LONDON (dpa-AFX) - Sportingbet Plc (SBT.L) noted that its trading for the first 19 weeks of the year was in line with management's expectations, with sports Net Gaming Revenue or NGR up 9% on a like for like basis and total NGR up by 37%.
The Group said it has taken action to both reduce its central costs and those of its European business, and to further diversify earnings away from Europe with the acquisition of Centrebet in Australia on 31st August 2011. The integration of Centrebet with the Group's existing Australian operations is proceeding well and is at least in line with plan. Australia currently represents 47% of Group NGR.
With regulatory change well under way in Europe, and not withstanding the economic outlook, Sportingbet said it is confident that the benefits of regulation, with increased advertising opportunities, improved payment processing and a stable business platform, would drive profitable growth in the medium term. The Group submitted its application for a Spanish license on 7th December. The Group was awarded a Danish licence on 15th December.
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