June 3, 2010 (CAP News Wire) – Chalk Sportingbet up as one of the online gambling companies that continues to profit in a weak global economy.
Recent reports that the online betting giant saw a new gaming revenue rise of almost 30 percent in the third quarter largely attributed to that growth to the strength of the Australian market, where Sportingbet does a lot of business.
In fact, that Australian online betting market is so strong that it’s largely helping to offset Sportingbet’s losses in European countries like Greece and Spain, where the economies are struggling (to put it mildly). Check out this recent CAP News story for more details on the growth of the Australian online gaming market.
“Given the widely reported economic difficulties in Spain and Greece which are two of our biggest markets, it is pleasing to report an 18 percent increase in profits,” Sportingbet’s Chief Executive Andrew McIver was quoted in Reuters.
The company has high hopes for the fourth quarter, in which it anticipates that the FIFA World Cup will help elevate online betting profits worldwide.