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October 18, 2007
Bloomberg has reported that UK gambling company Sportingbet has declared an annual loss due to the effects of the US’ Unlawful Internet Gambling Enforcement Act (UIGEA) which forced it to dispose of its US operations. The loss by Sportingbet is the latest in a string of results from UK gaming firms showing downturns in their revenues. Top Ten Bingo and its competitor Rank have both reported significant downturns recently. Sportingbet lost $636 million for the year through July, a figure that reflects a loss of up to four-fifths of its business when the US market was effectively closed to non-US companies last October. However, it’s not all bad news for Sportingbet which sees light at the end of the tunnel regards its European-based operations and business. “This has been a very busy year for us,'' Sportingbet CEO Andrew McIver said to journalists during a conference call. “Returning profit to levels seen before the US ban will take about five to 10 years,” he added. Sportingbet is amongst a growing number of companies, including some online bingo games operators and online bingo halls, who have moved their licensed activities in Europe to the Channel Islands. The free online bingo industry in Europe is tending towards a growing post-UIGEA trend in which online gaming companies are seeking to diversify themselves away from too heavy a reliance on one market. Written by John Witherspoon – Need the best online bingo games? BingoStreet.com collected the best online bingo promotions and free bingo games online.
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