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 The addition of live sports webcasts and more betting choices such as soccer and tennis to the Sportingbet portfolio has helped the online bookmaker get back on its feet after suffering big losses last year. The company is continuing to gain recognition for being one of the best sites to place bets online, especially in Europe.
The online sports book has released its full-year profit. During the same period as last year when the company suffered a 4.3 million pound loss, Sportingbet has a net income of 12.4 million pounds ($19.7 million). This was a notable achievement for them and shares rose as much as 9.2 percent.
More and more European gamblers are flocking to Sportingbet as new betting during games are added and live streaming of matches can now be viewed adding to the excitement. Last year, sports only counted for 52 percent of its net gambling revenue now up to 64 percent. Sports revenue continues to increase but poker has declined due to tough competition within the business.
According to Executive Officer Andrew McIver, "sports betting in a more hardy, recession resilient product offer." He said Sportingbet now offers 8,000 different bets typically per day which is roughly 8 times more than a year ago. A really neat feature pointed out by McIver is the ability to place 35 different wagers per side of each game during the game.
One concern for the company is the Soccer's World Cup which begins in the middle of next year. These types of bets add an increased risk to betting companies because they either win a lot or lose a lot. This is due to most of the betting being focused on only one or two games instead of hundreds normally.
Sporting bet more than doubled their market coming from Greece and managed to add 11 percent more Spaniards to their customer pool. Thanks to increased marketing spending, the company added 10 percent more from the UK as well. Revenue from the UK declined 21 percent last year because of the uber competitive market in that area, so any rise is seen as a gift.
Get started placing bets on your favorite sports games and watch live streams of the events as they happen at one of the fastest growing online sports books in the business once again- Sportingbet.com
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