Sportingbet scores a World Cup boost

INTERNET gambling firm Sportingbet said yesterday it had performed strongly during the World Cup with margins boosted by a number of results going against the favourites during the competition.

The company took more than £50m worth of bets during the tournament, of which 65 per cent were made during matches using the company’s “In Play” betting service.

“The strong World Cup performance underpins the fourth quarter trading results and the board remains confident that the group will meet management expectations for the financial year just ended,” Sportingbet said.

A significant number of low scoring games had also favoured the bookmaker as punters tend to back high-scoring results, the company said. Sportingbet said it had continued to perform in line with management expectations throughout the final quarter of the year. The company moved its shares to the main London Stock Exchange from the Alternative Investment Market (AIM) in May this year after a growth spurt.

Chief executive Andrew McIver said: “In line with much of the betting industry, the group enjoyed a strong performance during the FIFA World Cup.” The company will announce full-year results on 6 October. Bwin and PartyGaming have announced a merger while the industry hopes for a relaxation of gaming laws in the US which would help to fuel a profit rise.