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Sportingbet Poker Revenue Falls 53 Percent

“Challenging Market Conditions” Leads To Huge Drop In Poker Revenue

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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.