Sportingbet Eyes LSE Official List - 10-09-09 |
 <October 9 - The online bookmaker, Sportingbet has plans to join the London
Stock Exchange's Official List over the next six months, moving up from the
Alternative Investment Market.
The news came after Sportingbet managed to post a full year profit in
the year ending July 31.
Net income for the group was £12.4 million, in comparison with a loss of
£4.3 million for the same time period last year.
More significant was the news that Sportingbet will begin paying dividends,
albeit a symbolic 1 penny per share, for the first time since it closed its
successful US division following the introduction of the Unlawful Internet
Gambling Enforcement Act in 2006.
One of the main reasons for Sportingbet's growth is the fact that it has made
such great efforts to expand its sports offerings.
Adding more betting during games and introducing live streaming in matches
has attracted a larger number of European patrons.
Sportingbet announced that of its net gambling revenue, sports contributes
64%, more than 12% more than two years ago.
The group's income from poker dropped due to tough competition.
"Sports betting is a more hardy, recession resilient product officer," said
the Chief Executive Officer of Sportingbet, Andrew McIver. "We grow up with a
sports heritage, where you don't necessarily play poker in your youth."
According to McIver, the group offers 8,000 different bets each day and
Sportingbet is now preparing itself for the World Cup betting onslaught.
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