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Saturday, March 3, 2007
Sportingbet looks to Europe for growth
By Erin Warner
Sportingbet Plc. is encroaching on the European market, investing in both Turkish and Italian operations in an effort to expand business while restructuring its cost base.
The online gambling operator recently purchased marketer Maslin Properties in Turkey for £3.5 million-plus shares, dependent on the company's performance.
It also acquired a further 40% of Sportingbet Italia and now holds a 90% stake of the business.
The shift to Europe comes following October's U.S. online gambling ban, which has all but shattered Internet gaming operators' bottom lines.
In Sportingbet's case, the company's interim results show £243 million in pre-tax losses in the six months ending January as the result of withdrawing from the U.S. market.
In the second quarter turnover fell to £282 million compared with £648 million in the same period last year, with gross profits dipping to £35 million from £83 million.
But U.S. contributions aside, gross profit from other operations rose 40% to £35 million and group operating profit was up 54% to £35 million.
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