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Good Earnings For Sportingbet

Posted 2/24/11 : Q2 and H1 results all going in the right direction
 
Veteran online gambling group Sportingbet.com has presented positive numbers in its unaudited results for the second quarter and half year ended 31 January 2011
 
 Key highlights for the quarter include:
 
* Like for like amounts wagered in Europe up 19 percent.
 
* Strong growth in Australian operations with NGR up 73 percent, contributing 27 percent of Group sports NGR.
 
·    
* Emerging Markets division growing fast, with NGR up 67 percent.
 
* Mobile phone product now accounts for 10 percent of active customers.
 
* In-play betting growth of 27 percent - now contributing 67 percent of European sports revenue (2009/10: 60 percent).
 
* Landmark sponsorship deal announced with Cheltenham Racecourse for its Queen Mother Champion Chase race until 2015.
 
* Russian joint venture: IT build commenced.
 
* Net cash of GBP25.5 million (2009/10: GBP27.3 million).
 
* Interim dividend up 20 percent.
 
In the quarter, amounts wagered reached GBP 555.3 million (previous Q2: 502.3 million) and net revenue of GBP 56.8 million was recorded (previous Q2: 52.6 million). EBITDA for Q2 came in at GBP14.5 million, compared to the previous Q2 when GBP13.6 million was posted.
 
For the half year to 31 January 2011, amounts wagered were 1 069.2 million, compared with GBP965.5 in the previous first half. Net revenues were 107.9 million compared to 101.2 million, and EBITDA reached GBP25.8 million (GBP23.3 million)
 
Group chief executive Andrew McIver reported: "Strong growth in Australia, Emerging Markets and Turkey more than offset the recessionary weakness of Europe, particularly notable in our larger markets of Greece and Spain. Once again this demonstrates the attractiveness of a geographically diverse operation.
 
“EBITDA in the quarter increased from GBP13.6 million to GBP14.5 million, despite European sports margin being below its long term average. For both the quarter and the half, operating profit was ahead of last year and in line with management expectations.
 
“We continue to monitor regulatory developments closely and look forward to taking full advantage of opportunities as markets regulate. Our experience in such markets is that whilst there is a short term impact from tax on existing profitability, this recovers as regulated markets grow disproportionately. Over and above that you gain the benefit of the continuity of future revenue streams that regulation brings. 
 
“The compelling underlying growth fundamentals of the industry, based on ever increasing broadband penetration and customer confidence in transacting over the internet and mobile, coupled with exciting opportunities as the industry consolidates and markets regulate gives us confidence, even in these recessionary times, about the continued growth prospects of our business.
 
“The third quarter has started well and in particular we have seen a rebound in the softer European margin experienced in the second quarter."



Gambling News :

NBA odds on Thunder vs. Pacers Game? - This Wednesday night in Indianapolis, Paul George is due to play his first game at the Fieldhouse as a member of the Oklahoma City Thunder (12-13 SU, 8-17 ATS). But George might not face the Indiana Pacers (15-11 SU, 16-10 ATS); he’s listed as day-to-day with a right calf contusion. Tip-off is at 7 PM ET on ESPN.

2 New Christmas Slots For Microgaming - Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.

SportsBetting Supreme Court Showdown - Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)

Mega Moolah Progressive Slot Pays Again - On 15 November 2017, the Mega Moolah jackpot was won by a Grand Mondial Casino player. They took home €938,306.35.

Microgame S.p.A. in deal with Prima Networks - Prima Networks, powered by Microgaming, has signed a deal with Microgame S.p.A., the leading Italian gaming service provider.

NBA Odds: Heat Can Burn Cavaliers in Cleveland - The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

NHL Odds: Rangers Look for Seventh Straight in Chicago - The Chicago Blackhawks (8-8-2) will try to get their season on track this Wednesday when they host the surging New York Rangers (9-7-2) in an Original Six showdown. NBCSN has the coverage beginning at 8 PM ET.

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