UIGEA Costs Sportingbet $470.9 million
November 30, 2006
UK-based Sportingbet has announced that it registered a quarter loss of $470.9 million as a result of exiting the US market and selling its US business for $1 in October. Despite losing its US customers, the shares of the British bookmaker rose 3.7 percent on Thursday, and the growth was due to the European and Australian operations which are working very well at present. Moreover, the revenue for the period reached $958.8 million, showing that Sportingbet has managed to overcome the difficulties caused by the signing into law of the UIGEA. It seems that many foreign gaming and wagering providers have managed to overcome the damages caused by the UIGEA by focusing on the European and Asian markets.
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