Sportingbet chases online poker buy

PUNTERS today showed they cannot get enough of the online poker craze whether they are gamblers or stock market investors.

Internet gaming stock Sportingbet announced the postponement of its latest results and a substantial fund-raising exercise, possibly via a rights issue, yet shares in the group jumped a further 3p to 103p.

Sportingbet said it is in advanced talks to acquire a new online poker business to supersede its current operation.

Online poker has become one of the fastest-growing segments of the gaming market and it is understood Sportingbet wants to buy a business with a large enough user base to enable its existing customers to get round a virtual internet poker table at will.

Postponement of the financial results, due tomorrow, suggests the deal is close.

About £36m in debt at it last update, Sportingbet said it will be raising equity to finance the transaction.

The company said results for the 16 months to end July will be in line with its previous guidance, with operating profit before goodwill and exceptional costs, of not less than £21.7m.

Current trading during the first few weeks of the busy sports season is in line with expectations, it added.