Sportingbet Stocks Rise Despite Huge First Quarter Losses

Sportingbet shares rose today by almost 4% to reach 42.5 pence because of the release of their first quarter report that showed strong growth in Australian and European markets. The rise comes despite reporting a 242.4 million loss in the first quarter.

Sportingbet has been on a roller coaster the past two months which started with the arrest of its senior executive Peter Dicks. As a result of Dicks' case the company has put a no travel clause to the US for all executives of the company.

A few days before the United States UIGEA was signed by President Bush Sportingbet sold their American player base for $1. The sale relieved the company of any further illegal operations with the US, however Chief Executive Andy McIver said the group still feared action over its past operations.

"We still have a travel ban on any director going to the United States," he said. "It's very hard to find out what issues individual states have with you."

The company is advertising heavily in Australia and European markets and expects to keep rising because of those markets.

November 30, 2006
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!