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twitterGaming operator’s profit falls
Thursday, March 27, 2003 | 9:37 a.m.
LONDON -- Shares of Sportingbet Plc fell as much as 28 percent after the Internet sports-betting company said "unfavorable" sports results hurt margins.
The company said it expects full-year operating profit of 14.5 million pounds ($22.9 million).
March had "a high number of results unfavorable to bookmakers, particularly U.S basketball and U.K horseracing," the company said in a Regulatory News Service statement.
The shares fell as much as 10 pence to 25.5p by 8:20 a.m. Sportingbet has a market value of 38.9 million pounds.
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