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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Thursday 30th November 2006

Sportingbet Falls Deeper into the Red

Online sports betting and gaming group Sportingbet plunged into a first quarter loss yesterday following a one-off exceptional charge of �252.4 million having exited its US business last month.

The group posted a pre-tax loss of �241.4m for the three months ending 31 October following the �252.4m exceptional charge, compared with a profit of �14.3m just a year ago.

However gross profit from continuing operations was up an encouraging 48 percent to �31.7m, with business in Europe up 55 percent and Australian operations increasing by 33 percent.

In October the company sold its US-facing sports betting and casino business to Jazette Enterprises for the token sum of $1 following the introduction of the Unlawful Internet Gambling Enforcement Act, and the arrest of its former non-executive chairman Peter Dicks.

Paradise Poker daily revenue has remained stable following the cessation of US activity on 13 November. Paradise and the group�s European operations are to be merged in order to �maximise cross-selling opportunities and avoid cost duplication.�

Sportingbet�s shares finished up 3.6 percent at 42.50p.

Source: OnlineCasinoNews

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