Q3 Performance Released By Sportingbet

Q3 PERFORMANCE RELEASED BY SPORTINGBET

30th May, 2012 at 03:45:58
Source: http://www.azonlinecasinos.com

Aussie business accounts for 90% of profits

The UK publicly listed online gambling group Sportingbet plc released its Q3 numbers ended April 30 Wednesday, showing:

* Amounts wagered up at 555.9 million (Q3 2011: 507.3 million)

* Net gaming revenue down at 43.4 million (Q3 2011: 54.7 million) 52% of NGR was generated from regulated territories and a further 24% came from territories where the group is paying tax ahead of expected regulation.

* EBITDA down at 10.8 million (Q3 2011: 16.1 million)

* Net cash down at 24.8 million (Q3 2011: 31.4 million

The Australian companies delivered soaring amounts wagered, up 78% to 369.1 million, with NGR up 116% to 18.1 million. Mobile alone accounted for 34% of NGR in April.

In Europe and emerging markets the story was less encouraging, with amounts wagered down 38% to 186.8 million, and NGR down 47% to 24.2 million.

The business was impacted by the Codere injunction, which halted Spanish operations from 27 March 2012, but a Spanish licence is expected early June 2012 followed by the anticipated lifting of the injunction.

Annualised fixed costs were reduced by 15 million, the company achieved margins of 10.1% on in-play betting, and mobile player numbers grew by 150 percent.

Group chief executive Andrew McIver said: ''Our Australian business, which accounts for over 90% of our profits, continues to go from strength to strength. The integration of Centrebet is nearly complete and our combined Australian business grew NGR by 116% in the quarter.

"Europe continues to be impacted by the recession and the effects of regulation. As we have demonstrated in Australia, the long term benefits of regulation are clear but take time to manifest themselves.''

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