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Sportingbet reports positive results

Sportingbet, an iGaming sportsbook and operator revealed their financial results for the twelve months that ended on the 31st of July which showed a strong 243% rise in operating profits to £24.4 million over last year’s figure.

According to Sportingbet, this rise was aided by an over 4% increase in the amounts wagered to £2.053 billion as well as a 1.2% rise in like-for-like net gaming revenues when compared to last year’s result.

The amounts wagered in Auatralia increased by 10.5% to £822 million over last year’s figure and this in turn led to a £37.2 million as the figure earned in net gaming revenues. This result did not include Sportingbet’s recent acquisition Centrebter International Limited.

Andrew McIver, Sportingbet’s Chief Executive Officer stated that “this has been a year of significant progress for the group both in terms of financial performance and corporate developments.”

“We have delivered a strong set of financial results with earnings before interest, tax, depreciation and amortisation increasing eleven percent to £51.4 million.

“The benefits of operating across a broad geographical base were demonstrated with strong growth in our Emerging Markets division, Australia and some of our European territories, offsetting the economic weakness in Greece and Spain.

“With the acquisition of Centrebet in Australia and the passing of regulations in two of our largest European markets, Greece and Spain, Sportingbet is now well positioned to maximise the opportunities available to it as the global online gaming market continues to develop and regulate.

“Our overall strategy of providing a first-class sportsbetting product offering customers an unprecedented number of betting opportunities at all times of the day remains unchanged. This is underpinned by our proprietary best-in-class in-play offer, superb trading team and focus on giving customers what they want especially in new growth areas such as mobile.

“The group has had a solid start to the new financial year with net gaming revenues in the first two months 17 percent above the same period last year.”

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