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SPORTINGBET ISSUES TRADING UPDATE
Wednesday August 8,2012 : SPORTINGBET ISSUES TRADING UPDATE
Management expects to meet full year forecast, but the European market remains a challenge
The UK online gambling group Sportingbet plc issued a trading update for its fourth quarter ended July 31 Wednesday, advising that the trends experienced during the previous nine months have continued into the final quarter, and the directors expect the full-year results to be in-line with market forecasts.
"Our Australian business continues to perform strongly with NGR (pre-tax and bonus) up 93 percent year on year (up 24 percent on a like for like basis) a statement from the company noted.
"The integration of Sportingbet Australia with the recently acquired Centrebet was successfully completed during June, one month ahead of schedule.
"Additionally, the level of synergies realised is significantly ahead of our original expectations. The enlarged business is the clear market leader in Australian fixed odds online sports betting and currently represents a substantial majority of the Group's EBITDA."
Management observed that the group's European business continued to face challenging economic conditions combined with the disruptive impact of newly regulating countries and associated taxation.
"Additionally, our largest European market, Spain, was closed for the first 35 days of the quarter until the licensed market launched on 5 June. As a result, European NGR declined by 41 percent year on year (like for like down 18 percent). The restructuring of the European business following the disposal of the Turkish language website has been completed."
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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.
China Lottery Sales Up in 2016 -
The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).
New chairman and a new director for 500.com -
Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.
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