SportingBet Posts Losses Following Sale - 12-02-06
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December 2 - Online sports book SportingBet Plc has announced its poor first
quarter results of ?241.4 million as a direct result of selling its US online
sport betting and online casino interests earlier this year.
SportingBet famously sold its online gambling interests for $1 when the United
States passed the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA)
into law a few months ago.
The London Stock Exchange-listed company attributed its poor results to the ?250
million in costs associated with closing down and selling off its online
gambling businesses as well as banning US players from accessing
Paradise Poker,
its online poker room.
However, it wasn't all doom and gloom as SportingBet's first quarter results
showed an increase in gross profit to ?31.7 million up from ?21.4 million last
year (2005).
Said SportingBet CEO Andrew McIvor, 'While our results contain a significant
contribution from our recently discontinued US business, we are extremely
pleased with the performance of our ongoing European and Australian online
gambling business.'
