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Online Gambling a Winner for SportingBet

Sportingbet shrugged off the collapse in confidence in the future of internet gambling today, posting a fivefold increase in profits and a 50% rise in the amount of punting by its customers.

Chief executive Nigel Payne said: ‘The whole thing has been overblown. From where I am standing, volumes up 50% this year after being in business for seven years is something any company in any industry in any part of the world would want.

‘Our poker rake is up 71% year-on-year and 22% quarter on quarter. That is is not a slowdown.’ Sportingbet, whose shares have fallen a fifth in a month, has been caught up in a £5bn sell-off of internet poker rooms and cyber casinos stocks, which has seen some of them halve in value.

Major players PartyGaming and Empire Online admitted that they believed the growth boom was at an end.

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