Sportingbet reports profits

Sportingbet, the online betting group, has swung back into profit for the six months to the end of January after making a loss for the same period last year. The group has reported that pre-tax profits nearly quadrupled over the first quarter of the year to £7.5m

The growth has been drive by an increasing in sales for its core sports betting products and a 30% increase in amounts wagered on its websites soared by almost 30%.

The results show that Sportingbet continues to recover from the virtual overnight loss of 95% of its profits in November 2006, following a US clampdown on internet gambling. It is now the subject of takeover bid speculation.

Last month, the company appointed Orange marketer Ed Luck as European marketing director (MW 7 February). Luck will work closely with Lida, the M&C Saatchi- owned below-the-line agency, which was appointed to handle Sportingbet’s £20m pan-European direct marketing account in November last year.