11/07/2002
Sportingbet has secured the right to operate a sports betting and gaming facility on Sports.com. Apparently Sports.com is one of the most frequently visited sites on the web, attracting more than 3 million unique users a month. The website's previous owner was placed into administration in May. Sportingbet will redesign and relaunch the site using its own technology. The company recently cheered followers with a move into profit for the year to March. Sales leapt from £324.7m to £991.5m and it made £5m pre-tax, after goodwill and exceptional costs. Impressively, customer numbers rose from 90,065 to 558,587. Sportingbet also announced the acquisition of Sporting Odds - the fixed odds business of spread-betting firm Sporting Index - for £4.5m. Analysts expect £24.9m profits for the current year, giving 14.3p of earnings. Following a recent drop in the share price, the board issued a statement claiming it was unaware of any business reason for this. Worth a punt in this market.
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