Sportingbet Excellent Revenues
So far 2010 has been a reasonably lucrative year for Sportingbet; the company targeted different overseas markets by means of expanding their mobile-gaming products resulting in a revenue increase of 19% for the last quarter.
Operating profit for the bookie has gone up from £6.3m in the first quarter of 2009 to £7.5m and ended October 31st, its overall profits before interest, tax, reduction and paying off existing debts increased by 16.5% from £9.7m to £11.3m.
“CEO, Andy McIver said, “the market is still a bit stormy”. “As it is the global markets are still gripped by recession and it impacts heavily on the online casino industry. To date we’ve seen some encouraging growth in Greece and Spain.”
McIver said countries that have indicated some steady growth during this quarter are: Turkey, Australia, South America and Eastern Europe, Poland’s overall revenue has increased by 40%. Australia’s revenue after costs has gone up by 39% to £8.5m from £6.1m for the same period last year, indicates a 26% growth backed by a very stable currency.
During the last six months Sportingbet has focused more on its mobile gaming operations, in turn this was a smart move and the cash is started to roll in. “In this period mobile has grown ten-fold” said McIver. “We sincerely hope that this will spill over into other markets and overall it constitutes for 10% of our current player base.”
In-play’s profits have shot up by 27% and it’s responsible for 66% of Sportingbet’s European sports proceeds, since last year this figure is on the up from 58% in 2009. “This will continue to grab and hold our attention,” said McIver.
Possible merger talks have come to nothing between Unibet and Sportingbet, McIver is not prepared to elaborate on this whatsoever.
One thing McIver was very eager to talk about is that the Italian market looks very appealing to Sportingbet. “Italy is definitely on the cards,” he said. “We’re waiting for the Italian government to issue new operation licenses, this might take some time.
McIver consented that Sportingbet is keeping their options open and would like to pursue other ventures within the international market. “A large proportion ( 75% ) of Sportingbet’s revenue is still generated within the European market, we’d like to reduce this figure by means of incorporating the overseas market as well,” he said. “The Asian market looks promising; however, the sphere of the gaming market over there is rather limited.”[addtoany]