SportingBet Revenues Up - 12-08-09

December 8 - Top UK gambling group, SportingBet announced earnings for its first quarter, explaining that while its Australian business showed slow growth, strong growth was shown by its European sportsbetting arm.

The unaudited results showed that SportingBet's net gaming revenues rose to £48.6 million - a rise in 25.9% year on year.

With regards to earnings (before interest, tax, depreciation and amortization), SportingBet showed an increase to £9.7 million, compared to the same period last year when £7.1 million was clocked.

"I am pleased to report a solid performance for the seasonally quieter first quarter of the new financial year," said the Chief Executive Officer for SportingBet, Andrew McIver.

SportingBet showed how a strong European performance had driven the group's earnings up, while a poor run of Australian horseracing had also impacted earnings in the other direction.

"Group performance continues to be driven by the European sportsbetting business, which has seen strong growth in all its key metrics including amounts wagered, net gaming revenues and active customer numbers," explained McIver.

"The Australian business continues to benefit from deregulation with the internet business driving amounts wagered up strongly," he continued. "As previously reported, the business suffered from poor horseracing margins through August and September, which have since recovered to more normal levels."

Due to an enhanced product range, Sportingbet's casino arm also performed well, although online poker continued to suffer due to tough competition from sites that accept players from the United States - something that Sportingbet does not do.

"Trading since the start of the second quarter has remained robust with the additional benefit of Australian margins returning to more normal levels," he concluded.

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