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.

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.

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up