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Sportingbet solid Quarter 2 earnings

3/3/10 - Online gambling group Sportingbet plc has posted an increase in second quarter profits of 18 percent, thanks mainly to growth in the football betting sector.
 
Key Highlights of the report showed that:
 
* Amounts wagered on European and Australian sports surged by 26 percent in Europe and 54 percent in Australia
 
* The popularity of in-play betting continues to drive the group's European sports betting turnover
 
* Record customer sign-ups and active customer numbers have characterised the second quarter
 
* European sports gross margin reached 10.7 percent
 
* The company has successfully launched a mobile gambling platform in Australia
 
* Sportingbet has net cash of GBP 27.3 million
 
* Net income was GBP 9.3 million pounds, up from GBP 7.9 million in the same period last year.
 
* The company has launched a 24-hour football news site and added more South American coverage.
 
* Q2 amounts wagered were up 26 percent at GBP 502.3 million, and on the half year (H1) up 26.9 percent to GBP965.5 million
 
* H1 Net Gaming Revenue hit GBP 101.2 million, up 24 percent, and in Q2 reached GBP 52.6 million
 
* EBITDA in Q2 was up 10.6 percent at GBP 13.6, and in H1 saw a rise of 12.6 percent to GBP 23.3
 
* Operating profit in Q2 was 14 percent up at GBP 9.8 million, and in H1 up 16.7 percent to GBP 16.1 million.
 
* Online poker now accounts for 11.3 percent of group revenue, down from last year's 12.6 percent; poker servcies are provided by GTechG2.
 
* The company is planning a move from the AIM exchange to the main London Stock Exchange later this year.
 
Andrew McIver, Group Chief Executive, commented: “The second quarter is a busy time in the sporting calendar and consequently a
material period in the Group’s financial year. As such it is very pleasing to report results in line with our full year plan, particularly given the recessionary backdrop in many of our markets.
 
"The Group continues to deliver industry leading sports margins, strong growth in Net Gaming Revenue and record numbers of active customers. In:play betting goes from strength to strength in Europe with our 24/7 in:play World Football microsite launched
in the quarter.
 
"The Group has also concluded a number of major strategic IT projects which allow customers a significant uplift in the number of markets on which to bet and faster bet settlement. In our Australian business we have also had a very positive uptake of our new mobile offering.
 
"In the new quarter, amounts wagered on sports in February has been ahead of budget, although, as can be the case in the short term, there has been some margin weakness. This was due to a higher percentage of European football favourites winning and a higher goal frequency than average.
 
"Casino, games and poker continue trends seen in the first half of the year. Based both on this and the Group’s robust performance for the first six months, the Board continues to remain confident of the full year outcome.”
 
McIver said the firm had yet to reach a settlement with the U.S. Department of Justice over a resolution regarding its previous activities in that country. "We suspect based on the resolution they had with PartyGaming that it will be some sort of financial penalty but certainly haven't discussed quantum or timing," he said.



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Keimo Suominen Wins MPNPT Tallinn 2017 Main Event - Finnish online qualifier Keimo Suominen has taken the mantle of MPNPT Tallinn Champion from last year’s winner Ranno Sootla, winning €45,200 after a heads up deal with Davis Modans. They’d outlasted a field of 534; the total prize pool reached €258,990 – well over its €150,000 guarantee.

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14 Left in MPNPT Tallinn Main Event - All 14 players who have made it to the end of Day 2 in the MPN Poker Tour Tallinn Main Event can now consider themselves to have officially run deep.

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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.

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