Shares in online gaming company Sportingbet rebound

London: Shares in Sportingbet PLC rebounded Friday, a day after the online gaming company revealed that two London-based employees have been detained by police in Turkey.

The pair are among a number of people affiliated with Sportingbet's Turkish online gaming Web site Superbahis who are being held by police.
Sportingbet, which has been reducing its operations in Turkey over recent months, said the two employees were on vacation. The other detainees are related to Superbahis' ex-marketing partner Maslin Properties.

Sportingbet added that it has received no formal clarification of the events from Turkish authorities.

Some forms of gambling are legal in Turkey, such as betting on sports games, but casino gambling is illegal.

Sportingbet shares rose 7.6 percent to 38.75 pence (US$0.77; €0.50) on Friday, erasing falls on Thursday, when it revealed the detentions.
The company said net gaming revenue from Turkey accounted for around 14 percent of its total net gaming revenue in the third quarter, compared with around 26 percent in the second quarter. In the current quarter, Turkey has so far accounted for around 9 percent of revenue, it added.

The company said it continues to trade in Turkey and remains confident of meeting market expectations for the year.

May 30th, 2008
iht.com
Associated Press