Sportingbet gets a kick from World Cup action

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The internet gambling firm today said that it, unlike the England team, had a great World Cup. Margins were boosted by key results going against the favourites, it added.

A significant number of low-scoring games — such as the final, in which Spain beat Holland 1-0 — also favoured the bookmaker as punters tend to back high-scoring results.

Sportingbet said it had taken more than £50 million in bets during the tournament, of which 65% were made during matches, using the company's "in play" betting service. That allows punters to take a position on a wide variety of potential outcomes while games are ongoing, enabling the sharpest gamblers to hedge their bets if things aren't going their way.

The shares added 0.5p to 60.25p, leaving the company valued at £302 million.

Sportingbet moved its shares to the main London Stock Exchange from the Alternative Investment Market (AIM) in May this year, reflecting
its growth.

Chief executive Andrew McIver said: "In line with much of the betting industry, the group enjoyed a strong performance during the FIFA World Cup."

It will announce full-year results on October 6.