Poker boom has folded – Sportingbet
According to the boss of ParadisePoker, who are operated by Sportingbet, the internet poker boom has ended.
“There had been a lot of hype in internet poker and that has now come off a bit,” said Andy McIver, chief executive of Sportingbet.
In the three months to the end of October, its poker rake (commission the company makes on winning poker hands) nearly halved to £4.6 million. McIver put that down to the US clampdown on internet gambling which forced Sportingbet out of the American market and wiped £240 million from the value of the business.
“That is as a result of significantly reduced liquidity following the loss of US resident players,” McIver said.
Sportingbet will now focus its attention on acquiring European customers for their sportsbook, with 40 per cent of its business derived from betting on European football. Casino and poker make up another 40 per cent of Sportingbet’s business.
The company also revealed that its losses have reduced significantly from £11.5 million last year to £1.4 million this year.
Editor, Jackpot.co.uk - 2007-12-12 11:16:41