UK-based online betting site Sportingbet has experienced considerable growth since acquiring Paradise Poker in October for £298m. The online poker site was largely responsible for this growth, enhancing turnover by £12.5m. Sportingbet shares have also tripled in the past five months and profits for the second quarter soared 84 percent. Additionally, of Sportingbet's total £26m earned in operating profits, £8m was due to Paradise Poker's contribution.
The number of registered Sportingbet customers jumped 85.1%. Excluding new Paradise Poker customers, that figure would be a meager 17.1%. Moreover, strong performance by Sportingbet allegedly inspired financial analysts to modify their previous predictions for the coming fiscal year, upping profits forecasts from £49m to between £52m and £54m.
By acquiring Paradise Poker, the No. 3 poker operator on the net, Sportingbet effectively doubled in size. The acquisition also helped relieve the company's reliance on the occasional major sporting event. A representative for Sportingbet was quoted as saying that the company is currently searching for additional potential acquisitions.
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