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.

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.

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.

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"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