Turmoil fails to deter punters

Eager punters are still parting with their cash despite financial turmoil and recession fears, online gaming site Sportingbet said today.

The group saw a 30% increase in net gaming revenues during August and September and remains “cautiously optimistic” for the current year.

The most recent trading exceeds the 23% growth in gaming revenues to £147m (€188.85m) seen by the firm in the year to July 31, when gamblers wagered £1.36bn (€1.75bn).

Sportingbet, which saw shares jump more than 10%, said it had so far seen “no evidence” of any impact from recent events on the business.

Underlying operating profits had more than trebled to £22.7m (€29.16m). The result marks another step in the recovery of the group from the loss of its US-facing business after legislation two years ago.

The firm also completed its move to the Channel Islands during the year to benefit from the more favourable tax regime.