Impressive Profit Results for Sportingbet

UK sportsbetting group Sportingbet.com have announced an impressive increase in profits despite the credit crunch.

Investors in Sportingbet will be very content with the groups recently announced profit increase - a massive 98% quarter on quarter increase in pre-tax third quarter net profits from £4.2 million to £9.8 million.

They will also be very happy with rumors that Sportingbet are soon to wipe the slate clean with the US Justice Department with regard to pre-UIGEA operations in the US, ala Party Gaming's recent multi-million dollar settlement. This is a move many believe to be a pre-cursor to favorable license consideration in a post UIGEA environment.

Sportingbet's profit gains were attributed to factors largely outside the UK market, which surprisingly comprised only 6% of total earnings. Bets placed online from Australia were up a significant 61% on the same period last year, while in-play bets in Spain and Greece also surged.

In-pay bets, as the name suggests, are bets placed on outcomes within a game after that game has commenced. They are becoming the bet of choice for many European football fans.

In-play and regular bets on European soccer leagues and the Champion's League were big contributors to Sportingbet's increased results.