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World Cup Bets Boost Sportingbet Profits

Written by:
Aaron Goldstein
Published on:
Oct/06/2010
Sportingbet

Sportingbet, one of Europe’s leading online bookmakers, reported a 27 percent rise in revenues over last year thanks mostly to the summer’s World Cup games.  The company said that live betting accounted for 61 percent of its sports betting business this year compared to 56 percent last year during the first 6 months.

Sportingbet’s pre-tax profits did fall to £6.9million from £22.million but the company factored in a £22.8million settlement with the U.S. Department of Justice to prevent it from being prosecuted for taking bets from US citizens over a period of several years. 

The online gambling firm’s casino sales rose from £41.3million to £44.9million in the period despite an ailing economy. 

Online poker revenues took somewhat of a hit, declining to £17.4million from £18.8million.

Shares on Wednesday rose 3 percent on the news.

Sportingbet expects to begin looking at potential acquisitions in the coming months and has expressed interest in re-entering the US market should the legal framework there change.

Congressman Barney Frank (D-Mass), who drafted legislation that would make online poker legal in the U.S., appeared less optimistic in recent weeks that his bill would pass before year’s end.

Frank did say the bill could move to the upper chamber.

“There was some discussion over there to step up the pace,” Frank said.

A Senate Democratic aide indicated to the Hill that it is highly unlikely the bill will move before the election, though there was a slight chance the measure could move in the lame-duck session as an attachment to a jobs bill.  Aaron Goldstein reporting for Gambling911.com

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