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The loss of the U.S. online gambling business immediately preceding the enactment of the Unlawful Internet Gambling Enforcement Act, UIGEA, in October this year was today quantified when Sportingbet plc reported its quarterly trading results to October 31 2006.
Sportingbet sold its U.S.-focused operations for $1 (₤0.51p) in October, hours before the United States effectively banned online gambling. The prominent Internet gaming group announced that it was taking a ₤252.4 million ($493 million) exceptional charge after ceasing its U.S. operations, leading to a first-quarter loss of ₤241.4 million.
The exceptional charge includes a ₤132.7 million write down of investments, a ₤106.3 million "....loss on disposal of investment" and a restructuring charge of ₤13.4 million.
However, there was a bright positive side to the report; the highly successful group reported strong growth in gross profits for its continuing operations with Europe up 55% and Australia up 33%. Gross profit from the continuing operations rose by 48% to ₤31.7 million in the three months to October 31.
Sportingbet says it had ₤52 million in cash on its balance sheet at the end of the quarter.
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