Despite global economic doom and gloom, sports betting operator Sportingbet has posted an impressive increase in Q3 profits.
The UK based group posted a third quarter net profit before tax of GBP 9.8 million, up almost 100% on the GBP 4.2 million posted in the same quarter last year. The nine month comparison against the previous year's same nine months is even more impressive, up 236% from GBP 6.4 million to GBP 21.5 million.
Revenues from internet sport betting were up, while online poker numbers were flat.
A good deal of the increases in online sportsbetting revenue and profit came from surges in Australian take - up 60%, and in-play bets from punters in Spain and Greece. In-play bets are bets placed on events within a game after the game itself has commenced. It is becoming a very popular bet option, particularly amongst football (soccer) punters.
Chief Executive Officer Andy McIver also note healthy betting activity on European soccer leagues and the Champion's league as contributors to strong results.
Surprisingly, segment results revealed that bets from the UK comprised on 6% of the company's overall results.
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