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GOOD NEWS FROM SPORTINGBET
Revenues continue to meet ambitious management estimates
London-listed online betting company Sportingbet plc, which owns a number of well established online gambling operations was in optimistic mood this week, reporting to shareholders that sales have continued to meet analysts' estimates since its first quarter ended in October.
According to a company statement, the group has maintained the quarter's "strong performance."
Sportingbet was one of the large listed European companies that reversed out of the lucrative American online gambling market late last year following the passage of the Unlawful Internet Gambling Enforcement Act, which banned financial transactions with online gambling companies. The company disposed of its US-facing assets for a nominal $1 to Jazette Enterprises, taking substantial losses forward, which it has managed to absorb by diversification into other markets.
Bloomberg's news service reports that, excluding the U.S. unit, the amount wagered by gamblers rose 12 percent in the first quarter as European and Australian bettors made more wagers. The group's share price has added 17 percent this year after losing almost nine-tenths of its value in 2006.
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