Oz booms but Sportingbet looks to cut costs in Europe

SPORTINGBET is looking to cut costs in Europe after a 33% fall in underlying quarterly profits.

The company is booming in Australia but operating around break-even point elsewhere, it said in its third-quarter results ending 30 April this year.

Greece and Spain are the company's two biggest European markets but the Spanish business has been suspended since the end of March because of a legal injunction.

Sportingbet hopes to obtain a new Spanish gaming licence later this month and apply for the injunction to be lifted, but the company said that the closure of the Spanish website had 'significantly affected' results.

The company is now planning to invest and concentrate development outside Europe.