Sportingbet takes £241m hit from US exit

30-11-2006

Sportingbet takes £241m hit from US exit
Online sports betting and gaming group Sportingbet has revealed that its forced exit from the US market has resulted in quarterly losses of £241.1 million.

Last month the US authorities effectively outlawed online gambling by blocking inter-state payments, with Sportingbet among a number of UK-based firms suffering as a result.

In the three months ending October 31st, the firm's profit from continuing operations rose 48 per cent to £31.7 million, but this was offset by the £252.4 million cost of ending US activities.

Andrew McIver, the company's chief executive, today insisted he was "delighted with the progress" made by Sportingbet's European and Australian ventures.

"These ongoing operations have delivered strong key performance indicators, with significant increases in customer numbers and bet volumes," he said.

"In addition to delivering this solid growth, we have moved quickly to realign the group's cost base to reflect its reduced size," Mr McIver added.

Following the US senate's ruling in October, Sportingbet was forced to sell its stateside operations for just £1.


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