The CEO of Sportingbet.com, Andy McIver spoke to the publication eGaming Review this week and revealed that the company and its employees have faced a tough struggle following its withdrawal from the US market in the wake of the UIGEA.

This is in spite of a trading update which anticipates rising operating profits for the first nine months to date of £18.7 million (2007: £6.7 million). The company has had to go through a painful downsizing, with possible redundancies of up to a third of the staff at the head office following a move to Guernsey and Dublin.

The final decision is subject to a consultation process. Among those departing will be Chief Operating Officer David Hobday, who McIver praised, telling eGaming Review: “We brought David Hobday in as the business had grown so big. The US was doing very well, but sadly six months later UIGEA happened. At that point we did a lot of downsizing, waited until that bedded in and then re-assessed the situation. It is by no means Dave’s fault. It is sad for the individuals concerned, and it does seem slightly perverse that the company has been performing so well. The board thanks Hobday for his hard work and dedication.”

"After losing the amount of business we lost it’s amazing to still be here,” he added. “In terms of forecasts for the end of the year, the market is now forecasting that we will do £28 million, and we are happy with that.”

McIver added that the results reflect the long hard slog the company had faced since the U.S. withdrawal in late 2006.

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