Sportingbet reports profits up 55%

Sportingbet Plc., London's second-largest online gaming company, continues to report impressive profits, maintaining its position among the ranks of the world's top Internet gambling firms. The company posted a 55% increase, from £13.7 million to £21.2 million, in pre-tax profits as well as significant increases in gross margin and operating profit during the third quarter (Q3) ended April 30.

"We're delighted with the performance of the Group this quarter," said Chairman Peter Dicks. "Our strategy of providing customers with multi-product, safe, online gambling opportunities via localized websites under one virtual roof has yielded yet another record performance for us."

According to Dicks, Sportingbet Plc., which operates Paradise Poker, recruited more new customers, took more bets, played more games of poker, and made more profit than in any previous third quarter year.

The company's report shows that new registered customers were up 86% during the quarter. New real money customers were also up 58% and the number of sports and gaming bets were up 39%.

"We continue to be delighted with the growth that the Group's strategy is delivering," said CEO Nigel Payne. "In particular, we're pleased with the spending patterns of our customers, which have remained in line with previous years despite a significant increase in the scale of the business."

With its report, Sportingbet also announced that Andrew McIver, current group finance director, would become the CEO in October. He takes the place of Nigel Payne who will remain with the company as executive director. The company is still in the process of appointing a new finance director.

"The Board is confident with regard to the prospects of the Group for the current financial year and looks forward to the future with confidence," Dicks said.

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