Good news continues for SportingBet

Leading online sportsbook and gaming operator SportingBet has released its latest quarterly financial results showing a 22.2 percent year-on-year increase in amounts wagered to £520.8 million.

The London-based operator’s third quarter ended on April 30 with net gaming revenues rising 29.8 percent compared to the same period in 2009 to £55.7 million while its earnings before interest, tax, depreciation and amortisation increased 19.2 percent year-on-year to £14.9 million.

SportingBet revealed that the amount wagered on sports in Europe including its Emerging Markets division grew by 25 percent year-on-year to £322.9 million with net gaming revenues of £29.2 million, which an increase of 21 percent from the same three-month period in 2009. It stated that casino and gaming activities rose over 14 percent year-on-year to contribute a further £11.6 million to the business while revenues from poker fell ten percent to £4.5 million.

“Given the widely reported economic difficulties in Spain and Greece, which are two of our biggest markets, it is pleasing to report an 18 percent increase in profits for the quarter of twelve million pounds versus £10.2 million last year,” said Andrew McIver, Chief Executive Officer for SportingBet.

“In particular, a strong performance from Australia demonstrates, once again, the benefits of a geographically diversified business in this sector together with the relative robustness of a sports-led product.

“Profit for the first three quarters of the financial year was £30.3 million versus £27.1 million last year.

“While May has seen a solid performance to date, the balance of the seasonally quieter sporting calendar in the fourth quarter will be dominated this year by the World Cup. Much of how the remainder of this quarter performs will depend on the outcome of this major event.”