Sportingbet profits hit by taxes in Greece and Spain

ONLINE betting and gaming group Sportingbet said yesterday its revenues had risen by 17 per cent in the first quarter, but that profits before tax fell more than £1m as new European taxes took their toll.

The increase took total revenue from £51.1m in the same period last year to £59.9m this year, as the amount wagered in the three months to October hit £693.7m – up from £513.9m a year ago.

Due to an exceptional charge of £5.3m on various corporate transactions, including the company’s acquisition of Centrebet, it made an overall loss of £100,000. Loss before tax was £1.2m, versus a profit the year before of £8.5m.

“With the acquisition of Centrebet in Australia and the disposal of our Turkish Language website, we are making good progress towards our goal of deriving the majority of our revenues from regulated territories,” said chief executive Andrew McIver.