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Sportingbet Shows 2 Percent Drop in Third Quarter Results


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Last week leading UK-based online gambling group, Sportingbet, published
its third quarter results, which revealed that it experienced a 2 percent
decrease in its net revenues year on year, to end on a total of £54.7 million.

However, Sportingbet’s third quarter results revealed that the online
gambling group’s earnings increased by 7 percent to £16.1 million, before
amortisation, depreciation, tax and interest. And there was other good news for
shareholders.

Sportingbet reported 148% growth in emerging markets

Sportingbet’s total in play revenues increases by 14 percent, which account for
almost 60 percent of the firm’s revenues in Europe. In addition, the Sportingbet
reported an impressive 148 percent growth in its emerging markets division.

Sportingbet’s third quarter results also showed that its mobile phone business
increased by 44 percent compared with the same period last year, while its
wagering activity in Australia also increased by a none-too-shabby 14 percent.

‘We have continued to see strong growth from those economies that have been less
impacted by the current economic recession,’ said Sportingbet CEO, Andrew
McIver. ‘In particular, Australia as well as our emerging markets division.’

Sportingbet recently acquired Centrebet for £130 million

McIver also went on to explain, however, that Sportingbet’s financial success in
a many parts of Europe, particularly in Greece, remained ‘fragile,’ which only
served to reinforce the need for the firm to expand its portfolio
geographically.

Sportingbet recently acquired leading Australian online
gambling group, Centrebet, for £130 million, half of which it will pay for in
convertible bonds, and the other half by issuing 150 million new ordinary shares
at a cost of 42p each.

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