Sportingbet ditches Italia

ONLINE gaming company Sportingbet yesterday said it was dumping its Italian business due to a tightly regulated local market which restricted expansion plans.<br /><br />Sportingbet said it sold the business to the local management team for a nominal consideration, but did not give details of the deal. <br /><br />The sale of Sportingbet Italia will reduce the company&rsquo;s cash balance by &pound;1.6m it said. The group yesterday said it was confident of achieving full-year forecasts and that it expected a &pound;7.1m charge from the sale of its loss-making Italian operations.