater customer awareness of the exciting opportunities presented by online sports betting. These compelling fundamentals underpin the long term growth potential of the business. Moreover, entry into new geographic markets, such as our recently announced Russian joint venture, demonstrate the additional opportunities that are available to the Group.’’

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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