Sportingbet profit up 56%

11/25/09 – Veteran online gambling group Sportingbet plc had good news for investors this week, posting a first-quarter profit up 56 percent as it added more sports bettors.
Net income was GBP 6.1 million in the quarter ended October 31st, well up from the same period in 2008 of GBP 3.9 million, the London-based company said in a statement Wednesday.
Sportingbet is attracting more sports gambling by encouraging customers to bet during games using its live streaming services introduced a year ago. The increase in sporting wagers is helping to compensate for a slump in online poker, a more competitive market, the company revealed.
“I am pleased to report a solid performance for the seasonally quieter first quarter of the new financial year,” said chief executive Andrew McIver. “Group performance continues to be driven by the European sports-betting business, which has seen strong growth in all its metrics, including amounts wagered, net gaming revenue and active customer numbers.”
Group operating profit for the quarter was GBP 6.3 million, up from GBP 5.2 million in the same quarter of the previous year.