November 24, 2010

Sportingbet profit rises, confident about rest of year

Online sports betting and gaming group Sportingbet Plc Wednesday reported an increase in profit for the first quarter, and said trading since the start of the second quarter has remained robust with margins in line with historic average. The Board also remains confident with regard to the remainder of the financial year.

The UK-based gamer, which last week said its merger talks with Swedish rival Unibet Group were called off, today reported first quarter pre-tax profit of GBP 8.5 million, up from GBP 6.5 million in the prior year.

Profit attributable to owners of the parent was GBP 7.9 million or 1.5 pence per share, higher than GBP 6.1 million or 1.2 pence per share in the year-ago quarter. Adjusted earnings increased to 1.7 pence per share from last year's 1.3 pence per share.

Net gaming revenue or NGR rose 5% to GBP 51.1 million from GBP 48.6 milion in the same quarter a year earlier, as amounts wagered increased 11% year over year to GBP 513.9 million.

Amounts wagered on sports betting grew by 12% to GBP 499.6 million, earning NGR of GBP 36.8 million, up 11% for the quarter. Casino and gaming contributed a further GBP 10.8 million, and poker GBP 3.5 million, to both amounts wagered and NGR.

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