Sportingbet expects to meet earnings forecast

Sportingbet Plc. announced today that despite disposing of its U.S. operations, it expects to meet the full-year earnings predicted by analysts.

After the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in the United States, Sportingbet sold off the U.S. facing parts of its operation. It did hang onto its poker site, Paradise Poker, but no longer accepted U.S. customers.

The company took a $241 million hit from the sale and loss of U.S. business, but representatives said today it will recover fine for the year and still reach its earnings forecast.

"I am pleased to report that Sportingbet is trading in line with market expectations, and our ongoing European and Australian businesses and non-U.S. Paradise operations continue to perform well," said Sean O'Conner, Sportingbet senior independent director.

"Following the recent restructuring of the company, we are establishing a platform from which to build momentum," he continued. "We are focused on driving this business forward, and we look to the future with confidence."

Conner's statement was released by Sportingbet today as a prelude to what he will say during the annual general meeting taking place later today.

Adding to Sportingbet's hardship this year was the detainment of one of their chairmen, Peter Dicks in September. Dicks had flown into New York where customs officials found he had an outstanding warrant issued for him in Louisiana.

Dicks was being charged with gambling by computer, a felony in Louisiana. He was later released on bail, and then the governor of New York chose not to extradite him to Louisiana to face charges. He resigned from the company after being detained.

Related Articles:

U.S. Business Sale Costs Sportingbet Plc. $241 Million
Sportingbet Releases Statement About UIGEA
Ex-Sportingbet Chairman Allowed to Go Home
Sportingbet Plc. Former Chairman's Hearing Postponed
Sportingbet Plc. Chairman Detained in the U.S.

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