SportingBets new fiscal year looks promising

December 16,2011 : SPORTINGBET OFF TO A GOOD START
 
Online gambling group’s new fiscal year looks promising
 
The veteran internet gambling group Sportingbet plc has posted a good start to its new financial year, reporting that trading for the first 19 weeks has been in line with management's expectations.
 
Sports Net Gaming Revenue was up 9 percent on a like for like basis and total NGR rose an impressive 37 percent, the company revealed Friday.
 
Management advised that in response to the continuing difficult European economic environment, the group has taken action to both reduce its central costs and those of its European business, and to further diversify earnings away from Europe with the acquisition of Centrebet in Australia on 31st August 2011.
 
The integration of Centrebet with the group's existing Australian operations is proceeding well and is at least in line with plan, the company said, revealing that Australia now represents 47 percent of group NGR.
 
Chairman, Peter Dicks, said: "With regulatory change well under way in Europe, and notwithstanding the economic outlook, we are confident that the benefits of regulation, with increased advertising opportunities, improved payment processing and a stable business platform, will drive profitable growth in the medium term."
 
The group submitted its application for a Spanish license on 7th December, and was awarded a Danish licence on 15th December.
 
Following the disposal of its Turkish business on 21st November (see previous InfoPowa reports), 53 percent of the Sportingbet business is now regulated, with a further 22 percent paying tax in Spain and Greece, pending the granting of those licenses.