Online Gambling Group Posts Record Figures for Europe

June 8 - London - Online gambling group Sportingbet PLC announced it's Quarter 3 figures, revealing significant growth in the Euro area. The group posted record profits in the Euro region. Group operating profits increased by a massive 242.4% to £20.2m, with all of it's other units including Paradise Poker, the United States and Australia also posting record profits for the quarter.

It has really been much of the same, with this online gambling growth posting increased earnings quarter after quarter. However, it is the Euro growth that most excites Nigel Payne, Group Chief Executive.

"Europe has come of age for us in this quarter, with a seven figure profit in every one of the three months," Payne said.

"If you consider that only two years ago it lost £5m and that last year it only made £1m profit for the entire year, these numbers are phenomenal."

Registered customer figures increased by 19.5% to 690 019. Sportingbet reported a gross margin of 8.9%. What makes this significant is that other European sportsbook are reporting that margins are under pressure. d

Payne puts this down to the global footprint of the group, with localized operations throughout Europe.

"Whilst many of our competitors have issued profit warnings, we have posted record numbers. We all covered the same events, but our wider geogrphical reach protects us against bad results, As an example, German and United Kingdom soccer results were not good, but the results in other countries were good".

Group turnover for the three months up to 30 April 2005 was up by 31% to £390.5m, with gross win jumping by a huge 137.5% to £57m. £14.2m of gross win related to Paradise Poker.

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