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Online gambling company Sportingbet plc has announced that it is off to a strong start of its financial year, saying that the first 19 weeks of trading are within management expectations.
The company announced the Net Gaming Revenue is up 9% year over year and NGR rose by 37%.
Sportingbet management has announced that due to the turmoil of the European markets it has reduced its central costs and those of its related European business and is diversifying its earnings away from Europe via the acquisition of Centrebet in Australia.
With the addition of Centrebet, the betting group announced that Australia represents 47% of group NGR. Furthermore, Sportingbet applied for a Spanish and Danish gaming licenses this month. Regulated business now accounts for 53% of all the business Sportingbet conducts.
Sportingbet Chairman Peter Dicks commented on his company's performance, saying "With regulatory change well under way in Europe, and notwithstanding the economic outlook, we are confident that the benefits of regulation, with increased advertising opportunities, improved payment processing and a stable business platform, will drive profitable growth in the medium term."