Sportingbet revenue increases despite poor racing margins

One of the world's most famous names in the gaming industry, has reported a sharp increase in profits in recent months. Sportingbet has revealed that its profits have increased by 9.2% and have reached a figure of £7.1 million. The first quarter came to an end on the 31 May and saw £463.2 wagered in the company making for a total revenue of £48.6 million.

The favourable statistics have been met with some surprise by gaming enthusiasts. Many were expecting to see a fall in revenue following a string of poor horse races which took place in Australia throughout March and May. Since then, however, racing margins have returned to normal levels and the company continues to go from strength to strength. Sportingbet has attributed the dramatic increase to in play betting. European sports bets increased by 42% whilst European sports net gaming revenue went up by a massive 56% to reach a sum of £27.2 million.

Commenting on the figures, Chief Executive Andrew McIver said that he was pleased with the company's "solid performance". He added that group performance "continues to be driven by the European Sports betting business". He also noted that internet activity has been responsible for the rise in wagering amounts.

Whilst revenue has benefitted from a comprehensive product range, he noted that the market is not without its challenges. "The European poker market remains difficult with ongoing competition from companies that continue to accept US resident players". Sportingbet enthusiasts will no doubt continue to enjoy the services of a company which is increasingly becoming one of the most powerful presences in the gaming industry.