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Sportingbet Q1 profits up 56 percent

Veteran online gambling group Sportingbet plc had good news for investors this week, posting a first-quarter profit up 56% as it added more sports bettors. Net income was £6.1 million in the quarter ended October 31st, well up from the same period in 2008 of £3.9 million, the London-based company said in a statement Wednesday.

Sportingbet is attracting more sports gambling by encouraging customers to bet during games using its live streaming services introduced a year ago. The increase in sporting wagers is helping to compensate for a slump in online poker, a more competitive market, the company revealed.

"I am pleased to report a solid performance for the seasonally quieter first quarter of the new financial year," said chief executive Andrew McIver. "Group performance continues to be driven by the European sports-betting business, which has seen strong growth in all its metrics, including amounts wagered, net gaming revenue and active customer numbers."

Group operating profit for the quarter was £6.3 million, up from £5.2 million in the same quarter of the previous year.

Source: InfoPowa News

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