Anyone holding these? Evil K drove the price right down and now they seem to be recovering---are they worth considering now they seem to have sorted out their finances?

Business Financial Newswire
"Online gaming group Sportingbet said operating profit was up by 34% to 9.8m in the third-quater ended April 2009. Operating profit margin now stands at 22.4%. The firm said adjusted fully diluted EPS was up 50% to 1.8p and wagers up 18% at 431.7m.

The company had net cash of 31.3m at period end.

Andrew McIver, Group CEO, commented: 'Sportingbet continues to make significant progress, in terms of its profitability, growth in core markets and new emerging territories, and in its focus on delivering an industry leading sports betting product.

'We leave the third quarter with operating profit for the year to date of 26m compared to 19m at this time last year, an increase of 37%.

'The fourth quarter of the year is a seasonally quieter period for the Group as a result of the winding down of the European football leagues, leading to reduced sports betting activity. This year, the quarter has started strongly and May has seen solid growth in both sports betting turnover and sports margin. This promising start to the quarter, in conjunction with the strong nine month results reported today, enables the Board to be cautiously optimistic for the full year outcome. "

In the W/E FT:
"Broker Daniel Stewart advised clients to buy, citing the possibility of corporate activity when the on-line gaming company has settled it's issue with the U.S. dept of Justice.
We believe that a DoJ deal is near a certainty, probably within the next three months and it will allow the group to potentially re-engage in talks with sector peer B-Win Holdings."

Business Financial Newswire
"Sportingbet has sold its loss-making Italian operation, Sportingbet Italia, to the local management team for a nominal amount.

During the first eleven months of the current financial year, Sportingbet Italia generated an operational loss of 1.5m, taking 13.7m in bets and producing 2.0m of net gaming revenue.

The operation was acquired by the group in 2006 in anticipation of further liberalisation of Italian online gaming regulation including an increase in the maximum payout from 10,000, a relaxation of the stipulation to use specific software and permission to allow in-running betting.

'These changes did not materialise. Instead, the Italian government created a new offline model by tendering over 13,500 shop-based licences.

'Consequently, the combination of this new alternative channel for the Italian customer together with the lack of operational synergies with the rest of the group's European business has meant Sportingbet Italia has been loss-making since acquisition.'

The disposal is likely to result in an exceptional cost of 7.1m, which comprises the write down of goodwill of 6.4m and a loss on disposal and other associated costs of 0.7m. The group's cash balances will be reduced by 1.6m as a result.

Sportingbet plans to announce its results for the year ending July 31 on October 7.

The company says the positive start to the fourth quarter reported in June has continued, with good growth in gross gaming revenue and margins being maintained. It remains confident of achieving full-year forecasts. "

Final results wed 7th Oct '09.

Business Financial Newswire
Online gaming group Sportingbet has reinstated its dividend with a 1.0p final payout.

Sportingbet said in the year to end-July, net gaming revenue was 163.6m, up 13% from the prior year's 144.3m.

The amounts wagered in the year were 1,577m, up 17% from 1,347m in 2008. EBITDA came in at 39.7m, up 28% and adjusted operating profit rose 26% to 31.1m. Group operating pProfit was 21.9m.

Adjusted diluted EPS was 6p, up 415 from 4.2p last time.

The group had net cash of 23.8m at period end. Andrew McIver, Group CEO, commented: 'This has been a very solid year for the Sportingbet Group. We are now seeing consistent profitable growth resulting from the structural changes made following our withdrawal from the US. Our focus on sports betting and geographical diversification is helping to support earnings in these troubled economic times. Additionally, our commitment to offer industry-leading sports betting products and excellent customer service has helped us to recruit and retain core customers. The Group is pleased to recommend the reinstatement of dividends with 1.0p per share as a final dividend for the year just ended.

'The new financial year has started well. Although Australian sports margin is below long term averages it is made up for by strong European sports turnover outperforming budget. The Board remains optimistic for the outcome of the financial year at this stage.

'Talks with the US Department of Justice are constructive and ongoing.

'Finally, I am delighted to announce that it is our intention to move from AIM to the Official List within the next six months, which will provide the basis for our continued growth and success.'

Business Financial Newswire
Sportingbet started with buy rating at Deutsche, target price 84p

Business Financial Newswire
"Sportingbet said its net gaming revenue was up 26% to 48.6m for the three months to end October. However profit for the quarter was impacted by a poor run of Australian horse-racing results.

CEO Andrew McIver said group performance continued to be driven by the European sports betting business, which had seen strong growth in all its key metrics.

European sports NGR rose 56% to 27.2m, with gross margin rising to 11.3% from 10.2% in 2008. European sports bet numbers were up by 42% to 17.4m.

The Australian business continued to benefit from deregulation with the internet business driving up amounts wagered strongly. The business suffered from poor horse racing margins through August and September which had since recovered to more normal levels.

Casino and gaming revenues were benefiting from an increased product range. The European poker market remained difficult with ongoing competition from companies that continued to accept US resident players.

'Trading since the start of the second quarter has remained robust with the additional benefit of Australian margins returning to more normal levels. The group performance to date gives the board confidence with regard to the remainder of the financial year.'

Total amounts wagered were 463.2m, compared with 362.2m a year ago.

Operating profit for the continuing business for the three months was 7.1m (2008 6.5m). EBITDA increased 15.5% to 9.7m. "

Business Financial Newswire
"Internet gaming company Sportingbet says the main trends seen in the first quarter have continued and trading across the business is in line with management expectations.

In his AGM statement, chairman Peter Dicks says the company remains confident of achieving a satisfactory outcome for the current financial year given its geographic spread and comprehensive product range.

The Q1 results announced on 25 November showed growth of 26% in net gaming revenue year-on-year and a 56% increase in the group's core European sports betting revenues.

Sports betting now accounted for 69% of revenue and was expected to be the key driver of growth for the rest of the year. "

Business Financial Newswire
Recent reinstatement of the dividend combined with plans to move from AIM to the full list in Q1 should have further positive rating implications for Sportingbet, says Altium analyst Greg Feehely.

'As and when the settlement with the US DoJ is concluded SBT will be a very attractive M&A target. Whilst we initiate with an 85p price target, any successful bid for the group would need to be comfortably north of 100p share in our view.'

Business financial Newswire
"Sportingbet said amounts wagered on European and Australian sports were both up 26% in the second quarter but margins weakened in February.

Wagers for the three months to January 31 totalled 502.3m, against 398.5m in the previous second quarter. For the first half, the total was up 26.9% at 965.5m.

Net gaming revenue was up 22.3% at 52.6m for Q2 and rose 24% to 101.2m in H1. Q2 EBITDA rose 10.6% to 13.6m, 12.6% to 23.3m in H1.

Adjusted operating profit increased 7.7% to 11.2m in Q2, rising 8.3% to 18.3m in H1.

The group said it had seen an industry-leading European sports gross margin of 10.7% (2008/9: 11.2%).

CEO Andrew McIver said, 'The second quarter is a busy time in the sporting calendar and consequently a material period in the group's financial year. As such it is very pleasing to report results in line with our full-year plan, particularly given the recessionary backdrop in many of our markets.'

The 24/7 in-play World Football microsite was launched in the quarter. The group also concluded a number of IT projects, increasing the the number of betting markets and leading to faster bet settlement. Its Australian business had seen a positive uptake for its new mobile offering.

While amounts wagered on sports in February were ahead of budget, there had been some margin weakness due to a higher percentage of European football favourites winning and a higher goal frequency than average.

Casino, games and poker continued trends seen in the first half of the year.

Management continued to remain confident of the full-year outcome.

An interim dividend of 0.5p has been declared"

I dumped these when I got my money back and won't be returning till the economy improves. I do nevertheless hold LNG and PRTY

Interesting though, that during the recession more people have been tempted to gamble to try & make ends meet. Bit of a double edged sword.

SBT to soon de-list from AIM & to move to a full listing on the LSE.

"Further to the announcement on 25 November 2009, the Company confirms its intention to apply for admission to listing of its ordinary shares on the premium segment of the Official List of the UK Listing Authority (the 'Official List') and admission to trading on the London Stock Exchange's main market for listed securities (the 'Main Market'). Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its shares on the AIM market of the London Stock Exchange.

The Company believes that the Official List is the most appropriate platform for the continued growth of the Group by increasing Sportingbet's profile, assisting in the liquidity of the Company's shares and providing a greater range of potential investors for the Company.

It is expected that the Company's ordinary shares with a nominal value of 0.1p each will be admitted to the Official List and simultaneously cancelled on AIM effective on or around 14 May 2010, subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange, being at least 20 business days after this announcement."

July 29 (Bloomberg) -- "A House committee yesterday approved legislation that would legalize some Internet gambling, allowing U.S. residents to place online wagers with companies the Treasury Department has licensed.
The measure, sponsored by Representative Barney Frank, chairman of the House Financial Services Committee, would roll back a law designed to block such betting. That four-year-old law, which took effect in June, bars banks from processing payments to offshore gambling websites.
My primary goal is Americans ought to be free to do what they wish without this kind of intrusion, said Frank, a Massachusetts Democrat whose committee passed the legislation 41-22, with one lawmaker voting present.
The intrusive regulation is a problem for the financial institutions, Frank said.
Frank and other proponents, such as the Poker Players Alliance, say licensing and regulating online gambling will protect consumers who are placing a growing number of bets with offshore operators.
A separate measure that depends on full House passage of Franks plan would impose taxes on online poker and other Internet gambling, bringing the federal government as much as $42 billion over 10 years, according to a congressional analysis.
This is money sitting on the table, Michael Waxman, a spokesman for the Washington-based Safe and Secure Internet Gambling Initiative, said in an interview. The group represents financial services companies such as U.K.-based payment processor UC Group
The Bill still has many hurdles to clear, and must get through the House of Representatives and the Senate before being passed into law but is a step in the right direction for the Bill. If passed, this could be transformational for UK listed online gambling operators such as PartyGaming, Playtech, & 888. There is still no clarity on whether the UK listed operators such as PRTY or 888 would receive licences in the event of the bill being passed (most lucrative) or would offer B2B services to US operators that gain licences (smaller revenue opportunity).

HR 2267, The Frank Bill passed by 41-22. This means that the bill has cleared the first of many hurdles to regulate online gambling, which is encouraging news for UK listed companies such as PartyGaming (BUY), Playtech (not rated), 888 (HOLD), and possibly others. However, there is still a long way to go before the bill is passed into law."

StockMarketWire.com
Online sports betting and gaming group Sportingbet said it had continued to perform in line with management expectations in the final quarter to July 31.

The group said it performed strongly during the FIFA World Cup, aided by favourable margins as a result of a number of fixtures going against the favourites and a significant number of low-scoring games.

More than 50m was staked on World Cup markets, of which 65% was bet in-play at an aggregate margin of more than 17%.

Sportingbet said, 'The strong World Cup performance underpins the fourth-quarter trading results and the board remains confident that the group will meet management expectations for the financial year just ended.'

Its final results will be released on 6th October '10

"The Board of Sportingbet announces that it has entered into a Non-Prosecution Agreement with the Office of the United States Attorney for the Southern District of New York, acting on behalf of the United States Department of Justice.

Under the terms of the Agreement, SDNY will not seek to prosecute Sportingbet Plc, or any of its subsidiaries (collectively, "Sportingbet" or the "Group") for activities related to Sportingbet's internet gambling business with customers in the United States from 1998 to 2006.

Sportingbet Plc, as part of the Agreement, has agreed to pay a total of $33m (21.3m) to SDNY, payable in three instalments:

$15m (9.7m) payable on or before 30 September 2010

$12m (7.7m) on or before 30 September 2011

$6m (3.9m) on or before 31 March 2012.

In addition to the above Sportingbet has agreed to:-

cooperate with SDNY and disclose information to SDNY relating to Sportingbet's former internet gambling business in the United States; and

adhere to certain further obligations from the date of the Agreement with respect to its future conduct in the United States.

As part of the Agreement Sportingbet has acknowledged and accepted certain details regarding its former business activities in the United States which are set out in the Statement of Facts which form part of the Agreement."

Wow a full set of BUY recos from the Brokers, not often you see that.

Not suprised with latest news and on a forward P/E of only just over 12 for 2011.

Sportingbet PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
27-09-10 BUY 35.05 5.95 1.50 36.48 6.19 1.80
Daniel Stewart
27-09-10 BUY 33.00 5.60 1.50 36.80 6.50 1.60
Shore Capital
24-09-10 BUY 35.20 6.00 1.50 39.00 6.80 1.60
Collins Stewart
21-09-10 BUY 30.40 6.10 1.40 31.30 6.00 1.50
Altium Securities
21-09-10 BUY 33.00 5.70 1.50 35.70 6.50 2.00
Numis Securities Ltd
13-09-10 BUY 35.00 6.30 1.50 42.00 7.30 1.70
Edison Investment Research
01-09-10 None 35.00 6.00 37.00 6.30
Execution Noble
21-06-10 BUY 33.00 5.90 1.20 37.10 6.50 1.30

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 33.70 5.93 1.46 36.74 6.48 1.66
1 Month Change -0.00 0.00 -0.00 -0.02 -0.00 0.02
3 Month Change -0.26 -0.00 -0.04 -0.76 -0.18 -0.07


GROWTH
2009 (A) 2010 (E) 2011 (E)
Norm. EPS 134.05% 18.34% 9.26%
DPS % % 14.30%

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA 34.80m 44.93m 49.10m
EBIT 26.10m 32.10m 32.91m
Dividend Yield % 1.85% 2.11%
Dividend Cover x 4.08x 3.90x
PER 15.70x 13.27x 12.14x
PEG 0.12f 0.72f 1.31f
Net Asset Value PS 7.22p 22.60p 26.50p

Sporting Bet SBT seems to be on a roll at the moment after positive moves in the US related to online gambling.



Target for the SP would be around 120p the bottom of the gap where resistance may be come up against.

Broker Buy note out in last 48 hours...............

FORECASTS WIRES 2010 2011

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

KBC Peel Hunt Ltd
29-09-10 BUY 35.05 5.95 1.50 36.48 6.19 1.80