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SportingBet’s financial figures for the third quarter

SportingBet, an online sportsbook and gaming operator has announced its financial figures for their 3rd quarter which suggest a close to 2% decrease in net revenues to £54.7 million compared to last year.

SportingBet Also released their financial figures for their 2nd quarter which ended in April and before the tax, depreciation and amortisation for the three-month period, their figures suggested an increase of 7% to £16.1 million over last year.

The mobile telephone activities increased by 44% over last year and their in-play revenues also increased by 14% over 2010 and a 59% of its total European sports betting revenues.

The company also released a 14% rise on last year in the amounts wagered in Australia, a 12% increase in like-for-like gaming revenues from the European sports betting and a huge 148% increase in their emerging markets division.

Andrew McIver Sportingbet’s Chief Executive Officer stated that “We have continued to see strong growth from those economies that have been less impacted by the by the current recession in particular Australia and our emerging markets division.”

“However, parts of Europe have been more fragile, particularly the Greek market. Having said that, this situation once again reinforces the argument for a geographically diverse portfolio. Furthermore, it is very pleasing to report earnings before interest, tax, depreciation and amortisation of £16.1 million, in line with budget and ahead of last year’s £14.9 million.

“May has started robustly and the Board remains confident for the remainder of the year.”

Mclver also said that “this acquisition is a major step forward for Sportingbet as it accelerates the group’s strategy of increasing its exposure to regulated markets and of geographic diversification.”

“We will become the leading corporate bookmaker in the fast-growing Australian market and look forward to other key markets regulating in the near future.”

SportingBets revelaed a new target as they intend to purchase CentreBet International Limited, an online gaming and wagering provider in Australia and for this, they will need to raise £130 million.

SportingBet which is listed in London and operates in Australia, is currently licensed by the Northern Territory and plans to raise £65 million by issuing 154,761,904 new ordinary shares at 42 pence each in addition to a further £65 million in convertible bonds.

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