Lost millions from SportingBet
The new American gambling laws which forced online gambling firms to stop US business, has cost SportingBet an estimated GBP252.4 million USD493.8 millio according to the firms quarterly statement.
SportingBet sold its US arm for only USD1 that about 51p just moments before the UIGEA came into effect, this lead to a first quarter loss of over £241 million.
But it was not all doom and gloom at SportingBet, who reported a strong growth in gross profit for their current operations, with European business bringing in over 55% more profit than the same quarter last year, Australian in take is up 33 percent.
Gross profit for its continuing operations was up by 48% to £31.7 million in the three months ending on October 31st.
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SportingBet sold its US arm for only USD1 that about 51p just moments before the UIGEA came into effect, this lead to a first quarter loss of over £241 million.
But it was not all doom and gloom at SportingBet, who reported a strong growth in gross profit for their current operations, with European business bringing in over 55% more profit than the same quarter last year, Australian in take is up 33 percent.
Gross profit for its continuing operations was up by 48% to £31.7 million in the three months ending on October 31st.
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Click here for Bookmakers
posted by Glenn at Thursday, November 30, 2006
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