Sportingbet’s revenues take a tumble
European online poker revenues collapse nearly 50%
By CFOWorld.co.uk staff | CFO UK | Published 14:35, 30 November 12
Group revenue at online gambling firm Sportingbet fell to £21 million over the three months to 31 October from £38.8 million noted over the same period last year.
In an announcement on Friday, the group said the dip was down to "challenging" operating conditions in the current economic climate which saw its European online poker revenue collapse nearly 50 percent.
Online poker, which accounts for around 6 percent of the group's total gaming revenue at present, has suffered globally over the last 5 years due to regulation and legal constraints in some jurisdictions.
Reflecting the "continued structural decline" of the game, Sportingbet said the net amount received from wagers in the three months to 31 October fell to £594.3 million versus £693.7 million collected over the same quarter last year.
Group chief executive Andrew McIver said, "It was a challenging first quarter but a very strong November. I remain confident that full year results will meet current expectations."
The company is still waiting for a formal takeover bid, to be tabled by William Hill and GVC Holdings, reportedly worth over £500 million with a deadline of 4 December.
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