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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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