Advertisement

Sportingbet: European division sees 'amounts wagered fall by 30 per cent in November'

The amounts wagered in online betting company Sportingbet's European division fell in November following the disposal of the group's Turkish language website, a statement issued at the group's annual general meeting on Wednesday has disclosed.

The amounts wagered in online betting company Sportingbet's European division fell in November following the disposal of the group's Turkish language website, a statement issued at the group's annual general meeting on Wednesday has disclosed.

Peter Dicks, Chairman of the company, stated that part of the financial year had been challenging but added that the group had seen a return to more normal levels of activity in November and in the first half of December.

Advertisement - Article continues below

He commented: "As outlined in the first quarter statement, trading conditions were challenging in the first three months of the financial year to the end of October 2012.

"The Group has seen a return to more normal levels of activity in November and in the first half of December. The board remains confident that the results for the full year ending July 2013 will meet its current expectations. Any shortfall in Australian trading in the first three months of the financial year that are not recovered during the remainder of the year, will be offset by tighter cost control across the group.

He added: "November trading saw Australian amounts wagered up 11% on the prior year and net gaming revenue (NGR) up 14%."

European division: amounts wagered down 30% in November

"The European division saw amounts wagered fall by 30% in November with NGR down 36%. This was in line with our expectations following the disposal of our Turkish language website and the introduction of regulation in Spain. The Emerging Markets division saw amounts wagered down 5% and NGR up 12%.

"Trading in December has continued the trends seen in November," the company explained.

Sportingbet's share price was up 1% to 50.50p at 13:40 on Wednesday afternoon.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Jul 2020