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Sportingbet Gains 84% on Poker Purchase
Sportingbet Plc, a U.K. online casinos betting company whose shares have
tripled in five months, said second- quarter profit jumped 84 percent as
Paradise Poker contributed to earnings for the first time since being
bought for $298 million.
Net income rose to 15.6 million pounds ($29.7 million), or 3.6 pence
a share, in the three months through January, from 8.5 million pounds,
or 2.8 pence, a year earlier, the London-based company said today in a
statement. The earnings included 8 million pounds of profit from
Paradise Poker, Sportingbet said.
Paradise Poker, the world’s No. 3 online poker operator, doubled the
size of the business when it was acquired in November and reduced
Sportingbet’s dependence on sports events such as the Wimbledon tennis
tournament. Sportingbet is seeking to make more acquisitions, Chief
Executive Nigel Payne said in an interview.
“This industry will continue to consolidate very quickly,” Payne
said. “We have always said that once we digested Paradise we would be
back in the online casinos market for the right deal at the right price. We would be
interested in growing the business further.”
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