Sportingbet Reports 98 Percent Rise in Profits

While the majority of industries in the world have been hard-hit by the global recession, one industry that is not only weathering the financial storm, but is excelling during it, is the online gambling industry, showcased by UK gaming group Sportingbet, which reported a 98 percent increase in its Q3 profits.

According to reports, Sportingbet's operating profit for the third quarter to April 30, 2009 increased by 34 percent to 9.8 million pounds, compared with 7.3 million pounds during the same time last year. The gambling firm's players wagered a whopping 431.7 million pounds, an 18 percent increase for the quarter.

Sportingbet's net gaming revenue jumped to 43.8 million pounds, a notable increase from last year's 40.7 million pounds, while its net profit skyrocketed to 8.2 million pounds, a marked increase from last year's 3.4 million pounds. The firm's pre-tax profit increased by 98 percent to a whopping 8.3 million pounds.

During the same period last year, the online gambling company only reported a 4.2 million pre-tax profit. Over nine months, the online betting operation's pre-tax profit leapt by a staggering 236 percent to 21.5 million pounds, a sharp difference from the 6.4 million pounds reported during the same period in 2008.

According to senior Sportingbet executives, the vast improvement in the firm's results can be attributed to a number of factors. One is its dramatic growth in online sports betting, mainly as a result of an increased awareness and interest in betting n European soccer leagues as well as the popular Champions League.

Said Sportingbet CEO, Andy McIver, 'Our customers in Spain and Greece are increasingly betting on football during the matches. In fact, 51 percent of customers bet on matches during the game, a 47 percent increase from the previous quarter. Sports betting in European Europe has also increased by 18 percent.'

Interestingly, despite being based in the UK - arguably one of the world's most user-friendly online gambling jurisdictions - Sportingbet reported that barely 6 percent of its business was generated from the UK. As such, the company will undoubtedly look at launching a substantial marketing plan for the region.