Wednesday, Feb. 28, 2007

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Sportingbet posts profits excluding U.S. operations

By Erin Warner

Online gambling operator Sportingbet, Plc. is reporting a second-quarter 54% increase in operating profits, causing its shares to spike more than 13% this morning.

The Paradise Poker owner saw earnings rise to £2 million from £1.3 million in the three months ending Jan. 21. This, however, excludes the firm's U.S. operations which sold for $1 following the country's October online gambling ban.

If the U.S. business is included in the numbers, Sportingbet suffered a pre-tax loss of £1.1 million during that time.

Its operating losses sit at £243.9 million, compared to a profit of £43.1 million the previous year.

After shedding its U.S. branch and announcing the purchase of assets belonging to Turkish marketing partner Maslin Properties, Sportingbet is the midst of a restructuring program.

Third quarter results are encouraging, and the company is in the process of migrating its poker sites to a single software platform and shifting its customer service operations to Dublin.

Related Articles:

Sportingbet Expects to Meet Earnings Forecast
U.S. Business Sale Costs Sportingbet Plc. $241 Million
Sportingbet Releases Statement About UIGEA

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