Sportingbet Reports Profit Growth in Australian Operations

Thursday 4 March, 2010 18:12

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The UK based gambling and sports betting group, Sportingbet, announced that its Australian operations contributed to a growth in net gaming revenues in the second quarter of this year.

According to Sportingbet's latest financial report, revenue from Australia grew from £4.1 million in last year's second quarter to £6.3 million in the same quarter in 2010.

One of the main contributors to this rise in net gaming revenues was Sportingbet's new mobile offering in the Australian market which has been very well received.

The group has a clear division of its operations in three main geographical regions - Europe, Australia and Emerging Markets.

In comparison to Australia's contribution, Emerging Markets saw their revenue rise from £0.8 million in 2009 to £1.2 million this year.

"The Group continues to deliver industry leading sports margins, strong growth in Net Gaming Revenue and record numbers of active customers," said the Chief Executive of Sportingbet, Andy McIver. "In-play betting goes from strength to strength in Europe with our 24/7 in-play World Football microsite launched in the quarter."

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"The Group has also concluded a number of major strategic IT projects which allow customers a significant uplift in the number of markets on which to bet and faster bet settlement," he said. "In our Australian business, we have also had a very positive uptake of our new mobile offering."

All in all, from all three gaming divisions, Sportingbet reported that net gaming was up by 22.3% (to £52.6 million).

"The second quarter is a busy time in the sporting calendar and consequently a material period in the Group's financial year," said McIver. "As such, it is very pleasing to report results in line with our full year plan," he said, "particularly given the recessionary backdrop in many of our markets."

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