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London based gambling group releases fiscal figures

The online gambling operator Sportingbet, which is based in London, recently released its yearly financial figures; the fiscal year ended July 31, 2011. The company’s reported EBITDA (earnings before interest, taxes, depreciation and amortization) are up to GBP 51.4 million pounds (71.9 million USD), which is an increase of 11 percent.

The online gaming company Sportingbet published figures for the year showing that earnings are up 11 percent

This success is owed to a number of factors. To start with, the company’s ongoing negotiation with Ladbrokes in regard to a possible purchase of the entirety of the company’s issued share capital has had a positive impact. In addition, discussions with Gaming VC about the possibly of their acquiring the company’s Turkish web site have yielded good results. Another factor is the company’s integration with Centrebet, which is going well and is in line with the company’s expectations. What’s more, the amounts being wagered have risen to GBP 2054 million, a year on year increase of 4 percent, and NGR is up 1 percent. In Australia, the amounts wagered in online betting are up an astounding 62 percent.

Twenty-seven percent of the British company’s revenue comes from Greece and Spain, but the slow movement of both countries’ economies meant that wagers were down 2% in Spain and 22% in Greece. However, the performances in South Africa, Brazil and Australia were strong, helping the company make up for the less than perfect results in other countries. The gaming operator’s Chief Executive Officer, Andrew McIver, remarked: “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.”

All in all, thanks to a few important moves by the company, the gaming empire managed to do well this year despite some market downturns and stagnant local economies.

OCA News Editor

Christian Bright is a professional sports commentator with keen interests in football, tennis and horse racing. His experience in the reporting on professional sports makes him a key asset to OCA’s coverage of athletic events and matches.