Sportingbet reports promising first quarter results

Respected online gambling group Sportingbet Plc reports good progress in released results (unaudited) for the first quarter of its financial year.

Key Highlights for the first quarter ended 31 October 2010 include:

  • Amounts wagered up 11% to £513.9 million (Q1/2009: £463.2 million)
  • EBITDA up 17% to £11.3 million (Q1/2009: £9.7 million)
  • Mobile phone launch proving successful
  • In-play growth of 27% - now 66% of European sports revenue (2009: 58%)
  • Joint venture announced with First International Bookmakers Company, Russia's second largest licensed bookmaker
  • Non Prosecution Agreement reached with the US
  • Net gaming revenue up 5.1% to £51.1 million (Q1/2009: £48.6 million)

Andrew McIver, Group Chief Executive, commented:

"I am pleased to report a strong set of results for the first quarter of the new financial year. Sportingbet continues to capture the growth opportunity in our industry which is ultimately being driven by ever increasing broadband penetration, continuing customer confidence in transacting over the internet and a greater customer awareness of the exciting opportunities presented by online sports betting. These compelling fundamentals underpin the long term growth potential of the business. Moreover, entry into new geographic markets, such as our recently announced Russian joint venture, demonstrate the additional opportunities that are available to the Group."

Source: InfoPowa News