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Sportingbet Releases Trading Update

UK based betting firm Sportingbet plc has released a trading update for its fiscal year ending July 31st, revealing that the company's Directors are expecting full year results to be in line with industry forecasts.

The trading update reads:

"Our Australian business continues to perform strongly with NGR (pre-tax and bonus) up 93% year on year (up 24% on a like for like basis)."

"The integration of Sportingbet Australia with the recently acquired Centrebet was successfully completed during June, one month ahead of schedule."

"Additionally, the level of synergies realised is significantly ahead of our original expectations. The enlarged business is the clear market leader in Australian fixed odds online sports betting and currently represents a substantial majority of the Group's EBITDA."

"Additionally, our largest European market, Spain, was closed for the first 35 days of the quarter until the licensed market launched on 5 June. As a result, European NGR declined by 41% year on year (like for like down 18%). The restructuring of the European business following the disposal of the Turkish language website has been completed."

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