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Sportingbet Posts Positive Financial Results


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LSE-listed online sportsbook Sportingbet has posted strong financial results,
which show an impressive 35 per cent increase on year-on-year wagered revenues
to £693.7 million for the three months up to the end of October.

Sportingbet’s total revenues for the same period also rose 17 per cent to £59.9
million compared to last year.

However, not all of Sportingbet’s result were so positive, as the leading gaming
firm showed a 9.7 per cent drop in year-on-year earnings to £10.2 million,
before interest, tax, depreciation and amortisation, as well as exceptional
items and share option charges.

Said Sportingbet CEO Andrew McIver, ‘With total revenues in the first quarter up
17 percent to £59.9 million, Sportingbet is in robust health due to our
geographically diversified business model and quality sportsbook offer.

‘With the acquisition of Centrebet in Australia and the disposal of our
Turkish-language website, we are making good progress towards our goal of
deriving the majority of our revenues from regulated territories,’ he continued.
‘The early signs from our enlarged Australian business are very encouraging and
we look forward to making further progress there during the coming year.’

The firm confirmed that during this financial period, roughly 40 per cent of its
total revenues were generated from regulated online gambling markets, which
would jump to 48 per cent if its now sold off Turkish business was omitted.

Sportingbet Should Increase Revenues from Regulated
Markets

Sportingbet is expected to increase its revenues generated from regulated
markets going forward, provided its expansion strategy in Greece, Denmark and
Spain comes off as planned.

Its results showed that the amount wagered during
this financial quarter in Europe dropped year-on-year by 4.7 percent to £281.5
million, with net gaming revenues of £23.4 million. This marked an almost £5
million drop from the same period last year, which Sportingbet attributed to
first-time taxes payable in Spain and Greece.

‘While trading in the Eurozone territories remains subdued, we welcome
regulation in this key market and the greater certainty it brings to our
revenues,’ said McIver. ‘The group has made a solid start to its second quarter
with trading in line with our expectations.’

In terms of Sportingbet’s online casino and gaming arm, it generated £10.9
million during the quarter, while online poker added £2.5 million to the kitty.
It’s Australian sportsbook grew by a massive 95 percent to £398.8 million
year-on-year, with net gaming revenues (post-betting tax) of £22.5 million, up
from £8.5 million in 2010.

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