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LOSSES REDUCED AT SPORTINGBET
Andrew McIver, chief executive of the online gambling group Sportingbet.com said this week that he was "cautiously optimistic" following the release of positive full year results for the company which included a rise in net gaming revenues of 23 percent to an impressive GBP 147 million over the last six months of the year.
The company - which offers online sports betting, gambling and poker - reported that sports betting performance in Europe (43 percent up) and Australia (54 percent up) in particular had made a major contribution to the successful year. Sports betting represented 61 percent of the group's income, up from 52 percent last year.
Performance in the emerging Eastern European markets, with the key regions Poland, Hungary, the Czech Republic and Bulgaria saw growth increase by an aggregate of 79 percent year-on-year, to generate 13 percent of group NGR. Investment in the Latin American market also saw Sportingbet expand business in the region, with Brazil as the focal point.
McIver told investors that Sportingbet has now completed its restructuring, resulting in an improved operating profit margin of 15.4 percent, and although it still made a loss in total of GBP 1.2 million, this is radically less than last year, when the firm lost GBP 33.6 million as it struggled with the loss of the American market through the UIGEA.
The completion of the group's restructuring had resulted in a more than three-fold increase in adjusted operating profit which left it well positioned to capitalise on the strong position it had made in its markets, McIver said.
He added: "The new financial year has started well with net gaming revenue growth in excess of 30 percent in the first two months."
Sportingbet expects the imminent launch of its new live sports streaming on its websites, together with other new product launches to drive further customer yields and retention throughout the year. The company also revealed that the second of its two employees detained by the Turkish authorities earlier this year has been released, although he will have to return to Turkey for trial, provisionally set for 26 January 2009, on charges yet to be itemised. The other vacationing Sportingbet employee who was detained by the Turks was released in July without charge and allowed return to the UK.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
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After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
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Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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