• Sportingbet posts spectacular Q1 profit

November 30, 2005 - Online gaming group Sportingbet reported a surge in first quarter earnings, boosted by last year's acquisition of Paradise Poker and an ongoing poker boom. The British company reiterated that it remains on the lookout for potential acquisition targets but played down the chance of a fresh approach for Empire Online despite a recent sharp slide in its rival's share price. Operating profit before tax, goodwill amortisation and a share-option charge surged to £22.3m in the three months to Oct 31 from £4.5m the prior year. That comfortably beat financial analysts' expectations of around £17.5m. Sportingbet shares had risen 7.5 pence or 2.1pc to 357.5 by 9.17 am, valuing the company at around £1.2bn. "The significant increase in active real money customers, alongside a broader product range... provides an excellent foundation for growth," Altium Securities analyst Greg Feehely said. He reiterated his 'buy' recommendation on the stock. Profit before tax rose 450pc to £14.3m, or by 81pc on a pro forma basis - stripping out the contribution from Paradise Poker, bought for £196m last November. Sportingbet, which became the world's third-biggest online poker group following that deal, signed up 0.17 mln new active poker accounts in the latest quarter, 137pc more than in the same period of the previous year.

> Read the full story here Source: BusinessWorld.ie

PLAY & ENJOY NOW the most favored online casino by American players! Las Vegas USA Casino offers everything you wish from a Las-Vegas-style online casino - a generous 150% bonus up to $3,000 at welcome, more than 120+ thrilling and fun games with fast and various blackjack tables, huge progressive jackpots and much more - discover today one of THE BEST ONLINE GAMING DESTINATION ACTUALLY!