Sports Betting on the Rise | IXGAMES

It seems that sports betting is getting much attention as revenues on the venture are proving to be quite lucrative across the globe. Acting Delaware Finance Secretary Tom Cook divulged that the revenues from sports betting have shown a significant increase over the past few weeks. The numbers say that there is a 31 percent increase in revenue, with about a 121 percent increase in the number of bets and an 89 percent increase in the amount of dollars placed. Based on an evaluation of the French market of sports betting, on horse betting alone, the turnover will amount to 1.6 billion euros for 2010. The figure may still increase for 2012, reaching 2 billion euros. One year after, the availability of online sports betting shows that the venture has reached higher proportions. The figures were released during the “Sportel” exhibition for sports, television, and new media. The event was held in Monaco. Increase in Sportingbet’s profits and earnings Another gaming company showed a positive fiscal report with a substantial increase in net revenue as well as earning, profit, and money wagered. According to Sportingbet PLC’s Chief Executive Andrew McIver, the year has been a “solid” one for the Sportingbet Group. According to him, profitable growth has resulted from the changes done after withdrawing from the U.S. market. The company’s moves on focusing on geographical deversification and sports betting have done a lot to increase earnings even during slow economic times. Aside from these, Sportingbet’s commitment in providing high quality customer service and betting products has helped them retain and attract customers. The company, which goes by the symbol “SBT” in the London Stock Exchange, boasts a gaming revenue of £163.6 million, indicating a 13 percent increase from its 2008 revenue of £144.3 million. Sportingbet’s future Sportingbet PLC has diversified, establishing itself in places such as Romania, South Africa, Canada, and Brazil. Its venture in Eastern Europe is meeting with favorable results while Britain remains a battlefield for new grounds. Changes in gambling laws have also affected the firm. Representatives of the company are still meeting up with a few national regulatory bodies to talk about the firm’s status legally. Included in the negotiations is the U.S. Department of Justice. The company withdrew from the American market after the 2006 Unlawful Gambling Enforcement Act and has since not been accepting U.S. customers. According to the company, gambling regulations across the world continues to affect the future of Sportingbet. Currently, Sportingbet stock is around $76 dollars per share. The company is thinking of moving to the General Equity Market and is currently being traded at the Alternative Investment Market, London Stock Exchange. Despite the new US regulations on gambling, Sportingbet is hopeful that their recent moves will bring in more profits.