This year’s announcement of Sportingbet’s third quarterly results is being seen as a strong indication of how some of its contemporaries in the online gambling world may fare in the future.
Sportingbet announced its quarterlies to October 31 2006, revealing that it was taking a 252.4 million pound sterling exceptional charge after halting its U.S. operations. This has led to a first-quarter loss of 241.4 million pounds sterling. The firm sold its business interests in the U.S. for 51 British pence in October, just hours before the United States effectively banned online gambling.
While Sportingbet also announced that it has a balance sheet reserve of 52 million pounds in cash, details of the exceptional charge were provided in black and white. The charge has included a 132.7 million pound decrease in the firm’s investments, along with a restructuring charge worth 13.4 million pounds and a 106.3 million pound “loss on disposal of investment.”

Preferring to highlight the positive, Sportinbet’s statement of results ended with a report of strong growth in its customary operations in Europe and Australia. Both gross profit results were up 55 percent and 33 percent respectively. Gross profit overall from both operations increased 48 percent to 31.7 million pounds in the three months leading up to October 31.

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