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Sportingbet's Loss Widens1 August 2002LONDON – As reported by the Associated Press: "Sportingbet Plc, a U.K. Internet sports betting company, said its first-quarter loss widened as its overhead increased and debt servicing costs arising from acquisitions rose. "The company posted a loss of 1.6 million pounds (US$2.5 million), or 1 penny a share, in the three months ended June 30, compared with a loss of 999,000 pounds (US$1.56 million), or 0.7p, in the comparable period a year earlier "…The company bought U.S. online betting company SportsBook a year ago for $51.3 million. The transaction added 347,650 customers to an existing base of 98,772. "…Sportingbet shares yesterday fell 2p, or 2.4 percent, to 80p. They are 52 percent lower than they were 12-months ago." |