Poker.co.uk

Poker Info
DATE: May 26 2012
TIME :

Poker.co.uk - Poker news archive

The Gambling Network

Poker.co.uk - Poker News Archive

Thursday 18th October 2007

Sportingbet Announces Annual Profit Loss

Online gambling company Sportingbet PLC reported an annual loss on Wednesday but said its other operations were doing well and it expected to grow in Europe.

Sportingbet was forced to quit the US after lawmakers effectively made its business illegal and has stated a loss of $637.5 million for the past financial year after posting a profit of $141 million the year before.

It announced that revenue fell 36 percent to $2.69 billion from $4.19 billion after it lost over 75 percent of its business when US legislators outlawed credit card-based online gambling in October of last year.

The Alderney-licensed company stated that was pleased with results from its continuing operations with turnover from remaining operations up 23.3 percent at to $2.2 billion compared with $1.81 billion for the same period last year.

'Given the enormity of the change and restructuring that has taken place at Sportingbet, I am pleased to report a strong increase in gross win in the continuing business and especially pleased with the growth in our core European sports betting business of 48 percent,' said Andrew McIver, Chief Executive for Sportingbet.

Sportingbet, like many of its rivals, pulled out of the US and sold its operations cheaply after the White House outlawed the industry. It sold its American operations, comprising a US-facing sportsbetting and casino business and a poker operation to Antigua-based Jazette Enterprises Ltd in October, and offloaded $13.2 million of debt. Its operations now consist of a European sports, casino and poker business, an Australian sports business and the non-US Paradise Poker business.

�

Source: OnlineCasinoNews

View Similar Stories
ISC Entertainment Acquisition By Sportingbet
Sportingbet announces soaring profits
Sportingbet Announces Record Quarter
Sportingbet Release Q3 Results
Online Casino Group Announces Record Quarter

Discuss this story in the Poker Forum. Last 5 Posts:
Saturday 26^th May, 2012: New Bap - Day 3
Saturday 26^th May, 2012: Party Poker and William Hill (iPoker) BAP
Saturday 26^th May, 2012: Brag Thread! Post your greatest wins (online or live) here.
Saturday 26^th May, 2012: WSOP Fantasy Draft 2012
Friday 25^th May, 2012: One way poker Swapsies

Poker.co.uk is part of The Gambling Network | Terms and Conditions | Privacy Policy | Contact Us | Gamble Aware

Poker.co.uk is operated by InTouch Poker Ltd (hereinafter called the "Company"), a limited liability company with registration number C44236, registered in Malta (a member of the EU since May 2004). The Company’s registered address is at Vincenti Buildings, Suite 623, 14/19 Strait Street, Valletta VLT 1432, Malta. The Company operates the Poker.co.uk online poker room under a provisional license issued and regulated by the Lotteries and Gaming Authority ("LGA") of Malta (issued on 2 December 2008, number LGA/CL3/412/2007). The software used for operating the Poker.co.uk online poker room is licensed from Boss Media Malta Poker Limited. Our services are not available to residents of the United States, US Virgin Islands, US Minor Outlying Areas or Turkey or any other jurisdiction that legally prohibits its citizens from engaging in online gaming.