In its trading update for Q4 2012, Sportingbet has reported net gaming revenue (pre-tax and bonus) up 93 per cent year on year for its Australia business.
The integration of Sportingbet Australia with the recently acquired Centrebet was successfully completed during June, one month ahead of schedule. The level of synergies realised is ahead of the group’s original expectations and the enlarged business currently represents a substantial majority of Sportingbet’s EBITDA.
The group’s European business has continued to face challenging economic conditions combined with the disruptive impact of newly regulating countries and associated taxation. Additionally, its largest European market, Spain, was closed for the first 35 days of the quarter until the licensed market launched on June 5.
As a result, European net gaming revenue declined by 41 per cent year on year. The restructuring of the European business following the disposal of the Turkish language website has been completed.
The trends experienced during the previous nine months of the year have continued into the final quarter and the directors expect the full-year results to be in line with market forecasts. Sportingbet plans to announce its Q4 and preliminary results for the year ended July 31, 2012, on October 3.
