Sportingbet To Pay Dividends After Reporting Strong Growth

Sportingbet (SBT.L), the British sports betting and online gambling company, has shown “good growth” in its latest financial figures having posted full-year pretax profit of £22.3 million compared to just £1.2 million the year before.
Favourable currency exchanges helped the company’s results and after adjustments its operating profit was up 26% to £31.1m which exceeded analyst expectations of £29m.
The online gaming group was almost wiped out following the US introduction of the UIGEA in October 2006 which saw Sportingbet withdraw from the US market and forfeiting 80% of its profits.Since then Sportingbet has been tring to resolve differences with the US Justice Department regarding its previous operations in the country and is trying to iron out a financial settlement to avoid prosecution from the DoJ along the lines that PartyGaming took.
Several large European companies are purported to be considering launching a takeover bid for the business but, as broker Davy explained: “A stumbling block may be the legacy issues relating to the group’s previous US operations but, should these be resolved, it is quite likely that the group would have a line of suitors,”
Sportingbet’s main business is sports betting and it is aiming to increase its current revenue from the UK market from its current level of 5%. It is presently the sponsor of Wolverhampton Wanderers football club and also sponsors horse racing.
Sportingbet’s overall results have been positive and earnings per share have moved to +2.4p from a negative 0.9p a year earlier.The news was received well by shareholders and shares in the company rose 6.6% to 72.50p in early trading.
Sportingbet has signalled its intentions to move from AIM to the main LSE in 1st quarter 2010. Andrew McIver, chief executive, explained: “It is a natural progression for us. With a market capitalisation of £300m we are at the top end of Aim, and Aim has underperformed the main market.”

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Maryland Casino Revenue Up 6% to $143m in April
11 May 2018
Maryland’s six casinos generated gross gaming revenue (GGR) of $143.5 million in April, marking a 5.7% increase compared to the $135.7 million collected in the same month a year ago. As a result, the Free State has now returned four consecutive months of gains this year, providing much needed assistance to the Education Trust Fund,