Sportingbet Beats Predictions
By Joni Hawk, Feb 22nd 2006Reuters reports that the UK’s second-biggest online gaming group, Sportingbet, beat the predictions with a 72 percent increase in second-quarter profit. Also, Sportingbet plans to launch new online games on Wednesday.
The shares cut down after the Sportingbet company said that an important shareholder was cashing in 17 million of the shares it received on selling Sportingbet its Paradise Poker Web site in 2004.
"…Profit before tax rose to 27 million pounds (US$47.1 million) in the three months to January 31, while its average poker commission rose 107 percent to $542,000 a day (310,000 pounds).
Analysts said this equated to core profits of around 34 million in the second quarter, beating their predictions of 32 million.
The shares cut down after the Sportingbet company said that an important shareholder was cashing in 17 million of the shares it received on selling Sportingbet its Paradise Poker Web site in 2004.
"…Profit before tax rose to 27 million pounds (US$47.1 million) in the three months to January 31, while its average poker commission rose 107 percent to $542,000 a day (310,000 pounds).
Analysts said this equated to core profits of around 34 million in the second quarter, beating their predictions of 32 million.
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Sportingbet Beats Predictions
