Online Casino Style: News - Sportingbet Publishes Year End Report

10/16/2010		Online Casino Style - News: Sportingbet Publishes Year End Report
Home History Games News Dictionary		Though many online gambling companies have adjusted their fiscal calendars to coincide with the traditional, some have not, resulting in mid-year annual reports. One well known internet gambling group released their final numbers for the last year just this week, with Sportingbet making interesting headlines as their overall revenues showed consistent improvement, despite their net profits dropping from the previous year. According to the release by the UK online gambling group Sportingbet, their revenues went up 27 percent for the year ending the 31st of July, while their net profits dropped a scary 69 percent from the year before. The conflicting numbers seem to be no problem for investors, as their overall share prices went up 3 percent for the period. The distinction between more revenue and less profit is being mainly attributed to the increase in one-off costs by the management team, who noted the bill that came in from the US government for the legal settlement struck earlier this year. Net profits dropped a dramatic 69 percent to £3.9 million, though the revenue generated by the internet casino group was up to £207.5 million. Of all the bets placed in their sports betting division, 61 percent of the wagers were ‘in play’ bets, wagers placed while the game was still going on. The statistic marked yet another increase, up from 56 in 2009. The unfolding of the World Cup in the early summer was just in time for Sportingbet, helping the sales to bring in an additional £50 million in soccer bets. Other statistics included in the year end report were as follows: pre-tax profits dropped a tremendous amount, falling from £22.3 million to £6.9 million. The loss was nearly all because of the £22.8 million settlement that the company had struck with the US Department of Justice. Operating profits were up 14 percent to £35.5 million, while the statement made by the firm confirmed that bets placed on the website had increased 25 percent, to £1.97 billion. "The new financial year has started well with net gaming revenue for the first two months up 17 percent on the same period last year," said chief executive officer Andrew McIver. "Whilst the economic outlook remains challenging, our spread of activities across the different economic cycles of Europe, Australia and South America gives us confidence for a year of further success."

10/16/2010

Online Casino Style - News:
Sportingbet Publishes Year End Report

Though many online gambling companies have adjusted their fiscal calendars to coincide with the traditional, some have not, resulting in mid-year annual reports. One well known internet gambling group released their final numbers for the last year just this week, with Sportingbet making interesting headlines as their overall revenues showed consistent improvement, despite their net profits dropping from the previous year.

According to the release by the UK online gambling group Sportingbet, their revenues went up 27 percent for the year ending the 31st of July, while their net profits dropped a scary 69 percent from the year before. The conflicting numbers seem to be no problem for investors, as their overall share prices went up 3 percent for the period. The distinction between more revenue and less profit is being mainly attributed to the increase in one-off costs by the management team, who noted the bill that came in from the US government for the legal settlement struck earlier this year.

Net profits dropped a dramatic 69 percent to £3.9 million, though the revenue generated by the internet casino group was up to £207.5 million. Of all the bets placed in their sports betting division, 61 percent of the wagers were ‘in play’ bets, wagers placed while the game was still going on. The statistic marked yet another increase, up from 56 in 2009. The unfolding of the World Cup in the early summer was just in time for Sportingbet, helping the sales to bring in an additional £50 million in soccer bets.

Other statistics included in the year end report were as follows: pre-tax profits dropped a tremendous amount, falling from £22.3 million to £6.9 million. The loss was nearly all because of the £22.8 million settlement that the company had struck with the US Department of Justice. Operating profits were up 14 percent to £35.5 million, while the statement made by the firm confirmed that bets placed on the website had increased 25 percent, to £1.97 billion.

"The new financial year has started well with net gaming revenue for the first two months up 17 percent on the same period last year," said chief executive officer Andrew McIver. "Whilst the economic outlook remains challenging, our spread of activities across the different economic cycles of Europe, Australia and South America gives us confidence for a year of further success."