Sportingbet has reported a loss of 27 per cent in its Euopean revenues.
The group posted net gaming revenues of £109.4m for the half year ended January 31 with an increase of 134 per cent in its core market of Australia, counteracting the loss from the European side.
It has been a transformational six months for the online sports betting and gaming group, with acquisitions in Australia and Denmark, as well as the disposal of its Turkish language website in November.
These acquisitions, combined with the movement towards regulation in the group’s second and third biggest markets, Spain and Greece, means that Sportingbet expects to derive over 75 per cent of revenues from regulated markets on an annualised basis.
“Following regulation in September 2008, our experience with Sportingbet Australia has demonstrated to us the long-term growth potential for market leading brands in regulated markets. Our European business is being currently restructured to ensure it too is best placed to capitalise on the move towards regulation,” commented Andrew McIver, group chief executive.
