Online sportsbetting and gaming group Sportingbet has released its financial results for its third quarter concluding at the end of April showing a 34 percent year-on-year rise in operating profit to £9.8 million.

The London-based firm stated that net gaming revenues rose eight percent year-on-year to £48.8 million while its profits before tax were up an amazing 98 percent to £8.3 million.

Sportingbet recently launched a Romanian language site and announced that amounts wagered during the period rose 18 percent year-on-year to £431.7 million boosted by its core sportsbetting operation.

The firm revealed that it had net cash of £31.3 million for the first nine months of its financial year, which was a six percent year-on-year improvement, while its profits before tax rose a staggering 236 percent year-on-year to £21.5 million for its first three quarters.

“The board is delighted by the performance of the group both during the quarter and in the year to date,” said Andrew McIver, Chief Executive Officer for Sportingbet.

“Sportingbet continues to make significant progress in terms of its profitability, growth in core markets and new emerging territories and in its focus on delivering an industry-leading sportsbetting product.

“We leave the third quarter with operating profit for the year to date of £26 million compared to £19 million at this time last year, an increase of 37 percent.

“The fourth quarter of the year is a seasonally quieter period for the group as a result of the winding down of the European football leagues leading to reduced sportsbetting activity. This year, the quarter has started strongly and May has seen solid growth in both sportsbetting turnover and sports margin.

“This promising start to the quarter, in conjunction with the strong nine-month results reported today, enables the board to be cautiously optimistic for the full-year outcome.”

Source: iGamingBusiness.com