Sportingbet Poker Revenue Falls 53 Percent
“Challenging Market Conditions” Leads To Huge Drop In Poker Revenue
Sportingbet Plc, owner of Paradise Poker, has reported third quarter financials 2011/2012 (the three months to the end of April 2012) with poker taking a hammering.
Net gaming revenue from poker fell 53 percent to £1.5 million from £3.2 million in the third quarter of 2011.
The company said it faced “challenging market conditions” and added that, “Our casino and games and poker product remain a key part of our overall offering, creating a ‘one stop shop’ which has been proven to increase customer loyalty.”
In financial year 2010/11 (the 12 months to July 2011) saw net gaming revenue from poker down 18.5 percent to £17.7 million.
Sportingbet recently settled a back tax issue with Spanish authorities ahead of regulation and licencing of sports betting and poker in the country. It hopes to receive a licence in the near future.
It said of the situation, “Spain is a significant part of the Group’s European operations and the closure of the website has significantly affected the results. We expect Spanish licences to be issued in early June 2012 which will allow the Group to request the Court lift the injunction.”
Overall amounts wagered at the site, which includes bingo and casino as well as sports betting and poker, were up 10 percent to £555.9 million in the third quarter but net gaming revenue fell to £43.4 million from £54.7 million a year earlier.
|1||Online Poker: Ben Tollerene Wins $232K|
|2||Online Poker Hearing Dismays Poker Community|
|3||Gunmen Rob Chicago Poker Game, Police Say|
|4||Poker Hand of the Week: What's Your Play?|
|5||Nick Weinberg Wins Card Player Poker Tour Atlantis|
|6||Poker Player Dan Shak Settles With CFTC|
|7||Crazy Gambling Stories From March|
|8||Jean Montury Wins First Ever EPT Malta Main Event|
|9||Win WSOP Seats With Americas Cardroom|
|10||Win WSOP Colossus Seat With Card Player Poker|
|1||Mike Sexton 'Calls Out' The World Series Of Poker|
|2||Salomon Won $40M Last Year Playing Poker: Report|
|3||WSOP Prepares For 24K Entries In Colossus|
|4||Judge Denies Ivey's Request To Dismiss Borgata Case|
|5||Poker Player Gets 2-3 Years In Prison For Fatal Punch|
|6||Illinois Man Steals $420K In Poker Chips: Police|
|7||Poker Player Robbed Bank After Losing Everything|
|8||Billionaire Accused Of Not Paying Casino Marker|
|9||Cancer Surgery Successful, Doyle Brunson Says|
|10||Man Who Was Trying To Rob Poker Game Shot Dead|