Online sportsbetting and gaming group Sportingbet has signed a two-year sponsorship agreement set to start in June with English soccer club Wolverhampton Wanderers.

London-based Sportingbet revealed that the deal was ‘worth over seven figures and represents the biggest sponsorship agreement in Wolves' 132-year history’.

Wolverhampton currently plays in the Coca-Cola Championship, the second tier of English football, but could be promoted to the elite Premiership for the beginning of next season if it wins tomorrow at home against Queens Park Rangers.

The deal will see Sportingbet place its logo on both the home and away shirts alongside all of Wolves’ training kits and become a major presence at the team’s Molineux Stadium. In addition, the listed wagering firm will serve as the team’s official betting partner while also sponsoring its website.

“We share a common heritage of passion, skill and teamwork, which I believe offers the basis of a great partnership,” said Andrew McIver, Chief Executive Officer for Sportingbet.

“Football is the bedrock of our business and we look forward to working closely together.”

Last month, Sportingbet released its financial results for its second quarter showing a 35 percent increase in adjusted operating profits helped by live sports streaming driving in-running betting. It reported that its operating profits for the three-month term amounted to £10.1 million adjusted to exclude exceptional items, share option charges and amortisation. This was a considerable improvement over the £7.5 million it made over its second quarter last year while Sportingbet also revealed that its operating profit margin now stood at 23 percent.

It announced that net gaming revenues for the quarter grew by six percent to £43.6 million from £41.2 million while profits before tax skyrocketed 131 percent to £8.3 million from £3.6 million.


Source: iGamingBusiness.com