International edition
September 19, 2020

Net gambling revenue rose 13 % to us$ 261 million for the fiscal year

SportingBet results show a profit

(UK).- Online bookmaker SportingBet has released its interim results for its financial year showing net income of us$ 19.7 million compared with a loss of us$ 6.8 million for the previous twelve months.

T

he London-based firm recently added live streaming to supplement in-play betting while significantly increasing the number of offerings per day to over 8,000 from only 1,000 a year ago. In addition, it has launched in Romania and South Africa while adding over 90 new casino-style games during its fourth quarter.

“Sportsbetting is a more hardy recession-resilient product offer,” Andrew McIver, Chief Executive Officer for SportingBet, told the Bloomberg news service. “We grow up with a sports heritage where you don’t necessarily play poker in your youth.”

In SportingBet’s results to July 31, the firm revealed that sportsbetting is now responsible for 64 % of its net gambling revenues, which is a twelve percent rise from two years ago. It stated that this was due to a decline in income from its poker sites as competition increases.

The firm is now worth us$ 556,3 million with McIver stating that it would soon resume paying dividends, which were stopped after it was forced to close its US operation in 2006 following the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA).

Net gambling revenue rose 13 % to us$ 261 million for the fiscal year while SportingBet revealed its intention to move over the next six months to the London Stock Exchange’s Official List from the Alternative Investment Market.

In Greece, the company’s largest market, gambling revenues rose 56 % while Spain saw an eleven percent increase. Revenues from the UK decreased by 21 % due to competition while SportingBet revealed that it was in talks with the US Justice Department over the company’s operations in that nation prior to the online ban.

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