Sportingbet bounces back as profits rise 26%

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The British bookmaker which is big in the southern European cyberspace where they bet heavily on the football, today reported a 26% leap in underlying profits to £31 million in the year to the end of July. Amounts wagered were up 17% at £1.5 billion.

On the back of that Sportingbet is paying a 1p final dividend for the first time since 2006.

Finance director Jim Wilkinson said Sportingbet could yet face fines by US regulators for running an illegal online operation there. With no current operations in America, Sportingbet could simply ignore any fine or choose to pay up in order to worm its way back into a potentially huge market.

Sportingbet which started life on the lightly regulated Ofex exchange, said it plans a full UK quote within six months.