Are We There Yet? Sportingbet's (AIM:SBT) Profits Up by 143%

Sportingbet (AIM: SBT), the AIM-quoted online betting group is showing its strength. Today the company said it saw a whopping 143% spike in revenues. Let's see what reasons fueled such a huge rise. The company said it remains confident about meeting the full year projections.

The London-based betting company saw an increase in operating profit to £7.3 million in the quarter. In contrast, in the same period last year, the company had a total profit of £3m. Revenues were up by 25% to £365 million in the three month period.

The company says gambling volume remained in line, in both continents - Europe and Australia.


Particularly in Australia the company had good times where the betting volumes supported by a favourable sports margin. Whereas, in Europe betting was down. The company expects to pick fruit from the Euro 2008 football championships. Remain cautious though, due to the unpredictable nature of such events.

The company had been hammered by the U.S regulators as they banned Sportingbet from betting activities in October 2006.

Despite positive developments in the company, shares were down today hittng a price of 37p.

Reference

www.sportingbetplc.com