Betting firm sees profits climb 117%

Internet betting firm Sportingbet today reaped the rewards of a company-transforming acquisition as it posted a 117% hike in first-half profits.

Sportingbet said Paradise Poker has performed ahead of hopes since it was bought in a deal that more than doubled the size of the overall group.

The rise in pre-tax profits to £18.3m (€26.4m) in the six months to January 31 also included a good performance by the group’s existing operations, whose profits lifted by more than a quarter.

AIM-listed Sportingbet completed the acquisition of Costa Rica-based Paradise Poker at the start of November.

Since then, its customer numbers have lifted by nearly 100,000 to just over 837,000, contributing to a customer-base of 2.3 million across the wider Sportingbet group.