European Football bets help Online Bookie
4th March, 2009
European football is arguably the most popular betting market in the world. Hundreds of teams are wagered on every week and several online bookies rely heavily on these games to generate profits.
Sportingbet recently revealed how European football bets accounted for 62% of the companies revenues last year. Overall operating profits increased by an impressive 35% largely due to the increased number of wagers made on football games, including the European Championships, which took place in the summer.
Football bets represented 74% of European sports revenue, with Spanish and Greek markets continuing to perform well.
Australian horse racing profits were however hit by the economic recession a saw a 8% fall to £4.5m.
Sportingbet is also looking to expand it's operations further after acquiring a license to provide online sports betting in South Africa. The company also plans to open a Romanian language site to cater for the increasing numbers of eastern European players.
The group chief executive, Andrew McIver,commented, "Quarter two concluded a robust first half of the financial year, with operating profit in the six months growing 39% to £16.2m. The Group's balance sheet remains strong with net cash of £27.3m. Demand for our market leading sports betting product continues to grow.
"The third quarter has started strongly and the Board remains cautiously optimistic for the full year outcome."
By Jamie
