Wednesday 10th March 2010 Results improve for online operator
Leading online sportsbetting and gaming operator SportingBet has released its unaudited financial results for the final three months of 2009 showing a 22.3 percent year-on-year rise on net gaming revenues to £52.6 million.
The shirt sponsor for English Premier League soccer club Wolverhampton Wanderers, SportingBet stated that amounts wagered rose by 26 percent year-on-year to £502.3 million with its earnings before interest, tax, depreciation and amortisation increasing 10.6 percent over the corresponding period in 2008 to £13.6 million.
“The second quarter is a busy time in the sporting calendar and consequently a material period in the group’s financial year,” said Andrew McIver, Chief Executive Officer for London-based SportingBet.
“As such, it is very pleasing to report results in line with our full-year plan, particularly given the recessionary backdrop in many of our markets.”
SportingBet reported adjusted operating profits of £11.2 million for the quarter, which was 7.7 percent higher than for the same three-month period in 2008, with adjusted profits rose 14 percent to £9.8 million to leave it with net cash of £27.3 million.
“The group continues to deliver industry-leading sports margins, strong growth in net gaming revenue and record numbers of active customers,” said McIver.
“In-play betting goes from strength to strength in Europe with our 24/7 In:play World Football micro-site launched in the quarter. The group has also concluded a number of major strategic IT projects, which allow customers a significant uplift in the number of markets on which to bet and faster bet settlement. In our Australian business we have also had a very positive uptake of our new mobile offering.
“In the new quarter, amounts wagered on sports in February have been ahead of budget, although, as can be the case in the short-term, there has been some margin weakness. This was due to a higher percentage of European football favourites winning and a higher goal frequency than average.
“Casino, games and poker continue trends seen in the first half of the year. Based both on this and the group’s robust performance for the first six months, the board continues to remain confident of the full-year outcome.”
Source: OnlineCasinoNews
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