Sportingbet Shows Strong Third Quarter Profit

Leaning on the strength of recent acquisition, Paradise Poker, online gambling company, Sportingbet, posted a whopping 266 percent increase in Q3 pretax profits.

For the quarter ending April 30, pretax profit was £13.7 million. Paradise Poker, which made Sportingbet the world’s largest online betting firm when it was purchased in October, made up £9.1 million of the operating profit.

Sportingbet saw its customer base grow 11 percent, to 2.5 million, over the three months and has said Q4 has started out strong. The company is seeing a wager placed on its site every 14 seconds.

Sportingbet’s stock was up 4.6 percent on Wednesday to 300.36 pence, but fell back down to 289.2 today.

Originally published June 2, 2005