Europe fades in final furlong at Sportingbet

Online sports betting and gaming group Sportingbet said the trends seen in the first nine months of its financial year continued into the final quarter, meaning full-year results will be in line with market performance.

The group's core Australian market remained strong in the final furlong, with net gaming revenues up 93% year-on-year, a gain of 24% on a life-for-like basis.

The integration of Centrebet with Sportingbet Australia was successfully completed one month ahead of schedule in June. As an additional bonus, the group reckons the level of synergies realised from the merger is significantly ahead of original expectations.

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If everything is bonza down under, the situation is rather different in Europe, where along with the general dismal economic environment the group had to cope with its Spanish operations being shut for the first 35 days of the final quarter as the authorities prepared for a new gaming licensing regime.

European net gaming revenues were down 41% year-on-year, an 18% slide in like-for-like terms.

JH