Sportingbet profits surge

UK-based internet betting firm Sportingbet announced a sharp jump in quarterly profits today after attracting a record number of customers.

The group, which offers online poker and the chance to bet on sporting events around the world, saw operating profits leap 396% to £22.3m (€32.6m) – up from £4.5m (€6.6m) and at the top end of market expectations.

Profits before tax for the period – covering the three months to October 31 - also rose 450% to £14.3m (€20.9m) from £2.6m (€3.8m).

Chairman Peter Dicks said the company had “recruited more new customers, taken more bets, played more games of poker and made more profit then in any other previous first quarter”.

The company said it signed up 700,000 new gamers worldwide at a growth rate 245% faster than a year ago.

The United States was its biggest market, where it had a “record quarter across all measures”. It has attracted 173,748 sports betters in the country - up 60% and drawing an average of $54 (€46).

The number of punters interested in facilities such as online poker rose 29% to 63,028.