UK based betting firm Sportingbet plc has released its third quarter financial results, showing an increase in the amount wagered through the firm, but also showing a decrease in gaming revenues.
Key financial indicators for the period ending April 30th were:
Amounts wagered up at £555.9 million (Q3,2011: £507.3 million)
Net gaming revenue down at £43.4 million (Q3,2011: £54.7 million) 52% of NGR was generated from regulated territories and a further 24% came from territories where the group is paying tax ahead of expected regulation.
EBITDA down at £10.8 million (Q3,2011: £16.1 million)
Net cash down at £24.8 million (Q3,2011: £31.4 million
Andrew McIver, Sportingbets Group Chief Executive commented on the results, saying: ''Our Australian business, which accounts for over 90% of our profits, continues to go from strength to strength. The integration of Centrebet is nearly complete and our combined Australian business grew NGR by 116% in the quarter."
"Europe continues to be impacted by the recession and the effects of regulation. As we have demonstrated in Australia, the long term benefits of regulation are clear but take time to manifest themselves.''