In Spite Of Anti-Gambling Laws In The States, A Tough Uk Group Announces That Its European Business Has Increased Up

Sportingbet plc's has recently released figures relating to the affects of lost business with the United States with regard to online gambling as the result of the effect of the passing of the Unlawful Internet Gambling Enforcement Act last October of this year by announcing their quarterly financial report for earnings acquired as of October 31 2006.

After having to cease its United States operations in America, it now has made it known that they have taken a charge off of GBP 252.4 million ($493 million) resulting from their have to stop their U.S. operations, which has resulted in a GBP 241.4 million first-quarter loss. In fact what Sportingbet did was to sell their U.S.-directed operations for the sum of $1 or GBP 0.51p last October, only hours before the United States placed their ban on online gambling into effect.
This exceptional write off of their GBP 106.3 million loss of disposable income included a GBP 132.7 million write off of investments, and cost of restructuring charge for GBP 13.4 million.

At the same time, in a more positive vein, this exceptionally successful gambling group also released figures indicating strong profit growth from its ongoing operations in Europe of over 55 percent, and in also in of over 33 percent. Continuing operations gross profits increased by as much as 48 percent reaching GBP 31.7 million during the three months ending with October 31.

In addition to this, Sportingbet reports having a total of GBP 52 million in cash on its end of quarter balance sheet.

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