1
ANNUAL REPORT 2008/2009
Annual Report and Accounts  
2008 - 2009
It’s all about Overview 
Highlights 1
It’s All About Sport 2
Sport 4
Enhancing Sport: Casino, Games and Poker 5
Supporting Our Customer 6
Chairman’s Statement 7
Group Chief Executive’s Review 9
Governance
Corporate Social Responsibility  15
Board of Directors 19
Financial Review 22
Corporate Governance Statement 23
Directors’ Report 26
Remuneration Report 28
Regulatory Developments 33
Financial Statements
Independent Auditors’ Report 36
Group Financial Statements 37
Notes to the Consolidated Financial Statements 41
Parent Company Financial Statements 70
Notes to the Parent Company Financial Statements 72
Other Information
Notice of Meeting 78
Notes to the Notice of Meeting 80
Shareholder Information 84
Financial Summary  85
Corporate Directory  86
Contents 1
ANNUAL REPORT 2008/2009
Highlights
Key highlights
Breadth of sports product increased significantly to over 8,000 different  z z
offers per day.
Introduced live streaming to supplement in:play betting. z z
Launched in Romania and South Africa. z z
90+ new casino style games launched in Q4. z z
Reinstatement of dividend payments. 1.0p final dividend declared. z z
Financial highlights  
(from continuing operations)
2009
£m
2008
£m
%
Amounts Wagered 1,577 .2 1,347 .8 17
Net Gaming Revenue 163.6 144.3 13
EBITDA* 39.7 31.0 28
Adjusted Operating Profit* 31.1 24.7 26
Group Operating Profit 21.9 0.8 -
Diluted EPS (p) 4.2 (0.5) -
Adjusted Diluted EPS* (p) 6.0 4.2 41
Net cash** 23.8 28.6 -17
* Adjusted to exclude exceptional items, share option charge and amortisation
** Net of long term debt and customer liabilities 2
Our ethos is ‘it’s all about sport’. Sport is inherent 
in both the company name and our core branding. 
Sport inspires our employees, entertains our 
customers, involves us in the local community 
and provides a never-ending range of betting 
opportunities which help form the strong 
foundations on which we operate.  
It’s All About Sport
Breakdown of Net Gaming Revenue per Country
Czech 
Republic 4%
Australia 12%
Other 21%
UK 6%
Germany 4%
Spain 17%
Greece 19%
Turkey 13%
Bulgaria 4%
Since being founded 10 years ago, Sportingbet 
has built a first class sports betting platform that 
up to 8,000 sports betting markets every day 
covering a huge range of sports, leagues and bet 
types supplemented by revenues generated from 
casino, poker and other betting games.  
Outside the main business of bookmaking we 
continue our sports ethos by supporting sport 
through various charitable and sponsorship 
contributions. As an example, in April 2008 
Sportingbet announced its sponsorship deal 
with Heather Watson, a young tennis player from 
Guernsey. Eighteen months on Heather continues 
to perform well and has just claimed the girls US 
Open title, increasing Heather’s junior ranking to 
UK Number one and Number three in the world.  
Other sponsorship deals include Wolverhampton 
Wanderers Football Club, Euroleague Basketball, 
and the Brisbane Broncos based in Australia.  
For more information about our sponsorships see 
the Corporate Social Responsibility Statement on 
page 15 to 18. ANNUAL REPORT 2008/2009
3
Betting Opportunities per Week
Mission and strategy
Our mission is to become the world’s leading 
online sports betting company. 
To achieve this we plan to continually develop our 
market leading internet sports betting platform, 
which offers our customers innovative betting 
opportunities every minute of every hour of 
every day via a secure, user-friendly and efficient 
interface. 
Sportingbet today already offers one of the world’s 
largest ranges of betting markets covering football 
leagues from Algeria to Y emen and all mainstream 
sports. We will continue to expand this range in the 
future. 
The customer’s experience with Sportingbet will 
be further enhanced by also having access to 
an extensive suite of complementary products 
covering casino, poker and other betting games. 
We believe that the success of the Sportingbet 
business is built on five key areas – regulation, 
public accountability, product, customers and 
employees. These five building blocks form the 
backdrop to all decision making processes.  In 
more detail:
1 Regulation  
Regulation determines the infrastructure from 
which we can give our customers the security and  
comfort they expect when gambling. 
2 Public Accountability
Public accountability provides for financial 
transparency, fraud protection and additional 
assurance for our customers, our shareholders 
and our employees.
3 Our Product
We strive to lead the way with both our core sports 
betting product and our supplementary products  
of casino, games and poker. 
Continuous investment in state of the art 
technologies and innovative ideas are paramount 
to the success of our business.
4 Our Customers
We are committed to providing the best possible 
service to our customers in an efficient manner.
5 Our People
We are dedicated to providing our employees with 
a safe, healthy, friendly and rewarding working 
environment, and aim to employ and retain the 
very best people in the industry.
3,800
2008 2009
7,300 4
Our sportsbook generates 64% of our gaming 
revenue with casino, games and poker providing 
additional income streams. As such, the focus 
of our attention is very much on building and 
developing our sportsbook. We are committed to 
seeking out the latest technologies and developing 
the most innovative ideas. 
We are constantly looking for ways to improve 
and develop our sportsbook offering and in the 
last twelve months alone we have made some 
significant enhancements. 
Sport
54%
14%
Football
Other
Australian 
racing
Tennis
Multiples
21%
6%
5%
Breakdown of Sports
In:Play Bet Percentage
Recent developments
Since the website launched back in 1998 we have 
been committed to offering the latest and state-of-
the-art technologies. This is why in October 2008 
we introduced live streaming to our European 
sportsbook offer. This enables our customers 
to view the event on which they are betting live 
without leaving the sportingbet.com website.  In 
addition, our live streaming product runs side by 
side with our in:play product, allowing customers to 
bet point by point, minute by minute.  
In:play has become one of the most popular 
concepts on our site, and now accounts for over 
56% of all bets placed. The set-up is simple.  
A customer logs onto their sportingbet user 
account then, as their sporting event commences, 
we offer them a series of betting markets on which 
they can bet. For example, in a football match, 
these markets could include next goal scorer, next 
player to take a corner, first yellow card given and 
many more. On average we now offer up to 8,000 
betting opportunities to our customers each week.  
That’s 5,000 every single day.
With all these new developments across our 
sportsbook product it is increasingly important that 
we dedicate resource to ensure and safeguard 
its future success. That’s why in the last twelve 
months we have almost trebled the size of our 
trading team, placing an emphasis on training 
and development so that our traders become 
specialists in both their chosen sport and a range 
of other sports. Additionally, we have recruited 
heavily into our IT team to help support the growth 
of the sportsbook product, ensuring that the 
latest technologies are made available to both 
our customers and our operational teams at the 
earliest available point. 
2008
2009
10
20
30
40
50
60
70
80
90 10
20
30
40
50
60
70
80
90 5
ANNUAL REPORT 2008/2009
Casino, games and poker together form our 
‘supplementary products’. These products help 
support our core sportsbook product by offering 
customers a selection of different games to play 
on.  Whilst we call these products supplementary, 
they are by no means given second-rate attention. 
Casino & games
The casino and games product portfolio has 
changed significantly in the last 12 months. In 
addition to building upon our extensive range of 
games with our incumbent suppliers, Sportingbet 
has integrated with a number of new suppliers 
including Net Entertainment and Ash Gaming.  
This has resulted in over 80 new games  
being added to the customer portfolio. 
Enhancing Sport:  
Casino, Games and Poker
Total games 
2009
Total games 
2008
Number of Games on Sportingbet.com
Product Breakdown
Poker
Whilst the figures for our poker product have 
shown little change in the last 12 months, the 
product itself has developed significantly since  
last year with resizable tables, improved lobby 
filters, a quick-play feature, chat filters, new 
tournament poker variants and headhunter and 
bounty tournaments all introduced.   
Sports 64% Casino & 
Games 24%
Poker 12%
Casino and games continues to go from 
strength to strength with strong growth seen 
across all games categories. Outside the core 
product embedded mini-games (which sit on the 
Sportsbook) continue to prove very popular with 
our customers and this year we have launched 
three new games in this area.
Our poker team have been busy building the 
ParadisePoker brand, culminating in a large 
and successful promotion which saw 100 
ParadisePoker players fly over to Las Vegas and 
play in the World Series of Poker event – many of 
whom went on to win considerable pots! 
In July 2008 we launched the ParadisePoker 
Store.  Players can use their Frequent Player 
Points (“FPPs”) to buy branded merchandise, 
poker equipment and electronics. This store has 
been a successful addition to the ParadisePoker 
Player’s Club, our loyalty scheme. There have 
been thousands of orders from the store boosting 
players’ engagement with the brand and the 
brand’s presence throughout Europe.
116
32 6
Market leading products are essential to the 
success of our business. Equally, customer 
satisfaction is a vital part of our model. That is 
why in April 2007 we opened a central customer 
service centre in Dublin, enabling all customer 
interaction, both incoming and outgoing, to take 
place in one central location, helping to reduce 
costs and improve effectiveness.  
As part of the induction process, every customer 
service team member is trained to follow  
these following key principles:
Produce superior customer experiences z z
Ensure every interaction with our customers is z z
an opportunity to exceed their expectations
Deliver innovative quality services z z
Pursue the delivery of services that enhance z z
and simplify the way our customers interact 
with our products
Foster an environment where our employees z z
are empowered, challenged and accountable.
Appreciate employee and customer ideas z z
Supporting Our Customers
Centralisation of the customer service function 
gives us the ability to respond to the changing 
environment as the business grows both in 
product and geographically.  
We now offer support to customers from over  
22 territories, 24 hours a day, seven days a week.  
Our team of customer service representatives 
has almost doubled in the last 12 months, and 
between them speak over 42 languages.  
We continue to invest and focus on our customer 
service function and see it as a key driver of 
customer retention.
It was therefore a tremendous endorsement of 
their efforts to be nominated and then go on to 
win the World Contact Centre award for Best 
Customer Services in Europe.   
Whilst customer service is centralised, we 
recognise that every geography has its own 
particular nuances in terms of customer practices, 
sports, events and essentially what a customer 
likes to bet on. That is why we tailor our websites 
to the local market, with regional managers and 
territory teams focussing directly on their  
specific market.
Contact Breakdown
Telephone 20% Live Chat 60%
Email 20% ANNUAL REPORT 2008/2009
7
Peter Dicks
Chairman and Non-Executive Director
Once again, I am pleased to report that 
Sportingbet has made significant progress during 
the last financial year. The Group continues to 
consolidate its position as a leader in the online 
sports betting market whilst growing profits 
significantly. This has been achieved against 
the backdrop of a poor economic climate for 
consumer spending in all markets and the 
additional adverse impact of new taxes in one of 
the Group’s core markets, Australia.  
Regulation continues to define the internet 
gambling industry across Europe and the rest of 
the world.  In general, we continue to see pressure 
on European countries to justify their national 
gambling regimes in light of the free-trade 
requirements of international law. Such actions 
have seen some countries move towards a more 
liberal stance and in certain cases the introduction 
of regulation whilst other nations continue to 
receive censure from various international trade 
organisations. Sportingbet strongly supports 
sensible, well balanced regulation that has 
consumer protection at the heart of its agenda.  
Chairman’s Statement
Corporately, the Group seeks to mitigate 
regulatory risk through geographic diversification 
whilst retaining structural flexibility to react 
positively to such regulation if, when and where it 
may occur.
In the United States, the Group continues to be in 
talks with the US Department of Justice to seek 
clarification of the position of the US Authorities 
with respect to the Group’s previous activities 
and to determine whether a mutually acceptable 
resolution is possible. These talks continue and 
are both productive and amicable in their nature. 
The Board remains optimistic of reaching an 
appropriate settlement but there continues to be 
little visibility of the likely timing or quantum.
Our ethos is ‘it’s all about sport’. Sports betting 
is the origin and mainstay of our business, 
accounting for 64% of Group net gaming revenue 
(“NGR”), and is inherent in both the Company’s 
name and our core branding.  Our objective is to 
develop our market-leading internet sports betting 
platforms to offer customers something to bet 
on every minute of every day through a secure, 
user-friendly and efficient interface. The Group’s 
European website offers one of the world’s largest 
ranges of betting markets per day covering all 
mainstream sports and leagues across the globe. 8
Outside the main business of bookmaking we 
continue our sports ethos by supporting sport 
through various charitable and sponsorship 
contributions.  Sportingbet is now the main 
supporter of HEROS, a charity dedicated to the 
welfare of former racehorses to ensure they have 
a comfortable existence once their racing days 
are over. Sportingbet is also focused on football, 
the dominant sport in Europe, and is now the 
main shirt sponsor for Wolverhampton Wanderers 
Football Club playing in the English Premier 
League, Steaua Bucharest of Romania and Slavia 
Sofia of Bulgaria. In Australia, the Group is the 
major sponsor of the Brisbane Broncos, one of 
Australia’s leading Rugby League teams and 
Carlton Football Club, one of Australia’s largest 
Aussie Rules teams.
The Group is also investing in the communities in 
which we base our operations.  In Guernsey, the 
location of our main European operational base, 
we are proud to sponsor Heather Watson, a young 
Guernsey tennis player who has recently won 
the US Open girl’s title. Heather is now ranked 
number one in the UK, and number three in the 
world. The Group also sponsors many local sports-
based community events such as the Guernsey 
Marathon. In Antigua, where the Group has held a 
gaming license for many years, we have donated 
a significant sum to fund both the building of a 
library at the Island Academy International School 
and bursaries for a number of under privileged 
local children.
I am pleased to announce the reinstatement of 
dividend payments. The Group has achieved a 
considerable amount since the closure of the US-
facing business in October 2006 and the payment 
of a 1.0p dividend marks a further stage in the 
development of the business. 
Chairman’s Statement 9
ANNUAL REPORT 2008/2009
Group Chief Executive’s Review
Andrew McIver
Group Chief Executive
Since being founded ten years ago, Sportingbet 
has grown significantly to become a major player 
in the online betting industry. Its market-leading 
European sports betting platform now offers over 
8,000 sports betting markets on a busy trading 
day, covering a huge range of sports, leagues and 
bet types supplemented by revenues generated 
from casino, poker and other betting games. 
Sportingbet branded websites are now available 
in 23 different languages and the customer call 
centre located in Dublin, is able to answer queries 
in 42 languages.  
Sportingbet’s operations are focused on Europe, 
Australia and a burgeoning Emerging Markets 
business. The European operation is based in 
the Channel Islands, operating under a licence 
provided by the Alderney Gambling Control 
Commission. This is supported by an operational 
centre in Dublin providing customer services and 
administrative support, together with an IT function 
located in London. The Group’s Australian division 
is based in Darwin, operating under a license 
provided by the Northern Territories Government.  
In total, the Group now employs over 500 people.
Sport and sports betting continues to be at the 
heart of the Sportingbet business. Sports betting 
revenues accounted for approximately 64% 
(2008: 60%) of Group NGR. During the year 
significant additional functionality was added 
to the sports product offerings in response to 
consumer demand.  In November 2008, live 
web-streaming of sport was made available to 
our European customer base to complement the 
Group’s in-running betting product (“in:play”). This 
functionality allows customers to watch the game 
live on their PC, whilst placing bets on a wide 
variety of outcomes during the event. The demand 
for in:play betting is significant and now accounts 
for 56% of amounts wagered in Europe. In order 
to further support the demand for this product, 
Sportingbet now provides a round-the-clock in-
running betting service on an ever wider variety of 
events irrespective of an event’s location or  
time zone.  10
In addition to the extension of the Group’s 
in:play product, the coverage of pre-match  
betting has also been broadened to include  
new sports, leagues and betting markets.  
As a result, Sportingbet offers one of the most 
extensive sports betting products available.  
This broad product offering is backed up by a 
best-in-class risk management and trading team. 
This is demonstrated by the continued  
market-leading sports margin, a margin that 
is achieved in conjunction with maintaining 
competitive pricing for the customer. The Board 
believes that the Group’s strength and expertise 
in this key operational area will stand it in good 
stead to capitalise on the significant potential in 
this industry.
During the year the Group launched websites into 
two further markets, South Africa and Romania.  
In South Africa, the Group acquired a licence for 
online sports betting in conjunction with a local 
partner and launched a localised site in February 
2009. This market is currently immature and we 
are looking to the 2010 FIFA World Cup Finals in 
South Africa to help build this business. In addition, 
the Group launched a Romanian language site in 
April 2009 in conjunction with our very successful 
Greek partner. This launch has been supported by 
the sponsorship of Steaua Bucharest, the largest 
and most popular football team in Romania.
Europe
The European business (incorporating the 
financial results for the Emerging Markets 
Division) continues to grow strongly with the 
amount wagered on sports increasing by 21.4% 
to £917 .5m (2008: £755.5m), generating a 
gross margin (pre bonus adjustment) of £93.6m 
(2008: £75.4m) up 24.1%.  European casino and 
games revenue grew by 12.6% to £43.7m (2008: 
£38.8m) whilst poker revenues declined by 7 .6% 
to £22.0m (2008: £23.8m).  
The number of sports bets placed rose by 12% to 
57 .5m (2008: 5 1.5m). The continued increase in 
popularity of in:play betting has been a significant 
driver of the volume growth over the past year. 
In:play betting accounted for 56% of the value 
of bets placed during the year.  This popularity is 
evidenced by the number of bets per customer 
increasing to 134 (2008: 1 1 1).  The average bet 
size was up 9% to £15.97 (2008: £14.66) leading 
to yield per sports customer increasing from £161 
to £216.
During the year, a sports gross margin of 10.2% 
was achieved (2008: 10.0%) despite the increase 
of in:play betting which tends to have a lower 
average margin due to the greater proportion of 
straight wagers (versus multiple bets) than pre 
match betting. This margin has been achieved 
through absolute focus on accurate odds 
setting, risk management and investment in the 
underlying technologies to allow the team of highly 
experienced traders to maximise profits from  
the wagers that are taken.
Over the past 24 months, the European business 
has undertaken a thorough review of its customer 
database. As a result of this analysis, the Group 
implemented a change in marketing strategy to 
move from a ‘quantity at any cost’ to a ‘quality 
and value’ approach. The marketing focus is 
now prioritised on those customer segments 
that provide a significant contribution to Group 
performance. This has resulted in a movement 
away from mass market recruitment towards 
the recruitment and yield management of more 
valuable players.
Group Chief Executive’s Review ANNUAL REPORT 2008/2009
11
Significant investment has also been made in 
the European customer service centre as part of 
the continued focus on our customer base. The 
service centre, based in Dublin, now employs over 
150 people and has 42 language capabilities. 
The investment in the Dublin operation has been 
recognised by the World Contact Centre, the 
leading customer service industry body, through 
the award for Best Customer Services in Europe.
The Group aims to derive its revenues from a 
broad geographical base. The Board is aware that 
regulatory uncertainty exists in many markets in 
which the Group operates and therefore a broad 
geographic base helps to reduce the impact of 
potential regulatory shocks which may occur. 
The Group’s core markets of Greece and Spain 
continue to perform well with gaming revenues up 
56% and 1 1% respectively.
Gaming revenues from the Turkish business have 
fallen by 15% year-on-year, equivalent to £4.1m 
as a result of the Group reducing the importance 
of this market. Turkey accounted for approximately 
12.8% of Group revenue during the year 
compared to 17 .2% for the prior year, although the 
Turkish business performed strongly during the 
latter part of the year.
The UK market has historically been difficult for 
the Group and gaming revenues from this domain 
fell by 21% during the year. This market has been 
generally overserviced with a relatively expensive 
media environment. The impact of the recession 
in the UK has led to the cost of media falling, 
enabling the Group to consider strategies in this 
market which hitherto had been prohibitively 
expensive.  As a result, the Group now has a 
number of sports-based sponsorships in the UK 
including over 75 horse races throughout the 
summer of 2009 and the main sponsorship of 
Wolverhampton Wanderers Football Club. 
Eastern Europe continues to be a significant 
growth market, growing in aggregate by 26% 
to account for 15% of Group revenues (2008: 
13%).  In addition, increased focus on France and 
Germany, following more certainty around the 
longer term regulatory outlook, has resulted in 
an increase in NGR of 5 1%. These markets are 
expected to make a significant contribution to the 
Group’s results in future years.
Europe’s casino and games offering, which 
accounted for 24% of the Group’s revenue, grew 
by 12.6% during the year. Customers continue to 
move away from the traditional download casino 
product (down 2.5% year-on-year) in favour of 
more instant casino games using Flash-based 
technologies (up 34.3% year-on-year). To support 
this demand the Group has launched over 90 
instant games in Q4 across certain domains 
provided by a range of software suppliers.  
Further initiatives are in place through the current 
financial year to widen the availability of these 
new products to other geographies as well as 
integrating new software suppliers to increase the 
available content.
During the year, the European region generated 
poker rake of £22.0m (2008: £23.8m), pre-
bonus deductions, down 7 .6% on the prior year.  
Poker now accounts for only 12% of the Group’s 
revenue, down from 15% in 2008. The European 
poker market remains very challenging as the 
environment remains highly competitive with 
certain large US-focused poker companies using 
their significant cash flows and high liquidity 
to continue to attract customers from existing 
European only companies.   12
In July 2009 the Group sold its licensed Italian 
operation (“Sportingbet Italia S.p.A.”) to the local 
management team for nominal consideration.  
Sportingbet Italia S.p.A. was acquired in May 2006 
in anticipation of expected further liberalisation 
of Italian online gaming regulation. These 
changes did not materialise and consequently 
the combination of alternative betting channels, 
together with the lack of operational synergies 
with the rest of the Group’s European business, 
has meant Sportingbet Italia S.p.A. had been loss 
making since acquisition. Whilst these losses 
had been reduced to the minimum considered 
achievable, the Board concluded that significant 
financial and managerial investment would be 
required to generate a profitable business in Italy 
from the current base and at the present time 
such investment would be better placed elsewhere 
in the Group’s portfolio. During the first eleven 
months of the financial year, Sportingbet Italia 
S.p.A. generated amounts wagered of £14.1m and 
£2.1m of NGR, generating an operational loss of 
approximately £1.5m.  
The disposal of Sportingbet Italia S.p.A. has 
resulted in a loss from discontinued operations of 
£9.4m which comprises the write down of goodwill 
of £6.4m, a loss on disposal and other associated 
costs of £1.5m and a year-to-date trading loss of 
£1.5m during the year. 
Australia
The Australian betting market has undergone 
considerable change in the past financial year.  
The Australian market continues to be dominated 
by the Totaliser Agency Boards (“TABs”) some 
of which remain state owned and some of which 
have now been privatised. The TABs account for 
approximately 70% of the A$20bn+ wagering 
industry in Australia. The corporate bookmakers 
have demonstrated a combined compound annual 
growth rate in turnover of over 28% over the past 
seven years compared with the growth of the 
TABs phone and internet operations of just 9.3%.  
The corporate bookmaking market is dominated 
by four main businesses, of which Sportingbet is 
the largest.
In September 2008, New South Wales and 
Victoria relaxed their restriction on sports betting 
advertisements with other States following suit 
shortly thereafter. Sportingbet, as Australia’s 
largest independent bookmakers, was able to 
increase its profile in these markets through 
advertising in press, TV, radio and at sports events. 
It is anticipated that the internet business will 
be the prime beneficiary of such advertising. 
In response to the relaxation in advertising 
restrictions a number of States sought to impose 
further gambling taxes and levies on sports and 
betting revenues. These taxes vary by State 
and by sport and are charged in some cases 
on the amount wagered and in other cases on 
gross margin. The taxes and levies have been 
implemented by the States but remain subject to 
challenge by the industry.
Amounts wagered increased by 12.7% from 
£543.2m to £612.1m resulting in pre-tax margin 
increasing 24% from £23.4m to £29.1m. 
Gambling taxes in Australia amounted to £6.7m 
in the year (2008: £3.6m) resulting in post-tax 
margin increasing by 13.2% from £19.8m to 
£22.4m.  After bonuses, NGR increased by 8.9% 
from £19.1m to £20.8m.
Group Chief Executive’s Review 13
ANNUAL REPORT 2008/2009
The Australian operation comprises two elements: 
an internet business and a telephone business.  
The telephone operation is biased towards higher 
staking customers, betting predominantly on 
horseracing and the business typically offers an 
element of credit to the customer. The internet 
business, which has been built from scratch over 
the last five years, is more recreational in nature 
and covers a greater diversity of sports. No credit 
is offered for internet customers. The different bias 
of the two operations leads the internet business 
to have a higher gross margin percentage than the 
telephone operation.
The internet business accounts for 33% of the 
amounts wagered and 46% of the gross margin. 
The number of bets placed on the internet has 
grown by 59% over the prior year.
Over the year we have seen the effect of the 
global financial crisis impacting on the higher 
staking telephone customers. In particular, the 
number of bets per telephone customer has 
decreased 26% from an average of 149 bets per 
year to 1 10 per year. The average bet size has also 
fallen by 9% from A$663 to A$603.
Emerging Markets
In accordance with the Board’s desire for a broad 
geographical base, the Group has invested in its 
Emerging Markets division for the past two years. 
The primary focus of this division is to identify 
new potential markets for online gambling, to 
understand the gambling culture, propensities 
and regulation in these regions and, if appropriate, 
launch into these markets. The expansion in 
our global footprint also helps to support the 
sustained increase in the Group’s global sports 
offering which is proving to be increasingly popular 
with its existing European sports customers. 
The Emerging Markets financial performance 
is currently incorporated within the European 
division’s financial report.
The Emerging Markets division has been focused 
primarily on two regions, Brazil and Canada.  
During the year, the Group acquired a sports 
betting licence from South Africa, in conjunction 
with a local partner. This licensed South African 
business was launched in February 2009.
In Brazil the Group has developed a strong 
business over the past two years, growing fourfold 
over the prior year, albeit from a relatively low 
base.  The Sportingbet brand has developed a 
strong media presence in Brazil as well as being 
the main sponsor of the Brazilian football league’s 
second division – home of Corinthians, Brazil’s 
most popular team. The experience gained from 
this market will be used to launch into other 
geographies in the region. All profits are currently 
being reinvested in this market.
   14
Dividend
The Group plans to reinstate the payment of 
a dividend of 1.0p for the year ended 31 July 
2009.  A considerable amount has been achieved 
since the closure of the US-facing business in 
October 2006 through efforts to restructure the 
business and the reinstatement of a dividend 
marks a further stage in the development of the 
Group.  The intention to pay such a dividend is 
not expected to affect the discussions about any 
possible future agreement or financial settlement 
with US Department of Justice.
The 1.0p dividend will be paid on 8 January 
2010 to shareholders on the register on 1 1 
December 2009 subject to shareholder approval 
at the Annual General Meeting to be held on 
18 December 2009. The Group plans to follow 
a progressive dividend policy, subject to market 
conditions.
Outlook
The Group’s focus will remain on sports betting 
through further investment in IT, product and 
marketing. Strong consumer demand is driving 
the development of our in:play product which now 
offers round the clock live betting opportunities 
for our customers, supplemented by live video 
footage. We continue to increase the number of 
markets we serve and plan to extend our footprint 
each year. Whilst these embryonic markets take 
time to mature, early indications from new markets 
have been encouraging.
Current trading
Overall, the new financial year has commenced 
in line with expectations. European sports betting 
continues to power the business with amounts 
wagered ahead of our expectations at this stage. 
Casino and games continues to perform in line 
with prior years whilst poker remains a difficult 
market.
In Australia, the amounts wagered are only 
marginally ahead of the prior year. Additionally, the 
first two months of the year have experienced a 
lower than average sports margin in Australia due 
to a high percentage of favourites winning events.
However, given the strong sign-up and turnover 
trends in the core European sports business, the 
Board remains optimistic for the outcome of the 
financial year at this stage. 
Group Chief Executive’s Review ANNUAL REPORT 2008/2009
15
Corporate Social Responsibility
Overview 
Since its formation in 1998 Sportingbet has 
always sought to exhibit responsible and ethical 
practices. The Company’s culture was formalised 
in 2000 in a series of written statements entitled 
Customer Charter and Code of Conduct. Since 
then these statements have been available for 
viewing on the Sportingbet website and continue 
to illustrate the Company’s social responsibility 
to its customers, to its shareholders and to the 
governments of markets in which it operates. 
The Company’s objective is to provide a ‘protected 
entertainment environment’ in which its customer 
care programmes give responsible adults the 
confidence of knowing that their money is safe, 
whilst providing the Company with the confidence 
that all reasonable steps are being taken to 
protect the vulnerable.
Social responsibility 
committee 
The Social Responsibility Committee is chaired by 
Non-Executive Director Brian Harris and its other 
members are Sean O’Connor, Non-Executive and 
Senior Independent Director, and the Company’s 
General Counsel Daniel Talisman who also acts 
as the Committee’s Secretary. The Committee 
meets at least two times a year and in fact met 
three times during the last financial year. The 
Audit & Compliance Manager and the Group 
Head of Human Resources attend its meetings 
and the Group Chief Executive is apprised of the 
Committee’s work at least twice in the course of 
the year. 
The Committee is responsible for reviewing 
the Company’s policies on corporate social 
responsibility and stimulating Group-wide best 
practice on matters including age verification, 
fraud, money laundering, responsible gaming,  
self-exclusion and privacy.
Appropriate recommendations are made to the 
Company’s Board. Terms of Reference can be 
viewed on www.sportingbetplc.com and are 
available in writing on request. 16
Customers 
As a service business, the core of Sportingbet’s 
policies on social responsibility lie in its approach 
to its customers. All operational directors and 
managers are committed to winning and retaining 
the trust and loyalty of their customers. 
The guiding principle behind Sportingbet’s policies 
can be summarised as ‘Know Your Customer’. 
Procedures to achieve this mean far more than 
merely collecting documentary evidence of 
people’s identities. It is about understanding their 
individual requirements, appreciating concerns and 
closely researching their patterns of behaviour.
Knowing one’s customers and creating profiles of 
their activities and preferences leads to targeted 
and appropriate marketing strategies. This lies at 
the heart of the Company’s Customer Relationship 
Management policies.
The way different customers spend money 
and what they spend it on provides an overall 
understanding of their motivation. For almost all of 
the Company’s customers online gambling is an 
entertainment pastime, and Sportingbet’s products, 
promotions and culture make their relationship 
with the Company an enjoyable experience.
It is the small minority, however, who may be 
potential fraudsters, underage gamblers or 
problem players that result in the need for 
comprehensive systems and procedures to 
protect the Company and, often, the customer. 
Of course, nothing can ever be entirely secure 
against determined offenders, but the Company 
commits much time and investment to finding 
organisational and software driven approaches to 
excluding the vulnerable and identifying fraud.
With the advent of multi-player environments 
such as poker, the Company is particularly vigilant 
about the risk of collusion or irregular fund 
movements between participants. Systems have 
been designed to highlight unusual or concerning 
patterns of play.
Employees 
The Board of Sportingbet is of the firm belief that 
the Company’s success is due to the quality and 
commitment of its workforce. The Company’s 
employee management priorities, including its 
remuneration strategies, are based on recruiting 
and retaining the best people in the industry and 
on encouraging working practices that improve 
productivity, reduce costs, develop talent and give 
job satisfaction.
Further, the Board recognises the need for 
communication with employees at every level. 
Weekly sales notes and all quarterly results 
announcements are circulated to employees and 
copies of the Annual Report and Accounts are 
made available. The Company is committed to 
developing ongoing communication with all of 
its employees. This is achieved through a variety 
of channels, including the Group’s intranet, and 
ensures that everyone is informed of the Group’s 
progress and recognises the key roles that they, as 
employees, play in Sportingbet’s success. Further, 
the Group is committed to a policy of equal 
opportunity in matters relating to employment, 
training and career development of employees 
and is opposed to any form of less favourable 
treatment afforded on the grounds of age, 
disability, sex, marital status, sexual orientation, 
nationality, race or religion.
Corporate Social Responsibility 17
ANNUAL REPORT 2008/2009
Trade and charitable 
organisations 
The Company recognises the obligation upon the 
gaming industry to demonstrate its commitment to 
self-regulation. The Company is supportive of the 
role that the industry’s trade associations can play 
in this regard and Sportingbet is an active member 
of the Remote Gambling Association (“RGA”), 
holding a seat on its Executive Committee and 
being represented on various RGA  
sub-committees.
The Company has signed up to the RGA’s Codes 
on Social Responsibility and Age Verification, the 
provisions of which the Committee endorses.
Sportingbet invests time and resources in meeting 
and communicating with officers and politicians of 
governments, and national online gaming licensing 
authorities. The Company’s management remains 
committed to playing its part in promoting the 
value of legislation that will lead to a regulated 
approach to the industry, not least as a mechanism 
for protecting the vulnerable elements of society 
from unscrupulous operators.
Recognising that some customers may be 
affected by gambling dependency, the Company 
has continued to provide funding in the UK to 
Responsibility in Gambling Trust (“RIGT”), being 
the body which supports GamCare. The Company 
also supports charitable organisations that are 
not linked to the online gaming industry, including 
Friends of Israel Sport Centre for the Disabled, 
The Dan Maskell Tennis Trust, Headway – a local 
Guernsey charity, the Bishop Simeon Trust in 
South Africa and the Bury St. Edmunds  
Theatre Royal. 18
Community liaison
In order to encourage a socially integrated 
work environment, the Company has placed an 
emphasis on investing in the local communities 
in which it operates.  In Guernsey, where the 
Company’s primary licenced operations are based, 
the Company has invested a significant amount of 
time and money into the local community, including 
the sponsorships of Heather Watson, the UK’s 
number one and world number three ranked junior 
tennis player, the Channel Islands Athletics Club, 
and local events like the Sportingbet Guernsey 
Marathon and the Sportingbet Channel Islands 
Sports Personality of the Y ear Awards. 
In Antigua, where the Group has held sports 
betting and gaming licences for many years, the 
Company has donated a significant sum of money 
to fund both the building of a library at the Island 
Academy International School and bursaries for 
a number of less privileged local children. The 
Antigua Girls High School has benefited from a 
donation to provide desks and other key furniture, 
as part of the school’s commitment to update  
its resources.
Sponsorship – Investing in 
the future of sport
In the last twelve months the Company has 
invested significantly in sport.  In football in the 
UK, Sportingbet announced its sponsorship of the 
Premier League team, Wolverhampton Wanderers 
Football Club, for the 2009/2010 season. In 
addition, Sportingbet is the official online betting 
and gaming partner of Portsmouth Football Club.  
Commencing in April, Sportingbet.com became 
the official sponsor of Monday Evening Racing 
at Windsor Race Course, and sponsored over 75 
individual horse races across the UK throughout 
the summer.  In conjunction with this, in the last 
financial year Sportingbet.com has become the 
main supporter of HEROS, the leading charity 
dedicated to the welfare of former racehorses to 
ensure they have a comfortable existence once 
their race days are over.  In Europe the Company’s 
investment in sport has focussed on football and 
basketball sponsorships, through partnerships with 
the Romanian football team, Steaua Bucharest, 
the Bulgarian team Slavia Sofia, the Spanish team 
Real Ovieda, and the main sponsorship title of the 
Euroleague Basketball.  
In Australia, the Group is the major sponsor of 
the Brisbane Broncos, one of Australia’s leading 
Rugby League teams, and Carlton Football Club, 
one of Australia’s largest Aussie Rules teams.
Finally, in Brazil, Sportingbet is the main sponsor of 
Brazilian football league’s second division - home 
of Corinthians, Brazil’s most popular team.
Corporate Social Responsibility ANNUAL REPORT 2008/2009
19
Board of Directors
Andrew McIver
Group Chief Executive
Andrew McIver, aged 46, formerly Group Finance 
Director, took over as Group Chief Executive in 
October 2006.  Andrew qualified as a Chartered 
Accountant with Arthur Andersen. Following two 
years in the Corporate Finance department at 
Dresdner Kleinwort Wasserstein, he held senior 
finance positions at Signet Group Plc, Ladbrokes 
Group Plc and British Telecom’s Internet division.  
He was Director of Finance with House of Fraser 
Plc for four years before joining Sportingbet in 
December 2001.
Jim Wilkinson
Group Finance Director
Jim Wilkinson, aged 43, joined Sportingbet Plc as 
Group Finance Director in February 2008, prior 
to which he held the same position at Johnson 
Services Group plc between 2004 and 2007 .   
As a Chartered Accountant, Jim qualified with 
Touche Ross before moving to Informa Group Plc 
in 1994 to hold a series of management positions, 
most significantly, Group Finance Director from 
1998-2004. 20
Peter Dicks
Chairman and Non-Executive Director
Peter Dicks, aged 67 , joined the Board of 
Sportingbet as Chairman in January 2000.   
He resigned in September 2006 as a result of 
actions taken by the State of Louisiana with 
regard to online gaming activities in the United 
States.  He re-joined the Board as Chairman and 
Non-Executive Director in February 2008.  
Peter started his career as a stockbroker and was 
co-founder of Abingworth Plc in 1973. Peter is 
a director of a number of quoted and unquoted 
companies including Graphite Enterprise Trust 
PLC, Polar Capital Technology Trust, Private Equity 
Investor, Mears Group and Standard MicroSystems 
a U.S. NASDAQ quoted company. Peter is also a 
Director of Daniel Stewart and Company.
Sean O’Connor
Senior Independent  
Non-Executive Director
Sean O’Connor, aged 60, joined Sportingbet 
as Non-Executive Director in 2000.  He is the 
Chairman of Cape PLC and Springboard Urban 
and was acting Chairman of Sportingbet Plc from 
September 2006 to February 2008. He was 
previously Chairman of the Stoves Group PLC 
and of MediaKey Plc and is currently a Director 
of several public and private companies including 
the Graphite Enterprise Trust PLC, Escape Studios 
and Crow TV.
Board of Directors 21
ANNUAL REPORT 2008/2009
Brian Harris
Non-Executive Director
Brian Harris, aged 63, joined Sportingbet as a 
Non-Executive Director in January 2003.   
The founder and senior partner of a London 
law firm with an international clientele, he has 
acted for foreign governments, multi-national 
corporations, national airlines, and prominent 
individuals and companies involved in international 
sports. He is actively involved in sporting charity 
work for the disabled.
Nigel Payne
Non-Executive Director
Nigel Payne, aged 49, is a Non-Executive 
Director.  He joined Sportingbet Plc in May 2000 
as Group Finance Director.  Nigel was Group 
Chief Executive between 2001 and 2006. Prior to 
joining Sportingbet, Nigel was the Group Finance 
Director of Polestar Magazines, Europe’s largest 
magazine printer, and has held directorships 
at Scottish & Newcastle and Brann Direct 
Marketing.  Nigel is also a Director of Mucky 
Pups Childcare Limited, Bettor Logic Limited, and 
Golfbidder Limited.  Nigel qualified as a Chartered 
Accountant in 1984. 22
Trading summary
On 21 July 2009, the Group’s licensed Italian 
operation, Sportingbet Italia S.p.A. was sold. 
All prior year key facts and figures have been 
restated to reflect the results of continuing 
operations for the period.
Amounts wagered for the year ended 31 July 
2009 were £1,577 .2m (2008: £1,347 .8m), 
earning net gaming revenue (“NGR”) of £163.6m  
(2008: £144.3m). 
Amounts wagered on sports betting in Europe 
(incorporating the financial results for the 
Emerging Markets division) grew by 21.1% to 
£906.6m (2008: £748.5m), earning NGR of 
£82.7m (2008: £68.4m). Casino and gaming 
contributed a further £41.3m, and poker £18.8m, 
to both amounts wagered and NGR (2008: 
£36.8m and £20.0m). Amounts wagered on 
Australian sports betting grew by 12.5% to 
£610.5m (2008: £542.5m), earning NGR of 
£20.8m (2008: £19.1m).  
As a percentage of amounts wagered, the 
European and Australian sports NGR were 
9.1% and 3.4% respectively (2008: 9.1% and 
3.5%). However, amounts wagered and NGR are 
stated after a deduction for customer bonuses 
of £18.1m (2008: £13.5m). Without the bonus 
deduction the equivalent numbers would have 
been 10.2% and 3.7% (2008: 10.0% and 3.6%).
Costs (excluding exceptional items, share 
option charge and amortisation) in the year 
were £132.5m (2008: £1 19.6m), accounting for 
81.0% of NGR (2008: 82.9%).
The Group earns over 90% of its revenue in 
currencies other than Sterling and has benefited 
in the translation of these results. At constant 
currency the total amounts wagered increased 
by 10% whilst total NGR increased by 7%. Since 
the majority of the costs are incurred in the same 
currency as the revenue is earned, the benefit to 
operating profit has been approximately £4.0m 
for the year.
Exceptional items for the year amounted to 
£4.2m, relating to a provision against monies 
due from one of the Group’s European payment 
processing providers. The amount owed by the 
third party is now in dispute and at this time its 
recoverability is sufficiently unclear as to warrant 
the provision.
The loss for the year from discontinued 
operations amounted to £9.4m, arising as 
a result of the sale of the Group’s Italian 
operations.  This loss comprises the write down 
of goodwill of £6.4m, other associated costs of 
£1.5m and a year to date trading loss of £1.5m.
Operating profit (before exceptional items, share 
option charge and amortisation) for the year was 
£31.1m (2008: £24.7m).
Earnings before interest, tax, depreciation and 
amortisation (before exceptional items and 
share option charge) were up 28.0% to £39.7m 
(2008: £31.0m).
Operating profit after charging exceptional items 
of £4.2m (2008: £12.0m), share option charge 
of £3.1m (2008: £8.0m) and amortisation of 
other intangible assets of £1.9m (2008: £3.9m), 
was £21.9m (2008: £0.8m).
Finance income
Finance income comprised interest receivable 
of £0.7m (2008: £0.8m) and interest payable on 
bank loans of £0.3m (2008: £0.4m).
Earnings per share
Basic earnings per share before exceptional 
items, share option charge and amortisation was 
6.5p (2008: 4.8p). Diluted earnings per share 
before exceptional items, share option charge 
and amortisation was 6.0p (2008: 4.2p).
Cash flow
During the year ended 31 July 2009, the Group 
generated cash from operating activities of 
£17 .0m (2008: £33.0m).  
As at 31 July 2009, the Group had £44.3m 
(2008: £49.4m) of cash and liquid resources 
on its balance sheet.  After taking into account 
£16.5m (2008: £15.2m) of customer liabilities 
and £4.0m (2008: £5.6m) of bank loans 
secured on residential properties in the Channel 
Islands, net cash at the period end stood at 
£23.8m (2008: £28.6m)
Treasury management
The Group’s treasury function provides a 
centralised service for the provision of finance 
and the management and control of liquidity, 
foreign exchange and interest rates. The 
function operates as a cost centre and manages 
the Group’s treasury exposure to reduce risk in 
accordance with policies approved by the Board.
It is not the policy of the Group to trade in or 
enter into speculative transactions. Authorities, 
procedures and reporting responsibilities are 
documented and regularly reviewed. 
Due to the international nature of its core 
activities, the Group’s reported profits, net 
assets and cash flows are all affected by foreign 
exchange rate movements. 
Operations are financed by a mixture of retained 
profits, bank borrowings and long-term loans. 
In addition, various financial instruments, such 
as trade receivables and trade payables, arise 
directly from the Group’s operations.
Certain customers in the Australian region are 
allowed to place bets on credit. The Group’s 
policy in respect of credit risk is to require 
appropriate credit checks are made on potential 
customers before bets are placed and credit 
limits set accordingly.
During the year the Group began to use  
forward currency contracts to manage foreign 
currency risks.
Financial Review ANNUAL REPORT 2008/2009
23
Corporate Governance Statement
Compliance
The Company recognises the importance of 
the principles of good corporate governance 
and the Board is pleased to report its continued 
commitment to achieving high standards 
throughout the year. As an AIM listed company, 
Sportingbet is not required to follow the 
provisions of the 2008 FRC Combined Code 
(the “Code”) as set out in the Financial Services 
Authority Listing Rules. Nonetheless, in so far as 
it can be applied to a company of its nature, the 
Company voluntarily complies with the principles 
as set out in Section 1 of the Code. 
The Board is accountable to the Company’s 
shareholders for good governance and the 
statement set out below describes how the 
principles identified in the Code are applied by  
the Group. 
The Board constitution and 
procedures 
The Company is controlled through the Board 
of Directors which, at the end of the financial 
year, comprised two Executive and four Non-
Executive Directors. All Non-Executive Directors 
(other than Nigel Payne) are considered by the 
Board to be independent of management and 
free of any relationship which could materially 
interfere with the exercise of their independent 
judgement. Given Nigel Payne’s previous 
position as an Executive Director, he is not 
considered to be independent as defined by the 
Code.  However, the Board continues to believe 
that his experience, objectivity and in particular, 
insight into the regulatory environment in which 
the Company operates, combine to provide a 
valuable contribution to the strategic direction  
of the Company.
During the year, there were no changes to the 
constitution of the Board.
The Chairman is primarily responsible for the 
running of the Board, and ensures that all 
Directors receive sufficient relevant information 
on financial, business and corporate issues 
prior to meetings. The Group Chief Executive’s 
responsibilities focus on coordinating the 
Company’s business and implementing  
Group strategy.  
A formal schedule of matters is reserved for 
consideration by the Board, which met twelve 
times during the year. The Board is responsible 
for overall Group strategy, acquisition and 
investment policy, approval of major capital 
expenditure projects and consideration 
of significant financing matters. It reviews 
the strategic direction of individual trading 
subsidiaries, their codes of conduct, their annual 
budgets, their progress towards achievement 
of these budgets and their capital expenditure 
programmes. In addition, the Directors have 
access to the advice and services of the 
Company Secretary and all Directors are able 
to take independent professional advice in the 
furtherance of their duties if necessary.
All new Directors receive a full, formal and 
tailored induction on joining the Board as well 
as training and advice on their responsibilities 
as necessary. All Directors, in accordance with 
the Code, submit themselves for re-election at 
least once every three years and new Directors 
are subject to a transparent and rigorous 
appointment process (including submitting 
themselves for re-election at the first annual 
general meeting after their appointment). 
The Company Secretary is responsible for 
ensuring Board processes and procedures are 
appropriately followed and support effective 
governance and decision making. 
Board committees 
The Board delegates clearly defined powers 
to its Audit, Remuneration and Nomination 
Committees whilst the Company’s Social 
Responsibility Committee (“SRC”), as 
reported on pages 15 to 18, is responsible for 
reviewing the Company’s policies on corporate 
social responsibility and making appropriate 
recommendations to the Board. The minutes of 
each committee are circulated to and reviewed 
by the Board. 
Audit Committee 
The Audit Committee is chaired by Nigel 
Payne (who has recent and relevant financial 
experience for this role, as indicated on page 
23). Its other members are Peter Dicks, who was 
appointed to the Committee on 1 February 2008 
and Sean O’Connor who was appointed to the 
Committee on 30 January 2001. 
The Company believes that a membership 
of three reflects the size of the business 
(as defined by the Code) going forward. 
Furthermore, the Company recognises that it 
does not comply with provision C.3.1 in that 
not all the members of the Committee are 
Independent Non-Executive Directors  
(as defined by the Code, and as explained 
above). The Board considers that in order to 
ensure the effective working of the Committee 
it was appropriate to appoint Nigel Payne as 
Chairman and Peter Dicks as a member of the 
Committee, and is confident of their experience 
to ensure the Committee’s affairs are conducted 
in an impartial and objective manner. The 
Committee’s Secretary is Daniel Talisman, the 
Company Secretary. 
The Audit Committee meets at least twice a 
year (and met twice during the last financial 
year) and normally invites a representative of 
both the auditors and the Executive Directors 
to attend its meetings, the latter usually being 
the Group Finance Director. At the end of each 
meeting the auditors are invited to meet with the 
Committee with no Executive or staff members 
present. The Terms of Reference of the 
Committee include monitoring the integrity of 
the Financial Statements, monitoring the internal 
and external audit function and reviewing 
accounting policies, financial controls and 
financial reporting procedures. The Committee 
also has responsibility for reviewing the 
effectiveness of the Group’s internal control and 
risk management systems, described in more 
detail later in this section. During the year, the 
Committee received presentations from senior 
management on the key risks and control issues 
in their respective business areas and reviewed 
risk mitigation plans for critical risks. Terms of 
Reference for the Committee can be viewed 
on the Company’s website and are available in 
writing on request.  24
Remuneration Committee 
The Remuneration Committee is chaired 
by Peter Dicks, who was appointed to the 
Committee on 1 February 2008.  Brian Harris 
and Sean O’Connor are its other members. 
The Committee’s Secretary is Daniel Talisman, 
the Company Secretary. The Remuneration 
Committee meets when necessary during 
the year (and met five times during the last 
financial year) and considers the terms of 
employment and overall remuneration for the 
Executive Directors, including pension rights 
and any compensation payments. Further, the 
Committee makes decisions regarding grants 
or awards under share plans, salaries and 
incentive compensation. The Executive Directors 
appraise the Remuneration Committee on the 
level and structure of remuneration set for 
senior management. Terms of Reference for the 
Committee can be viewed on the Company’s 
website and are available in writing on request. 
The remuneration of Non-Executive Directors is 
determined by the Executive Directors. 
Nomination Committee 
The Nomination Committee is chaired by Sean 
O’Connor and its other members are Peter 
Dicks, who was appointed on 1 February 2008, 
Nigel Payne and Brian Harris. The Committee’s 
Secretary is Daniel Talisman, the Company 
Secretary. The Committee sits formally at least 
twice a year (and met twice during the last 
financial year). The Terms of Reference for the 
Committee (including the terms and conditions  
of appointment of directors) can be viewed on  
the Company’s website and are available in  
writing on request. 
The Committee is responsible for monitoring and 
formally reviewing the performance, composition, 
balance and expertise of the Board as a whole 
and making an appraisal of the contribution of 
individual Directors, including a review of their 
time commitment and attendance records. The 
Committee also considers succession planning 
for the Board and Group senior management. 
When necessary the Committee prepares a 
description of the role to be filled and engages 
external consultants to administer a detailed 
search and the generation of a shortlist. 
Any recommendations for appointments or 
replacements are brought before the Board. 
Evaluation 
The Board continued its ongoing evaluation 
processes of itself and its committees to assess 
their performance and identify areas in which 
their effectiveness, policies and processes 
might be enhanced. As part of this process the 
Board continues to comply with the Institute of 
Chartered Secretaries and Administrators’ Code 
of Good Boardroom Practice. The performance 
of individual Directors has been considered by 
the Chairman and Group Chief Executive in 
discussion with other Non-Executive Directors. 
The Non-Executive Directors considered the 
performance of the Chairman, taking into 
account the views of the Executive Directors. 
Communication with 
investors 
The Group places considerable importance 
on communication with its institutional and 
private shareholders and responds quickly to all 
queries received. There is regular dialogue with 
institutional shareholders as well as general 
presentations after each quarter end and the 
issue of preliminary results. 
All shareholders have at least 20 working days’ 
notice of the Annual General Meeting at which 
all Directors are introduced and available for 
questions. The Executive Directors endeavour 
to meet the Company’s larger institutional 
shareholders at the time of the Company’s 
quarterly results announcements and the 
Senior Independent Director, Sean O’Connor, is 
available to shareholders throughout the year. 
Accountability and audit 
(a) Internal control 
The Group has complied with provision C.2.1 
of the Code and the Turnbull Guidance for the 
year ended 31 July 2009 and up to the date of 
approval of the Annual Report and Accounts. 
The Board has ensured that there has been 
an ongoing process for identifying, evaluating 
and managing the significant risks faced by the 
Group. This process has been regularly reviewed 
by the Board. 
Whilst acknowledging the overall responsibility 
for the system of internal control and for 
reviewing its effectiveness, the Board is aware 
that the system is designed to manage rather 
than eliminate the risk of failure to achieve 
business objectives and can only provide 
reasonable, but not absolute, assurance against 
material misstatement or loss.
The Group’s internal control procedures continue 
to be reviewed, progressively developed and 
formalised to ensure that they sufficiently meet  
the requirements of the Group. Executive 
members of the Board are involved daily in all 
aspects of the business and they attend regular 
management meetings at which performance 
against plan and business prospects are 
reviewed. Additionally, the Board seeks to 
continually strengthen the internal control 
system where this is consistent with improving 
the relationship between risk and reward.
Other key features and the processes for 
reviewing effectiveness of the internal control 
system that the Committee has applied during 
the current financial year are described  
as follows: 
Monthly management information, including z z
financial accounts and key performance 
indicators, have been defined and are 
produced on a timely basis for review by  
the Board. 
A detailed formal budgeting process for all z z
Group businesses culminates in an annual 
budget which is reviewed and approved by 
the Board. Results for the Group and for its 
main constituent businesses are reported 
monthly against the budget to the Board 
and revised forecasts for the financial year 
are considered each quarter. 
Corporate Governance Statement 25
ANNUAL REPORT 2008/2009
A comprehensive financial and accounting z z
package sets out the principles of the 
minimum standards required by the Board 
for effective financial control. This package 
sets out the financial and accounting 
policies and procedures to be applied 
throughout the Group. Compliance with 
the policies and procedures set out in 
this package is reviewed regularly. Formal 
reports for the Board are prepared by the 
senior executives on the operation of those 
elements of the system for which they  
are responsible. 
The Company has clearly defined guidance z z
for capital expenditure. These include 
annual budgets, detailed appraisal and 
review procedures, levels of authority and 
stringent due diligence requirements where 
businesses are being acquired. 
(b) External audit 
The Audit Committee meets periodically to 
review the adequacy of the Group’s internal 
control systems, accounting policies and 
compliance with applicable accounting 
standards and to consider the appointment of 
external auditors and audit fees. The Group’s 
auditors are invited to attend its meetings. The 
Audit Committee is authorised by the Board 
to investigate any activity within its terms of 
reference and obtain outside legal or other 
independent professional advice as necessary. 
The auditors and individual Board members are 
afforded the opportunity for separate meetings 
with the Audit Committee. The Audit Committee 
consists wholly of Non-Executive Directors. 
The award of non-audit work to the auditors is 
subject to pre-clearance by the Audit Committee 
if the fee exceeds specified thresholds. As 
a matter of best practice and in accordance 
with the International Standard on Auditing 
260, the auditors have held discussions with 
the Audit Committee on the subject of auditor 
independence and have confirmed their 
independence in writing. 
Peter Dicks   
   
   
   
Brian Harris   
   
   
   
Andrew McIver   
Sean O’Connor   
   
   
   
   
Nigel Payne   
   
   
Jim Wilkinson   
Board
Audit
Remuneration
Nomination
Board
Remuneration
Nomination
SRC
Board
Board
Audit
Remuneration
Nomination
SRC
Board
Audit
Nomination
Board
12
2
5
2
12
5
2
3
12
12
2
5
2
3
12
2
2
12
12
2
5
2
12
5
2
3
12
12
2
5
2
3
12
2
2
12
Possible 
Meetings
Number Meetings 
Attended 26
Fidelity Investments 67 ,322,542 13.91
DBS Advisors  
Limited 50,893,903 10.5 1
Bonaire Investment  
Holdings Limited 47 ,852,003 9.88
Credit Suisse 37 ,732,960 7 .79
M&G Investment  
Management 37 ,494,41 1 7 .74
Marathon Asset  
Management 30,463,822 6.29
Majedie Asset  
Management 21,661,342 4.47
UBS 20,416,239 4.22
Artemis Investment  
Management 18,5 1 1,937 3.82
Number of 
ordinary shares 
of 0.1p each
% voting  
rights
The Directors submit their Annual Report and 
audited Financial Statements of the Group for 
the year ended 31 July 2009.
Principal activities 
The principal activities of the Group are the 
operation of interactive licensed betting and 
gaming operations over the internet. In Australia 
only, interactive betting is conducted over the 
internet and telephone. 
Results and dividends 
The results of the Group for the year are set 
out on page 37 and show a profit after taxation 
for the year of £12.4m (2008: £4.3m loss). 
The Directors recommend payment of a final 
dividend of 1.0p per ordinary share (2008: nil). 
Review of the business and 
future developments 
A more detailed review of the business and 
future developments is given in the Group Chief 
Executive’s review on pages 9 to 14.
Directors 
The following Directors have held office during 
the year and subsequently: 
Auditor
The auditor, Grant Thornton UK LLP, is willing to 
continue in office and a resolution to re-appoint 
Grant Thornton UK LLP will be proposed at the 
forthcoming Annual General Meeting.
Related party transactions
Details of transactions with related parties 
undertaken by the Group during the year are 
disclosed in note 25 to the Financial Statements.
Corporate governance
The Board’s statement on Corporate Governance 
appears on pages 23 to 25 and policies in 
relation to Employees appear on page 16.
Charitable donations 
During the year, the Group donated 
approximately £187 ,000 to a number of 
charities. This figure includes donations to the 
Responsibility in Gambling Trust, the Island 
Academy International School, Antigua, HEROS 
(Homing Ex-Racehorses Organisation Scheme) 
and the Bishop Simeon Trust.  Included in this 
total was a donation of £3,000 to the Friends 
of Israel Sport Centre for the Disabled, of which 
Brian Harris is the founder. 
Directors’ indemnity
Details of the Directors’ indemnity insurance can 
be found in the Remuneration Report. 
Purchase of own shares
On 15 October 2008, the Company purchased 
6,693,900 ordinary shares at an average 
price of 29.973 pence per share to be held in 
treasury to enable the Company to satisfy future 
obligations under certain of the Company’s 
equity incentive plans.
On 27 October 2008, the Company transferred 
80,601 ordinary shares held by the Company 
in treasury pursuant to the exercise of awards 
by participants under the Company’s share 
incentive plans.
On 1 1 November 2008, the Company 
transferred 80,000 ordinary shares held by the 
Company in treasury in satisfaction of an award 
to a former employee pursuant to the terms of 
the Company’s 2005 Long Term Retention Plan.
On 27 November 2008, the Company 
transferred 6,533,299 ordinary shares from 
treasury to satisfy obligations to its employees 
under certain of its equity incentive plans.  As a 
result the Company no longer holds any shares 
in treasury.
Policy and practice of 
payment of suppliers 
In respect of the Group’s next financial year, it 
is the policy of the Group that each company 
within the Group should agree appropriate terms 
and conditions for its transactions with suppliers 
by means ranging from standard written terms 
to individually negotiated contracts. Payments 
are to be made in accordance with these terms 
and conditions. At 31 July 2009 the Company 
had a trade creditor balance of £nil (2008: £nil). 
Group trade payables represented 15 days of 
purchases (2008: 15 days). 
Substantial shareholdings 
As at the opening of dealing on 7 October 2009 
the following Shareholders hold, or control, 
interests in 3% or more of the Company’s  
voting rights:
Directors’ Report
Brian Harris and Sean O’Connor will retire by 
rotation at this year’s Annual General Meeting 
and will each seek re-election, being eligible.
The interests of the Directors in the shares of 
the Company and options for such shares were 
as shown on pages 28 to 32 both reflecting the 
year end figures and any subsequent changes. 
No Director has any interest in any other Group 
company. Details of the Directors’ remuneration 
and service contracts appear on pages 28  
to 32.
P Dicks Chairman and Non-Executive
A McIver Executive 
J Wilkinson Executive 
N Payne Non-Executive 
S O’Connor Senior Independent  
 Non-Executive
B Harris Non-Executive ANNUAL REPORT 2008/2009
27
Treasury management 
The Board has laid out its policy on treasury 
management in the Financial Review on  
page 22. 
Going concern 
The Directors have considered the implications 
of the potential impact of regulatory 
uncertainties discussed in note 24. The Directors 
have reviewed the cash flow projections for the 
Group in light of these uncertainties and have 
considered the financial resources available to 
the Group.  Accordingly, the Directors have a 
reasonable expectation that the Group and the 
Company have adequate resources to continue 
operations for the foreseeable future.  For this 
reason, they continue to adopt the going concern 
basis in preparing the financial statements.
Annual General Meeting 
The Annual General Meeting will be held on 18 
December 2009. The Notice of the Meeting 
begins on page 78. The Notice contains special 
business, including the renewal of authority to 
the Board to allot shares and the dis-application 
of statutory pre-emption rights on equity issues 
for cash – both in accordance with ABI and 
NAPF Guidelines. Shareholders should complete 
the Proxy form accompanying this Report in 
accordance with the Notes contained in the 
Notice of Meeting. 
Statement of Directors’ 
responsibilities
The Directors are responsible for preparing the 
Annual Report and the Financial Statements in 
accordance with applicable law and regulations.
Company law requires the Directors to prepare 
financial statements for each financial year. 
Under that law the Directors have elected to 
prepare Financial Statements in accordance with 
International Financial Reporting Standards as 
adopted by the European Union (“IFRSs”), and 
the Parent Company Financial Statements in 
accordance with United Kingdom Accounting 
Standards (United Kingdom Generally Accepted 
Accounting Practice).  
The Financial Statements are required by law to 
give a true and fair view of the state of affairs 
of the Group and the Company and of the profit 
or loss of the Group for that period. In preparing 
these financial statements, the Directors are 
required to:
select suitable accounting policies and then z z
apply them consistently;
make judgments and estimates that are z z
reasonable and prudent;
state whether applicable accounting z z
standards have been followed, subject 
to any material departures disclosed and 
explained in the Financial Statements; and
prepare the Financial Statements on z z
the going concern basis unless it is 
inappropriate to presume that the company 
will continue in business;
The Directors are responsible for keeping 
adequate accounting records which disclose 
with reasonable accuracy at any time the 
financial position of the Group and the Company 
and enable them to ensure that the Financial 
Statements comply with the Companies 
Act 2006. They are also responsible for 
safeguarding the assets of the Group and hence 
for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
The Directors are responsible for the 
maintenance and integrity of the corporate and 
financial information included on the Company’s 
website. Legislation in the United Kingdom 
governing the preparation and dissemination of 
financial statements may differ from legislation 
in other jurisdictions.
Disclosure of information 
to the auditors
So far as each of the Directors is aware, there 
is no relevant audit information of which the 
Company’s auditors are unaware. Each of the 
Directors has taken all the steps that he ought 
to have taken as a Director in order to make 
himself aware of any relevant audit information 
and to establish that the Company’s auditors are 
aware of that information.
On behalf of the Board 
D Talisman LLB ACIS 
Company Secretary 
7 October 2009 28
Executive Directors   
Andrew McIver  1, 3, 9 520 95 1 7 1,478 95 2,160 90
Jim Wilkinson 3 290 479 1 770 41 283 21
Dave Hobday 2, 9 - 44 1 45 - 2,334 129
Non-Executive Directors
Peter Dicks  3, 5, 6, 7  120 - - 120 - 60 -
Sean O’Connor  3, 4, 5, 6, 7 1 10 - - 1 10 - 1 10 -
Brian Harris  3, 4, 6, 7 81 - - 81 - 84 -
Nigel Payne 3, 5, 7 , 8 1 14 - - 1 14 - 181 -
  1,235  1,474 9 2,718 136 5,212 240
Pension 2009 Benefits Notes Total 
emoluments 
2009
Bonuses
£000
Salary/Fees Total 
emoluments
2008
Pension 2008
Remuneration Report
1. Director’s emoluments
Aggregate emoluments for Andrew McIver, 1. 
as highest paid Director, excluding pension 
contributions, amounted to £1,477 ,820 
(2008:  £2,160,326). 
Dave Hobday resigned as a Director of the 2. 
Company on 8 May 2008.
The average total emoluments of the 3. 
Executive Directors was £1,124,187 
(2008: £1,592,372).  The average total 
emoluments of non-Board employees 
was £62,028 (2008: £76,642). The ratio 
between the two averages was 18.2:1 
(2008: 20.8:1). 
Member of the Social Responsibility 4. 
Committee.  
Member of the Audit Committee. 5. 
Member of the Remuneration Committee. 6. 
Member of the Nomination Committee. 7 . 
2008 total emoluments include the release 8. 
of 75,000 shares under the 2005 Share 
Plan and an interest in 33,333 shares 
following the release of a share based 
payment award on 23 October 2007 .
Included above are contributions to an 9. 
Employee Benefit Trust established for the 
benefit of the Directors and certain senior 
employees. 29
ANNUAL REPORT 2008/2009
Share options granted under the 1. 
Sportingbet Plc Unapproved Executive 
Share Option Scheme 2004. 
Share awards granted under the 2. 
Sportingbet Long Term Retention Plan 
2005. During the financial year, 175,000 
shares were released to Andrew McIver  
and 140,000 shares were released to  
Dave Hobday.  Nigel Payne waived his  
rights to the remaining shares subject to  
this award in the light of his role as  
Non-Executive Director.
Share awards granted under the 3. 
Sportingbet 2006 Restricted Share Plan.  
During the financial year, 1,136,364 shares 
were released to Andrew McIver and 
655,542 shares were released to  
Jim Wilkinson.
A provisional discretionary share bonus 4. 
totalling 3,452,760 shares were made 
to Andrew McIver, Dave Hobday and Jim 
Wilkinson during the 2007/08 financial year 
on the dates as set out above. The awards 
vest in two equal amounts on 1 November 
2008 and 1 November 2009.  If all shares 
are held (subject to a number being sold 
to meet any tax liability) an additional 15% 
bonus in shares will be awarded.  During 
the financial year, 504,808 shares were 
released to Andrew McIver and 264,423 
shares were released to Jim Wilkinson.  
Dave Hobday’s award of 48,798 shares 
remains capable of being released to him in 
November 2009 subject to meeting  
certain conditions.
Andrew McIver was granted the right to 5. 
earn shares which would vest in three equal 
parts in respect of financial years 2007 , 
2008 and 2009, and would be subject to 
the same performance conditions as the 
Sportingbet 2006 Restricted Share Plan. 
During the financial year, 66,666 shares 
were released to Andrew McIver under  
this award.
Share awards granted under the 6. 
Sportingbet Restricted Share Plan 2009.  
During the financial year, no shares were 
released to Andrew McIver and Jim 
Wilkinson under this award.
Dave Hobday resigned as a Director on 8 7 . 
May 2008. His award of 246,212 shares 
under the Sportingbet 2006 Restricted 
Share Plan was released to him during the 
financial year.
13,789,763 options were exercised during this 
financial year (2008: 1 1,583,883) of which 
1,966,906 options were exercised by Directors 
of the Company (2008: £3,244,445). The price 
paid by participants for all awards under the 
appropriate share plans is £nil. The market price 
of shares at 31 July 2009 was 59.75p and the 
range during the financial period was 23.25p to 
65.25p.  A summary of the performance criteria 
upon which awards or options may be exercised 
is set out below. 
2. Interests of Directors in share options and 
share plans of the Company
No. of 
options at  
1 Aug 2008
Notes Exercise 
price (p)
No. of 
options at 
31 Jul 2009
Earliest 
exercise  
date
Expiry of 
exercise 
period
Date of 
grant
Executive Directors       
Andrew McIver 1 500,000 500,000 21/01/04 49 29/01/07 29/01/14
 2 175,000 - 01/08/05 - 01/08/07 01/08/08 
 3 2,784,092 1,647 ,728 30/1 1/06 - 01/1 1/07 01/02/10
 4 1,161,057 656,250 14/12/07 - 01/1 1/08 10/12/09
 5 133,334 66,668 09/05/06 - 01/1 1/07 01/1 1/09
 6 - 1,959,566 20/01/09 - 01/1 1/10 01/12/12
Jim Wilkinson 3 608,173 343,750 01/02/08 - 01/1 1/08 01/12/09
 4 1,507 ,726 852,204 01/02/08 - 01/1 1/07 01/02/10
 6 - 1,077 ,760 20/01/09 - 01/1 1/10 01/12/12
Dave Hobday 2 140,000 - 08/1 1/05 - 01/08/07 01/08/08
 7 246,212 - 30/1 1/06 - 01/1 1/07 01/12/09
 4 48,798 48,798 14/12/07 - 01/1 1/08 01/02/10
Non-Executive Directors
Peter Dicks   - - - - - -
Nigel Payne 1 250,000 - 29/01/04 49 29/01/07 29/01/14
Sean O’Connor  - - - - - -
Brian Harris  - - - - - - 30
Andrew McIver received an interest in 1. 
75,000 shares on 1 August 2008 and 
100,000 shares on 27 October 2008, 
following releases of awards under the 
2005 Share Plan.  Andrew McIver met the 
tax liability of the former award from his 
own proceeds; 41,000 shares were sold to 
meet the tax liability of the latter award.  He 
received an interest in 1,136,364 shares on 
27 November 2008, following the release 
of an award under the 2006 Share Plan.  Of 
this award Andrew McIver was allotted and 
issued 670,455 shares.  The Company met 
the tax liability with a sum in cash equivalent 
to the value of the balance of 465,909 
shares.  He received an interest in 504,807 
shares on 19 January 2009, following the 
release of the first part of a discretionary 
share bonus.
Jim Wilkinson received an interest in 2. 
655,542 shares on 27 November 2008, 
following the release on an award under the 
2006 Share Plan.  He met the tax liability 
of this award from his own proceeds.  Jim 
Wilkinson received an interest in 264,423 
shares on 19 January 2009, following the 
release of the first part of a discretionary 
share bonus.  Of this discretionary share 
bonus Jim Wilkinson was allotted and 
issued 156,009 shares.  The Company met 
the tax liability with a sum in cash equivalent 
to the value of the balance of 108,414 
shares.
Peter Dicks received an interest in 5 1,099 3. 
shares on 19 March 2009 forming part of 
his Non-Executive remuneration.
3. Interests of Directors in shares in the Company
1
2
7
3
4
5
6
1,158,197
-
629,886
465,859
461,265
263,010
176,398
2,542,536
81 1,55 1
-
5 16,596
525,364
314,109
176,398
Notes 2009 2008
Executive Directors
Andrew McIver
Jim Wilkinson
Dave Hobday
Non-Executive Directors
Peter Dicks
Sean O’Connor
Brian Harris
Nigel Payne
Sean O’Connor received an interest in 4. 
5 1,099 shares on 19 March 2009 forming 
part of his Non-Executive remuneration. 
Brian Harris received an interest in 5 1,099 5. 
shares on 19 March 2009 forming part of 
his Non-Executive remuneration.
Nigel Payne received an interest in 5 1,099 6. 
shares on 19 March 2009 forming part of 
his Non-Executive remuneration, all of which 
he subsequently gifted. 
2008 shareholding stated at the date of 7 . 
resignation.
Remuneration Report ANNUAL REPORT 2008/2009
31
3. Interests of Directors in shares in the Company (continued)
Remuneration policy 
The Company’s policy is designed to attract, 
retain and motivate individuals to ensure 
the success of the Company. Remuneration 
packages are designed to reward Directors fairly 
for their contributions whilst remaining within the 
range of benefits offered by similar companies 
in the sector. 
The Remuneration Committee seeks to structure 
total benefits packages, including base salaries, 
which align the interests of shareholders and 
senior management with particular importance 
weighted upon the performance-related 
elements of such total remuneration. These 
elements are related to their participation in 
Sportingbet’s Share Plans, each of which only 
permits the release of an award or option 
subject to the Company meeting its performance 
conditions, details of which are given below. 
Specifically, when considering adoption of the 
Sportingbet Restricted Share Plan 2009, the 
Remuneration Committee assessed the needs 
of the Company for the period through to 2012 
compared to the Company’s needs when the 
Sportingbet 2006 Restricted Share Plan was 
introduced in November 2006 immediately 
following the enactment of the Unlawful Internet 
Gambling Enforcement Act 2006.
Directors’ remuneration will continue to be the 
subject of regular review in accordance with this 
policy in the next financial year. 
Terms of reference 
The terms of reference of the Remuneration 
Committee include:
To determine the remuneration and benefits, z z
including incentive arrangements, of 
the Executive Directors, the directors of 
divisional companies and other employees 
of similar status. 
To set targets for performance-related pay z z
elements of remuneration packages. 
To review recommendations from the Board z z
on the overall remuneration and benefits 
policy of the Group, with the power and 
authority to amend it if appropriate. 
To have regard to the provisions of the z z
Combined Code and associated guidance in 
its decision-making. 
The Directors intend that the Company’s 
remuneration policy will be set by the 
Remuneration Committee in accordance with 
the terms of reference set out above for the 
following financial year and subsequent  
financial years.
Service contracts 
The Company’s policy on the duration of 
Directors’ contracts is that for both Executive 
and Non-Executive Directors notice periods 
will be no more than one year served by the 
Company or the Director. 
Andrew McIver and Jim Wilkinson have Service 
Contracts, dated 18 January 2006 and 21 
January 2008 respectively, which provide for 12 
months’ notice by the Company or the Director 
and contain non-compete obligations. There 
are no payments or compensation on early 
termination of the contract, save that where 
a payment is made in lieu of notice and the 
Executive commences new employment during 
such a period, they are under an obligation to 
repay the Company any pro-rated amounts.
Each Non-Executive Director has a contract for 
services, each with a termination period of twelve 
months’ notice. It is the Company’s policy that 
a proportion of their fee is paid in Sportingbet 
Shares, which are to be retained until they cease 
to be a Director of the Company.
In December 2006, and in the case of Jim 
Wilkinson, on 1 February 2008, Sportingbet Plc 
granted rolling indemnities to all of its Directors 
and the Company Secretary, uncapped in 
amount, in relation to certain losses and liabilities 
which they may incur in the course of acting as 
Directors and Company Secretary of Sportingbet 
Plc or of one or more of its subsidiaries. These 
indemnities replace those previously granted on 
similar terms and continue to be in place as at 
31 July 2009.
Bonuses 
The Company operates a bonus incentive 
scheme which applies, at differing rates, to the 
employment terms of the Executive Directors 
and members of senior management. Part of 
any payment under this scheme is linked to the 
annual performance of the business for which 
they are responsible and is at the discretion of 
the Board.
The Remuneration Committee reviews the 
packages and varies individual elements when 
appropriate from year to year. The Remuneration 
Committee has policies and procedures in place 
to monitor the size of potential rewards. 
On 14 December 2007 and 1 February 2008 
the Remuneration Committee granted Andrew 
McIver and Jim Wilkinson, respectively, the 
conditional right to receive a discretionary bonus 
in shares in the Company.  These shares would 
vest in two equal amounts after the two financial 
periods ending 2008 and 2009, subject to 
the Company meeting the same performance 
conditions as the 2005 and 2006 Share Plans.  
They would also receive an additional 15% of 
the award if they retain their shares (subject to a 
number being sold to meet any tax liability)  
in 2009. 
Share incentive schemes 
The Company operates six share incentive 
schemes, namely the Unapproved Share 
Option Scheme (the ‘Unapproved Scheme’), the 
Sportingbet Plc Company Share Option Plan 
(the ‘IR Approved Scheme’), the Sportingbet 
Plc Executive Share Option Scheme (the 
‘Executive Scheme’), the Sportingbet Long Term 
Retention Plan 2005 (the ‘2005 Share Plan’), 
the Sportingbet 2006 Restricted Share Plan 
(the ‘2006 Share Plan’) and the Sportingbet 
Restricted Share Plan 2009 (the ‘2009 Share 
Plan’). Prior to the Company’s admission to 
AIM on 30 January 2001, share options were 
granted under the Unapproved Scheme only. 
Share options are now only granted under the 
2009 Share Plan. The 2005 Share Plan was 
introduced on 2 August 2005 and the 2006 
Share Plan was introduced on 3 November 
2006. The 2009 Share Plan was adopted on 
22 July 2008 and awards were granted under 
the 2009 Share Plan on 20 January 2009.. The 
Company’s policy to grant share options under 
the Executive Scheme and awards under the 
2006 Share Plan and the 2009 Share Plan is at 
the Remuneration Committee’s discretion as and 
when considered appropriate.  32
Entitlements under the 2005 Share Plan entail a 
loyalty element and a performance element. The 
loyalty element represents 35% of the Executive 
Directors’ total potential awards pursuant to 
the 2005 Share Plan. Participants who remain 
employed by the Company until 31 July 2008 
may exercise loyalty awards which have vested 
up to that date. Participants who remain 
employed by the Company until 31 July 2008 
may exercise performance awards which may 
have vested, subject to the satisfaction of certain 
performance conditions, up to that date. Only 
Executive Directors are entitled to participate 
under the 2005 Share Plan, and all are subject 
to the same performance conditions. Details of 
the awards released to the Executive Directors 
under the 2005 Share Plan are set out in the 
table on page 29. 
The 2006 Share Plan entails a performance 
based award, calculated as a multiple of salary 
using the three day average of the Company’s 
closing share price prior to the award being 
made. The award vests after the relevant periods 
as contained within each participant’s award, 
broadly following the end of the following 
financial year. As with the 2005 Plan, the shares 
may only vest and be released subject to the 
satisfaction of certain performance conditions. 
Only Executive Directors are entitled to 
participate under the 2006 Share Plan, and all 
are subject to the same performance conditions. 
The 2009 Share Plan uses the same rules 
as those which govern the 2006 Share Plan.  
However, there are differences in the nature of 
awards granted under the 2009 Share Plan.  
Entitlements under the 2009 Share Plan entail 
a loyalty element and performance element 
in equal proportions.  20% of the Executive 
Directors’ total potential award under the 2009 
Share Plan vests and is released in November 
2010, 30% of such award in November 201 1 
and 50% of such award in November 2012.  
Shares comprised within the loyalty element of 
the award may only vest and be released if the 
participant remains employed by the Company 
as at 31 July 2010, 31 July 201 1 and 31 July 
2012 respectively.  As with the 2005 Share Plan 
and the 2006 Share Plan, shares comprised 
within the performance element of the award 
may only vest and be released if (a) the 
participant remains employed by the Company 
as at 31 July 2010, 31 July 201 1, and 31 July 
2012 respectively, and (b) certain performance 
conditions are satisfied.  Only Executive 
Directors are entitled to participate under the 
2009 Share Plan, and all are subject to the 
same performance conditions. 
As an additional incentive, on 9 May 2006 the 
Remuneration Committee granted Andrew 
McIver the right to earn additional shares in the 
Company. These shares would vest in three 
equal amounts after the three financial periods 
ending 2007 , 2008 and 2009, subject to the 
Company meeting the same performance 
conditions as the 2005 and 2006 Share Plans.
For both the 2005 and 2006 Share Plans, 
performance conditions are based on the extent 
to which growth in the Company’s adjusted 
continuing earnings per share (‘EPS Growth’) 
exceeds growth in the retail prices index (‘RPI 
Growth’) over a financial year of the Company. 
For the performance award to be exercisable in 
full, EPS Growth must exceed RPI Growth by 
5% per financial year compound. The proportion 
of the performance award exercisable increases 
on a straight line sliding scale between 0 and 
100% if EPS Growth exceeds RPI Growth by 
any margin up to 5% over a financial year. The 
Remuneration Committee continues to believe 
that, in relation to the 2005 and 2006 Share 
Plans, EPS Growth in excess of RPI Growth is 
the most appropriate measure for determining 
the increase in value delivered to shareholders 
by the Company’s Executive Directors and other 
senior executives. The Remuneration Committee 
reviews the appropriateness of the performance 
measure and the specific target set when 
considering each new grant of performance 
awards. 
For the 2009 Share Plan, the performance 
condition is based on the extent to which growth 
in the Company’s earnings before interest, tax 
and amortisation (‘EBITA Growth’) exceeds RPI 
Growth over a financial year of the Company.
For the performance award to be exercisable 
in full, EBITA Growth must exceed RPI Growth 
by 15% per financial year compound.  The 
proportion of the performance award exercisable 
increases on a straight line sliding scale between 
0 and 100% if EBITA Growth exceeds RPI 
Growth by any margin in excess of 5% over a 
financial year.  The Remuneration Committee 
believes that, in relation to the 2009 Share 
Plan, EBITA Growth in excess of RPI Growth 
is the appropriate measure for determining the 
increase in value delivered to shareholders by 
the Company’s Executive Directors and other 
senior executives for the period 2009-2012.  
The Remuneration Committee reviews the 
appropriateness of the performance measure 
and the specific target set when considering 
each new grant of performance awards.
Cash based long term 
incentive plan 
In 2006, the Remuneration Committee reviewed 
the remuneration and benefits packages of 
certain key employees. As a result, a cash-based 
long term incentive plan (‘L TIP’) was established 
and offered to the Executive Directors and a 
small number of key employees, and which was 
varied in November 2006 in order to retain 
key employees following the enactment of the 
Unlawful Internet Gambling Enforcement Act 
2006. The L TIP pays a cash sum based on the 
relevant employee’s gross salary, 40% of which 
matured in December 2007 , with the remainder 
maturing in August 2009. In order for the 
employee to receive such payments under the 
L TIP, they need to be in employment up to and 
including 31 December 2007 (in respect  
of the 40%) and 31 July 2009 (in respect of  
the remainder). 
In 2008, the Remuneration Committee reviewed 
the remuneration and benefits packages of 
certain key employees.  As a result, a cash-
based long term incentive plan (‘L TIP’) was 
established and offered to the Executive 
Directors and a small number of key employees 
in order to retain such individuals.  The L TIP 
pays a cash sum in August 2012 based on the 
relevant employee’s gross salary.  In order for the 
employee to receive such payment under the 
L TIP, they need to be in employment up to and 
including 31 July 2012.
By Order of the Board 
D Talisman LLB ACIS  
Company Secretary  
7 October 2009
3. Interests of Directors in shares in the Company (continued)
Remuneration Report 33
ANNUAL REPORT 2008/2009
The supply of betting and gaming services 
continues to be subject to a complex, 
inconsistent and often protectionist approach 
by jurisdictions worldwide. However, action 
to address this by international trade bodies 
(such as the World Trade Organisation and 
the European Commission) has resulted in the 
censuring of certain nations and, increasingly, 
the introduction of regulatory regimes for  
the activity.
The Group continues to provide its services 
only from jurisdictions where it is licensed 
and regulated, and that therefore, the supply 
of services from these jurisdictions (where its 
regulator and applicable local laws deem the 
gambling transaction to take place) is  
explicitly legal. 
In order to provide its worldwide gambling 
service, the Group currently maintains licences in 
Alderney, Antigua and Barbuda, Australia, South 
Africa and the UK. 
Major issues of note in the last 12 months (all of 
which have been widely reported) include:
the possibility that the UK will impose z z
financial requirements on offshore operators 
who target the local gambling market; 
an ongoing move towards liberalisation z z
of the gambling sector in a number of EU 
jurisdictions, including France, Denmark, Italy 
(through a wider regulatory regime)  
and Sweden;
greater European Commission pressure on z z
EU and EFTA Member States (principally 
Norway) to justify their national gambling 
regimes (including proposed new 
regulatory regimes) in light of the free trade 
requirements of international law; and
increasing attempts to impose indirect taxes z z
(via product fees) on gambling operators by 
certain States in Australia.
Regulatory Developments
EU Member States are subject to scrutiny from 
The European Commission (the “Commission”) 
and, as guardian of the EC Treaty, it closely 
monitors existing and developing legislation 
in the EU. The principal method by which the 
Commission has applied pressure on Member 
States is through the use of ‘infringement 
proceedings’ against EU Member States 
in contravention of EC law. Through such 
proceedings, the Commission has asked a 
number of States to amend their laws restricting 
the free movement of gambling services. The 
ongoing pressure from the Commission, and in 
some cases national court decisions declaring 
domestic legislation to be incompatible with EC 
law, has led to a domestic review of prohibitive 
legislation in a number of jurisdictions, including 
France, Italy, Sweden and Denmark. 
On 9 September 2009, the European Court 
of Justice (the “ECJ”) delivered its judgment 
in Case C-42/07 between Departamento de 
Jogos da Santa Casa da Misericordia de Lisboa 
(“Santa Casa”) and Bwin, and effectively upheld 
the Portuguese national law restricting certain 
betting and gaming activities to the State 
monopoly, Santa Casa. While the ECJ maintained 
the need for restrictions on gambling services to 
be justified in the public interest, the judgment 
is unambiguous in its vindication of State 
monopolies as an effective method for doing so.
The European Union  
Spain
As a result of the uncertainty over the legality  
of the provision of online gambling, which is  
not expressly prohibited by Spanish law, Spain 
has historically adopted a tolerant approach  
to the supply of foreign gambling services into 
the jurisdiction.
Madrid and the Basque Region have both 
introduced licensing regimes for online betting, 
which has led to the Spanish government taking 
steps towards a nationwide system of regulation 
which will permit operators to obtain a Spanish 
gambling licence. The draft legislative process 
is ongoing, and has been subject to criticisms, 
including accusations of a lack of transparency 
and failure to consult stakeholders. As a result, 
other Spanish regions, including Castilla-Leon 
and La Rioja, have announced their intention to 
regulate the sector on a regional basis.
United Kingdom
The Group operates a licence granted by the 
Alderney Gambling Control Commission, and 
is therefore permitted to advertise in the UK 
under the Gambling Act 2005, which permits UK 
advertising for Alderney licensees on the back of 
Alderney’s whitelisted status.    
In April 2009, the Department for Culture, Media 
and Sport (“DCMS”) announced that overseas 
gambling operators who advertise in the UK may 
face new financial and regulatory requirements 
to ensure a more even financial treatment of 
UK operators and non-UK operators who target 
the UK market.  The DCMS is due to report its 
findings to Parliament before the end of 2009.  34
France 
France has historically been a staunch opponent 
of the provision of online gambling services by 
operators without a French licence.  
In light of this approach, the Commission has 
put substantial pressure on France’s domestic 
regulation of online gambling, stating that its 
laws are not compatible with EC law. As a 
result of such pressure, France is to regulate 
the online gambling sector. Specifically, France 
will liberalise the online sports betting and 
skill gaming market (including poker), but 
will not liberalise online gaming. The draft 
online gambling law produced by France was 
subject to a number of critical comments by 
the Commission, but it is understood that the 
licensing system it introduces will be in force 
prior to the World Cup 2010. The Commission is 
certain to monitor the draft law as it progresses 
through the French legislature, and it is 
understood that it will carry out a full assessment 
of the final version to determine its compatibility 
with EC law.
Germany
Despite criticism from the Commission, the 
Interstate Gambling Treaty remains in force in 
Germany. The Treaty effectively provides that 
all forms of online gambling are unlawful where 
they are targeted at German residents.
While the current official position in Germany 
is that the Treaty is not to be amended, we 
understand that the German government is 
under intense pressure from the Commission 
and at a political level internally to amend the 
legislation. Furthermore, enforcement action 
against operators where they actively target 
German residents (including through local 
marketing) has been curbed due to the lack of 
clarity in the legal position. 
In our view, therefore, legislation that was 
intended to almost comprehensively block online 
gambling has had only limited effect and the 
general inability of the German government to 
block online gambling websites, coupled with the 
questionable legality of the legislation, has led to 
a continued supply of online gambling services, 
and an absence of extra-territorial enforcement 
against the activity.
Italy
Italy has changed its monopoly-orientated  
stance on online gambling and has started to 
permit a number of non-Italian bookmakers 
to obtain licences to operate online betting 
offerings from certain outlets such as 
newsagents, bars and cafes.
In addition, Italy has recently announced that it 
is to legislate for the licensing of online poker 
cash games, casino games, betting exchanges 
and betting on virtual events during the course 
of 2009. The draft legislation will be submitted 
to the Commission during the course of 2009, 
with the intention to commence licensing by the 
end of 2009.
Italy currently requires that even EU-licensed 
operators obtain an additional gambling licence 
in Italy in order to target its domestic market.  
However, such an approach is potentially in 
breach of the EU principle of mutual recognition 
of businesses licensed elsewhere in the EU, and 
it remains to be seen whether such a stance will 
be permitted by the Commission in the  
long term. 
Norway
Outside of the EU, the EFTA Surveillance 
Authority (the “Authority”) has held that draft 
Norwegian legislation prohibiting the processing 
of payments for gambling infringes EFTA laws 
on the freedom to provide services and the 
free movement of capital.  Norway is legally 
obliged to take account of the Authority’s 
comments and, if it fails to reflect them in the 
legislation, the Authority is likely to instigate 
infringement proceedings, formally requiring 
that the legislation is changed. In our view, 
such infringement proceedings, if not complied 
with, may ultimately result in the Norwegian 
legislation being referred to the EFTA Court by 
the Authority. 
Regulatory Developments
The European Union (continued)  ANNUAL REPORT 2008/2009
35
Turkey
Anti-online gambling legislation was introduced 
in Turkey in February 2007 to underpin the 
State monopoly, although it remains legal for 
customers to transact with offshore online 
operators. The Group continues to accept bets 
from Turkish residents, although it does not have 
employees, nor does it conduct advertising, in 
the territory. 
Australia
The lack of consistency in the approach and 
implementation of state and federal legislation 
across Australia has resulted in uneven 
regulation of the online gambling sector. This is 
particularly evident in the protectionist legislation 
in relation to the payment of fees for the use 
of sports products (e.g. race fields and sporting 
fixtures) which is levied against betting operators 
in Australia in a supposed bid to prevent illegal 
gambling and to police the dissemination of 
information in this field. Such fees are levied on 
operators licensed in Australia, in addition to 
taxes they pay in their licensing state. 
Race fields legislation exists in every Australian 
state except the Australian Capital Territory 
and the Northern Territory; in addition no fees 
are currently payable in Western Australia 
and Tasmania as the relevant legislation 
has not yet come into effect. The race fields 
legislation, however, is subject to ongoing legal 
challenge, principally on the grounds that it is an 
unconstitutional violation of Australian free trade 
principles. The High Court has already ruled 
against such fees on the grounds that they  
are an unfair (and unconstitutional) restriction  
on competition.
Unlike race fields, and with the exception of 
Victoria, no state or territory has legislation that 
specifically requires betting operators to pay 
fees for the use of sporting fixture information. 
However, a general principle has developed 
under which corporate bookmakers enter into 
direct commercial agreements with the national 
administrative bodies for each sport. Such 
agreements typically provide for a fee equivalent 
to 5% of revenue to be paid to the administrative 
bodies.
United States
The US continues to prohibit online gambling 
supplied from offshore.  
Despite the current prohibitive position, there 
have been suggestions that, in light of the 
economic downturn in the US and the resultant 
loss of revenue for land-based casino operators, 
liberalisation may occur in the online gambling 
market.  Increasing pressure from consumers 
and lobby groups has also resulted in legislative 
proposals.  To date these have not amounted to 
a change in the existing prohibitive regime.
The Group continues in its discussions with the 
US Department of Justice to seek clarification of 
the position of the US Authorities with respect 
to the Group’s previous activities and whether 
a mutually acceptable resolution is possible.  
These talks continue and are productive and 
amicable in their nature.  The Board continues 
to be optimistic of reaching a settlement but has 
little visibility of the likely timing or quantum.
Asia
The regulatory regime in many Asian countries 
is currently prohibitive and, at present, the Group 
has no operations or activities in Asia.
Rest of the world 36
We have audited the Financial Statements of 
Sportingbet Plc for the year ended 31 July 
2009 which comprise the consolidated Income 
Statement, the consolidated Balance Sheet, 
the consolidated Cash flow Statement, the 
Consolidated Statement of Recognised Income 
and Expense and the related notes. The financial 
reporting framework that has been applied in  
the preparation of the Group Financial 
Statements is applicable law and International 
Financial Reporting Standards (IFRSs) as 
adopted by the European Union. 
We have reported separately on the Parent 
Company Financial Statements of Sportingbet 
Plc for the year ended 31 July 2009.
This report is made solely to the Company’s 
members, as a body, in accordance with Sections 
495 and 496 of the Companies Act 2006. Our 
audit work has been undertaken so that we 
might state to the Company’s members those 
matters we are required to state to them in an 
auditor’s report and for no other purpose. To the 
fullest extent permitted by law, we do not accept 
or assume responsibility to anyone other than 
the Company and the Company’s members as a 
body, for our audit work, for this report, or for the 
opinions we have formed.
Respective responsibilities 
of Directors and auditors
As explained more fully in the statement of 
Directors’ responsibilities set out on page 27 , 
the Directors are responsible for the preparation 
of the Financial Statements and for being 
satisfied that they give a true and fair view. 
Our responsibility is to audit the Financial 
Statements in accordance with applicable law 
and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply 
with the Auditing Practices Board’s (APB’s) 
Ethical Standards for Auditors.
Scope of the audit of the 
financial statements
A description of the scope of an audit of 
financial statements is provided on the APB’s 
website at www.frc.org.uk/apb/scope/UKNP.
Opinion on financial 
statements
In our opinion:
the Financial Statements give a true and fair z z
view of the state of the Group’s affairs as at 
31 July 2009 and of the Group’s profit for 
the year then ended; 
the Group Financial Statements have been z z
properly prepared in accordance with IFRS 
as adopted by the European Union;
the Financial Statements have been z z
prepared in accordance with the 
requirements of the Companies Act 2006
Emphasis of matter - 
regulatory uncertainty
In forming our opinion on the Financial 
Statements, which is not qualified, we have 
considered the accuracy of, and draw attention 
to, the disclosures made in Note 24(a) regarding 
the implications of, and uncertainties arising 
from, regulatory developments concerning 
on-line gambling and related activities in the 
United States, Turkey and parts of Europe. There 
is uncertainty as to the impact such regulatory 
developments may have on the Group. Note 
24(a) includes a statement that the Board does 
not consider it probable that a material liability 
or impairment in the carrying value of assets will 
arise as a result of any potential action.
Opinion on other matter 
prescribed by the 
Companies Act 2006
In our opinion the information given in the 
Directors’ Report for the financial year for 
which the Financial Statements are prepared is 
consistent with the Financial Statements.
Matters on which we 
are required to report by 
exception
We have nothing to report in respect of the 
following:
Under the Companies Act 2006 we are required 
to report to you if, in our opinion:
certain disclosures of Directors’ z z
remuneration specified by law are not made; 
or
we have not received all the information and z z
explanations we require for our audit.
Paul Etherington
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
7 October 2009
Independent Auditor’s Report to 
the Members of Sportingbet Plc 37
ANNUAL REPORT 2008/2009
Consolidated Income Statement
For the year ended 31 July 2009
Notes 31 July 2009
£m
Year ended
31 July 2008
£m
Restated
Amounts wagered 4 1,577 .2 1,347 .8
Net gaming revenue 3, 4 163.6 144.3
Administrative expenses excluding exceptional items, share option charge and amortisation of  
other intangible assets  (132.5) (1 19.6)
Group operating profit before exceptional items, share option charge and  
amortisation of other intangible assets  31.1  24.7
Other administrative expenses:
Exceptional items 5 (4.2) (12.0)
Share option charge 7 (3.1) (8.0)
Amortisation of other intangible assets 13 (1.9) (3.9)
Total administrative expenses  (141.7) (143.5)
Group operating profit  21.9 0.8
Finance income 9 0.7 0.8
Finance costs 9 (0.3) (0.4)
Profit before taxation 6 22.3 1.2
Taxation 10 (0.5) (3.5)
Profit/(loss) for the year  21.8 (2.3)
Loss for the year from discontinued operations 2 (9.4) (2.0)
Group profit/(loss) for the year  12.4 (4.3)
Profit/(loss) attributable to the equity holders of the parent  12.4 (4.3)
Profit/(loss) per ordinary share – continuing operations   
Basic 1 1 4.6p (0.5)p
Diluted 1 1 4.2p (0.5)p
Profit/(loss) per ordinary share  
Basic 1 1 2.6p (0.9)p
Diluted 1 1 2.4p (0.9)p
Comparative figures have been restated to 
reclassify discontinued operations as described 
in Note 2.
The Notes on pages 41 to 69 form part of these 
financial statements.  38
As at
Consolidated Balance Sheet
As at 31 July 2009
Notes 31 July 2009
£m
31 July 2008
£m
Non-current assets   
Goodwill 12 41.2 53.0
Other intangible assets 13 15.9 15.2
Property, plant and equipment 14 21.9 21.1
Non-current receivables  - 0.5
Deferred tax asset 10 1.4 0.7
  80.4 90.5
Current assets 
Trade and other receivables 15 13.4 7 .5
Cash and cash equivalents 16 44.3 49.4
Derivatives 19 0.7 -
  58.4 56.9
Current liabilities   
Trade and other payables 17 (41.0) (52.8)
Interest bearing loans and borrowings 17 (4.0) (5.6)
Contingent consideration 17 (0.5) (4.5)
  (45.5) (62.9)
Net current assets/(liabilities)  12.9 (6.0)
Non-current liabilities   
Long-term provisions 18 (0.1) (0.1)
  (0.1) (0.1)
Net assets  93.2 84.4
Equity   
Issued share capital 20 0.5 0.5
Shares to be issued 21 - 9.0
Share premium 21 59.4 56.3
Retained earnings 21 33.3 20.1
Foreign exchange reserve 21 - (1.5)
Total equity  93.2 84.4
The Notes on pages 41 to 69 form part of 
these Financial Statements. These Financial 
Statements were approved by the Board and 
authorised for issue on 7 October 2009. 
A McIver  
Director ANNUAL REPORT 2008/2009
39
Year ended
Notes 31 July 2009
£m
31 July 2008
£m
Group profit/(loss) after taxation  12.4 (4.3)
Depreciation  4.7 3.7
Software amortisation  4.0 2.8
Other amortisation  1.9 3.9
Loss on disposal 2 7 .9 -
Share option charge  3.1 8.0
Finance income  (0.4) (0.4)
Taxation  0.5 3.5
Operating cash flows before movements in working capital  34.1 17 .2
Increase in receivables  (4.8) (0.7)
(Decrease)/increase in payables  (9.7) 17 .9
Cash generated by operations  19.6 34.4
Income tax paid  (2.6) (1.4)
Net cash from operating activities  17 .0 33.0
Purchases of property, plant and equipment 14 (6.1) (12.2)
Purchases of software 13 (6.6) (2.8)
Acquisition of subsidiary  (4.5) (4.6)
Interest received  0.3 0.4
Net cash from discontinued operations 2 (1.2) -
Cash used in investing activities  (18.1) (19.2)
Exercise of share options  (0.1) -
New bank loans raised  - 0.3
Purchase of own shares  (3.0) -
Repayment of borrowings  (1.6) -
Net cash from financing activities  (4.7) 0.3
Net (decrease)/increase in cash and cash equivalents in the year  (5.8) 14.1
Cash and cash equivalents at beginning of year  49.4 34.5
Effect of foreign exchange rate changes  0.7 0.8
Cash and cash equivalents at end of year 16 44.3 49.4
Consolidated Cash Flow Statement
For the year ended 31 July 2009
The Notes on pages 41 to 69 form part of these 
Financial Statements.  40
Consolidated Statement of 
Recognised Income and Expense
For the year ended 31 July 2009
2009
£m
2008
£m
Amounts initially recycled to equity under designated cash flow hedges 1.2 -
Amounts recycled to the income statement to match the hedged items (0.5) -
Exchange differences on translation of foreign operations 1.5 1.1
Net income recognised directly in equity 2.2 1.1
Profit/(loss) for financial year 12.4 (4.3)
Total recognised income and expense for the year 14.6 (3.2)
Attributable to:  
Equity holders of the parent 14.6 (3.2)
 14.6 (3.2) 41
ANNUAL REPORT 2008/2009
Notes to the Financial Statements
1. Accounting policies
Basis of preparation 
The financial information provided is for the 
Group’s financial year ended 31 July 2009. 
The financial information has been prepared 
in accordance with applicable International 
Financial Reporting Standards (IFRSs) as 
adopted by the EU.    
The accounting policies have been applied 
consistently throughout the Group for the 
purposes of preparation of this financial 
information.  
Standards in issue not  
yet effective
The IASB and IFRIC have issued the following 
Standards and Interpretations which are 
effective for periods starting after the date of 
these Financial Statements and are yet to be 
adopted by the Group.
International Accounting 
Standards (IAS/IFRS) 
IAS 1 Presentation of Financial Statements z z
(revised 2007) - 1 January 2009 
Amendment to IAS 39 Financial z z
Instruments: Recognition and Measurement 
- Eligible Hedged Items - 1 July 2009
IFRS 3 Business Combinations (revised z z
2008) - 1 July 2009 
Amendments to IFRS 7 Financial z z
Instruments: Disclosures - Improving 
Disclosures About Financial Instruments - 
1January 2009
IFRS 8 Operating Segments - 1 January z z
2009
Improvements to IFRSs 2008 z z
Improvements to IFRSs 2009 z z
International Financial Reporting 
Interpretations Committee (IFRIC) 
IFRIC 16 Hedges of a Net Investment in a z z
Foreign Operation - 1 October 2008
The Group does not anticipate that the adoption 
of these Standards and Interpretations will have 
a material effect on its financial statements on 
initial adoption. IFRS 8 may require changes 
in the scope and presentation of segmental 
disclosures, IAS 1 revisions will require a change 
in the format and presentation of reporting and 
IFRS 3 revisions would have an impact on the 
accounting of any future business combinations.
Basis of consolidation – 
subsidiaries 
The Group Financial Statements for the year 
consolidate the Financial Statements of 
Sportingbet Plc and the entities it controls (its 
subsidiaries).
Subsidiaries are consolidated from their date of 
acquisition, being the date on which the Group 
obtains control, and continue to be consolidated 
until the date that such control ceases. Control 
comprises the power to govern the financial and 
operating policies of the investee so as to obtain 
benefit from its activities and is achieved through 
direct or indirect ownership of voting rights, 
currently exercisable or convertible potential 
voting rights or by way of contractual agreement. 
Accounting policies are consistently applied 
across the Group. All inter-company balances 
and transactions are eliminated.
Business combinations 
On acquisition, the assets, liabilities and 
contingent liabilities of a subsidiary are 
measured at their fair values at the date of 
acquisition. Any excess of the cost of acquisition 
over the fair values of the identifiable net 
assets acquired is recognised as goodwill. Any 
deficiency of the cost of acquisition below the 
fair values of the identifiable net assets acquired 
(i.e. discount on acquisition) is credited to the 
Income Statement in the period of acquisition.
Contingent and deferred consideration arising as 
a result of acquisitions is stated at a measure of 
fair value at the date of acquisition. Contingent 
consideration is based on management’s 
best estimate of the likely outcome. The fair 
value of contingent share consideration is 
measured based on the market price of shares 
at acquisition. Subsequent remeasurement of 
contingent consideration is adjusted  
against Goodwill.
Amounts wagered
Amounts wagered represents amounts staked in 
respect of bets placed on sporting events in the 
year, net win in respect of casino and gaming, 
and rake in respect of poker games that have 
concluded in the year. Amounts wagered are 
stated net of certain promotional bonuses.
Net gaming revenue
Net gaming revenue is measured at the fair 
value of consideration received or receivable, 
and comprises the following:
Sports betting: Gains and losses in respect z z
of bets placed on sporting events in the 
year, stated after betting taxes and certain 
promotional bonuses. 
Open positions are carried at fair market 
value and gains and losses arising on this 
valuation are recognised in revenue, as well 
as gains and losses realised on positions 
that have closed. 
Casino and gaming: Net win in respect of z z
bets placed on casino games that have 
concluded in the year, stated net of certain 
promotional bonuses.
Poker: Net win in respect of rake for poker z z
games that have concluded in the year, 
stated net of certain promotional bonuses.
Where the Group refers to gaming revenue, z z
this represents net gaming revenue before 
the deduction of promotional bonuses.
Goodwill
Goodwill represents the excess of the cost of 
an acquisition over the Group’s share of the fair 
value of the identifiable assets and liabilities 
acquired. Goodwill is allocated to  
cash generating units for the purpose of 
impairment testing.
Goodwill allocated to each cash generating unit 
is not amortised and is reviewed for impairment 
at least annually. Where impairment arises on 
a cash generating unit, it is allocated initially 
against Goodwill and thereafter pro rata amongst 
other assets. Any impairment is recognised 
immediately in the Income Statement and is 
not subsequently reversed. Goodwill arising on 
earlier acquisitions was being amortised over its 
estimated useful life of 20 years. In accordance 
with the transitional provisions of IFRS 1 First 
time adoption of IFRS, the unamortised balance 
of goodwill at 31 July 2006 was frozen and 
reviewed for impairment, and will be reviewed for 
impairment at least annually. 42
Property, plant and 
equipment
Property, plant and equipment is stated at cost 
less accumulated depreciation. Depreciation is 
provided on all property, plant and equipment 
except for freehold land at rates calculated to 
write each asset down to its estimated residual 
value, using the straight line method, over its 
expected useful life, as follows: 
Methods of depreciation, residual values and 
useful lives are reviewed and adjusted,  
if appropriate, at each balance sheet date. 
Leasehold improvements are included within 
fixtures, fittings and equipment in the property, 
plant and equipment note.
Impairment of property, 
plant and equipment and 
intangible assets
At each balance sheet date, the Group reviews 
the carrying amounts of its property, plant 
and equipment and other intangible assets to 
determine whether there is any indication that 
those assets have suffered an impairment loss. 
If any such indication exists, the recoverable 
amount of the asset is estimated in order to 
determine the extent of the impairment loss  
(if any). Where the asset does not generate  
cash flows that are independent from other 
assets, the Group estimates the recoverable 
amount of the cash-generating unit to which  
the asset belongs. 
Recoverable amount is the higher of fair value 
less costs to sell and value in use. In assessing 
value in use, the estimated future cash flows 
are discounted to their present value using a 
pre-tax discount rate that reflects current market 
assessments of the time value of money and 
the risks specific to the asset for which the 
estimates of future cash flows have not  
been adjusted.
Fixtures, fittings  
and equipment
Leasehold improvements
Motor vehicles
Computer equipment
 
25% on cost
10% on cost
25% on cost
33% on cost
Computer software 
Where, in the opinion of the Directors, the 
Group’s expenditure in relation to development 
of internet activities results in future economic 
benefits, these costs are capitalised and 
amortised over the useful economic life of  
the asset.
Development costs are capitalised only when 
it is probable that future economic benefit will 
result from the project and the following criteria 
are met: 
The technical feasibility of the product has z z
been ascertained.
Adequate technical, financial and other z z
resources are available to complete and sell 
or use the intangible asset.
The Group can demonstrate how the z z
intangible asset will generate future 
economic benefits and the ability to 
use or sell the intangible asset can be 
demonstrated.
It is the intention of management to z z
complete the intangible asset and use it or 
sell it.
The development costs can be measured z z
reliably.
Amortisation is provided on computer software 
at a rate calculated to write each asset down to 
its estimated residual value, using the straight 
line method, over its expected useful life,  
as follows:
Methods of amortisation, residual values and 
useful lives are reviewed and adjusted, if 
appropriate, at each balance sheet date.
Other intangible assets 
Identifiable intangible assets acquired as part of 
business combinations, that meet the conditions 
for recognition under IFRS 3, are recognised 
at their fair value at the acquisition date and 
amortised over their useful economic life  
as follows:
If the recoverable amount of an asset (or cash-
generating unit) is estimated to be less than 
its carrying amount, the carrying amount of the 
asset (or cash-generating unit) is reduced to 
its recoverable amount.  An impairment loss is 
recognised as an expense immediately, unless 
the relevant asset is carried at a revalued 
amount, in which case the impairment loss is 
treated as a revaluation decrease.
Where an impairment loss subsequently 
reverses, the carrying amount of the asset 
(or cash-generating unit) is increased to the 
revised estimate of its recoverable amount, but 
so that the increased carrying amount does not 
exceed the carrying amount that would have 
been determined had no impairment loss been 
recognised for the asset (or cash-generating 
unit) in prior years. A reversal of an impairment 
loss is recognised as income immediately,  
unless the relevant asset is carried at a  
revalued amount, in which case the reversal  
of the impairment loss is treated as a  
revaluation increase.
Finance costs 
Finance costs are charged to profit over the term 
of the debt so that the amount charged is at a 
constant rate on the carrying amount.
Finance costs include issue costs, which  
are initially recognised as a reduction  
in the proceeds of the associated  
financial instrument.
Computer Software            33% on cost
Superbahis URL
Belmond International 
Limited - marketing contract
33% on cost
 
20% on cost
Notes to the Financial Statements
1. Accounting policies (continued) ANNUAL REPORT 2008/2009
43
Financial instruments 
Financial assets and financial liabilities are 
recognised on the Group’s Balance Sheet when 
the Group becomes a party to the contractual 
provisions of the instrument.
Trade receivables
Trade receivables are recognised initially at fair 
value and subsequently measured at amortised 
cost using the effective interest method, 
less provision for impairment. A provision for 
impairment of trade receivables is established 
when there is objective evidence that the 
Group will not be able to collect all amounts 
due according to the original terms of the 
receivables. Significant financial difficulties of 
the debtor, probability that the debtor will enter 
bankruptcy or financial reorganisation, and 
default or delinquency in payments (more than 
60 days overdue) are considered indicators that 
the trade receivable is impaired. The amount 
of the provision is the difference between the 
asset’s carrying amount and the present value 
of estimated future cash flows, discounted at 
the original effective interest rate. The carrying 
amount of the asset is reduced through the use 
of an allowance account, and the amount of 
the loss is recognised in the Income Statement 
within ‘Other administrative expenses’.  
When a trade receivable is uncollectable, it is 
written off against the allowance account for 
trade receivables. Subsequent recoveries of 
amounts previously written off are credited 
against ‘Other administrative expenses’ in the 
Income Statement.
Cash and cash equivalents
Cash and cash equivalents include cash in 
hand deposits with banks. It also includes cash 
reserves and short term cash in transit held by 
payment service providers.
Financial liabilities and equity
Financial liabilities and equity instruments are 
classified according to the substance of the 
contractual arrangements entered into.  An 
equity instrument is any contract that evidences 
a residual interest in the assets of the Group 
after deducting all of its liabilities.
Interest bearing loans and other 
borrowings
Borrowings are recognised initially at fair value, 
net of transaction costs incurred.  Borrowings 
are subsequently stated at amortised cost; and 
the difference between the proceeds (net of 
transaction costs) and the redemption value is 
recognised in the income statement over  
the period of the borrowings using the effective 
interest method.
Borrowings are classified as current liabilities 
unless the Group has an unconditional right to 
defer settlement of the liability for at least 12 
months after the balance sheet date.
Trade payables
Trade payables are not interest-bearing and are 
stated initially at their fair value and thereafter at 
their amortised cost using the effective interest 
rate method. The fair value of trade and other 
payables has not been disclosed as, due to 
their short duration, management considers the 
carrying values recognised in the Balance Sheet 
to be a reasonable approximation of their  
fair value.
Equity instruments
Equity instruments issued are recorded at the 
proceeds received, net of direct issue costs.
Derivative financial instruments
The Group’s activities expose it primarily to the 
financial risks of changes in foreign currency 
exchange rates. 
The Group uses derivative financial instruments 
to reduce exposure to foreign exchange rate 
movements. The Group does not hold or issue 
derivative financial instruments for  
speculative purposes.
Derivatives are initially recognised at fair value 
on the date a derivative contract is entered 
into and are subsequently remeasured at their 
fair value, calculated using either discounted 
cashflow techniques or by reference to market 
prices supplied by banks. The method of 
recognising the resulting gain or loss depends 
on whether the derivative is designated as a 
hedging instrument and, if so, the nature of 
the item being hedged. The Group designates 
certain derivatives as hedges of the variability of 
cash flows (cash flow hedge).
The Group documents, at the inception of the 
transaction, the relationship between hedging 
instruments and hedged items as well as its 
risk management objective and strategy for 
undertaking various hedge transactions. The 
Group also documents its assessment, both at 
hedge inception and on an ongoing basis, of 
whether the derivatives that are used in hedging 
transactions are highly effective in offsetting 
changes in the cash flows of the hedged items.
The use of financial derivatives is governed by 
the Group’s policies approved by the Board of 
Directors, which provide written principles on the 
use of financial derivatives.
Derivative financial instruments not eligible for 
hedge accounting are recognised in the Balance 
Sheet at fair value calculated using either 
discounted cash flow techniques or by reference 
to market prices supplies by banks.  
Changes in their fair value are recognised in  
the Income Statement. 
Cash flow hedges
The effective portion of changes in the fair value 
of derivatives that are designated and qualify as 
cash flow hedges is recognised in equity. The 
gain or loss relating to the ineffective portion is 
recognised immediately in the  
Income Statement. 
Amounts accumulated in equity are recycled in 
the Income Statement in the periods when the 
hedged item will affect profit or loss. However, 
when the hedged transaction results in the 
recognition of a non-financial asset or a liability, 
the gains and losses previously deferred in 
equity are transferred from equity and included 
in the initial measurement of the cost of the 
asset or liability.
When a hedging instrument expires or is sold, or 
when a hedge no longer meets the criteria for 
hedge accounting, any cumulative gain or loss 
existing in equity at that time remains in equity 
and is recognised when the forecast transaction 
is ultimately recognised in the Income 
Statement. When a forecast transaction is no 
longer expected to occur, the cumulative gain or 
loss that was reported in equity is immediately 
transferred to the Income Statement.
1. Accounting policies (continued) 44
Dividends 
Dividends are recognised when they become 
legally payable. Interim dividends are recognised 
when paid. Final dividends are recognised when 
approved by the shareholders at an Annual 
General Meeting. 
Functional and 
presentational currency
Items included in the Financial Statements 
of each of the Group’s entities are measured 
using the currency of the primary economic 
environment in which the entity operates  
(“the functional currency”). The consolidated 
Financial Statements are presented in sterling 
(£) which is the parent’s functional and 
presentational currency.
Foreign currency 
translation
Foreign currency transactions of individual 
companies are translated at the rates ruling 
when they occurred. Foreign currency monetary 
assets and liabilities are translated at the closing 
spot rate. Any differences are taken to the 
Income Statement. 
The results of overseas operations are translated 
at the average rates of exchange during the year 
and their balance sheets translated into sterling 
at the rates of exchange ruling on the balance 
sheet date. Exchange differences which arise 
from translation of the opening net assets and 
results of foreign subsidiary undertakings and 
from translating the Income Statement  
at an average rate are taken to reserves. 
Taxation
The tax expense represents the sum of the tax 
currently payable and deferred tax.
The tax currently payable is based on taxable 
profit for the year. Taxable profit differs from 
net profit as reported in the Income Statement 
because it excludes items of income or expense 
that are taxable or deductible in other years and 
it further excludes items that are never taxable 
or deductible. The Group’s liability for current 
tax is calculated using tax rates that have been 
enacted or substantively enacted by the balance 
sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying 
amounts of assets and liabilities in the Financial 
Statements and the corresponding tax bases 
used in the computation of taxable profit, and is 
accounted for using the balance sheet liability 
method. Deferred tax liabilities are generally 
recognised for all taxable temporary differences 
and deferred tax assets are recognised to the 
extent that it is probable that taxable profits will 
be available against which deductible temporary 
differences can be utilised. Such assets and 
liabilities are not recognised if the temporary 
difference arises from the initial recognition 
of goodwill or of other assets and liabilities 
in a transaction (other than in a business 
combination) that affects neither the tax profit 
nor the accounting profit.
Deferred tax liabilities are recognised for taxable 
temporary differences arising on investments in 
subsidiaries except where the Group is able to 
control the reversal of the temporary difference 
and it is probable that the temporary difference 
will not reverse in the foreseeable future.
The carrying amount of deferred tax assets 
is reviewed at each balance sheet date and 
reduced to the extent that it is no longer 
probable that sufficient taxable profits will  
be available to allow all or part of the asset to  
be recovered.
Deferred tax is calculated at the tax rates 
that are expected to apply in accordance with 
laws which have been enacted or substantially 
enacted at the Balance Sheet date. Deferred tax 
is charged or credited in the Income Statement, 
except when it relates to items charged or 
credited directly to equity, in which case the 
deferred tax is also dealt with in equity.
Employee benefits
Pension costs 
For defined contribution arrangements the 
amount charged to the Income Statement 
in respect of pension costs and other post-
retirement benefits is the contributions payable 
in the year. Differences between contributions 
payable in the year and contributions 
actually paid are shown as either accruals or 
prepayments in the Balance Sheet.
Share based employee 
remuneration 
Where share options are awarded to employees, 
the fair value of the options at the date of grant 
is charged to the Income Statement over the 
vesting period, with the corresponding credit to 
the profit and loss reserve. Non-market vesting 
conditions are taken into account by adjusting 
the number of equity instruments expected 
to vest at each balance sheet date so that, 
ultimately, the cumulative amount recognised 
over the vesting period is based on the number 
of options that eventually vest. Market vesting 
conditions are factored into the fair value of the 
options granted. As long as all other vesting 
conditions are satisfied, a charge is made 
irrespective of whether the market vesting 
conditions are satisfied. The cumulative expense 
is not adjusted for failure to achieve a market 
vesting condition.
Where the terms of the options are modified 
before they vest, the increase in the fair value  
of the options, measured immediately before  
and after the modification, is also charged to  
the Income Statement over the remaining  
vesting period.
Where equity instruments are granted to  
persons other than employees, the Income 
Statement is charged with the fair value of  
goods and services received.
The proceeds received, net of any directly 
attributable transaction costs, are credited to 
share capital (nominal value) and share premium 
when the options are exercised.
Leases 
Leases are classified as finance leases 
whenever the terms of the lease transfer 
substantially all the risks and rewards of 
ownership to the lessee. All the other leases are 
classified as operating leases.
The Group as lessee
Rentals under operating leases are charged on 
a straight line basis over the lease term, even 
if the payments are not made on such a basis. 
Benefits received and receivable as an incentive 
to sign an operating lease are similarly spread on 
a straight line basis over the lease term.
Notes to the Financial Statements
1. Accounting policies (continued) 45
ANNUAL REPORT 2008/2009
The Group as lessor
Rental income from the Group’s land and 
buildings, accounted for within property, plant 
and equipment, is recognised on a straight line 
basis over the lease term.
Exceptional items
Exceptional items are those that in 
management’s judgement need to be disclosed 
by virtue of their size or incidence in order for 
the user to obtain a proper understanding of the 
financial information.
Provisions
Provisions are recognised when the Group 
has a present obligation as a result of a past 
event, and it is probable that the Group will be 
required to settle that obligation.  Provisions are 
measured at the Directors’ best estimate of the 
expenditure required to settle the obligation at 
the balance sheet date, and are discounted to 
present value where the effect is material. 
Critical accounting 
judgements and key 
sources of estimation 
uncertainty 
In the application of the accounting policies, 
which are detailed in this note, the Directors 
are required to make judgements, estimates 
and assumptions about the carrying amounts 
of assets and liabilities that are not readily 
apparent from other sources. The estimates and 
associated assumptions are based on historical 
experience and other factors that are considered 
to be relevant. Actual results may differ from 
these estimates.
The estimates and underlying assumptions 
are reviewed on an ongoing basis. Revisions 
to accounting estimates are recognised in the 
period in which the estimate is revised if the 
revision affects only that period, or in the period 
of the revision and future periods if the revision 
affects both current and future periods.
The estimates and assumptions, which have  
a significant risk of causing a material 
adjustment to the carrying amounts of assets 
and liabilities within the next financial year, are 
discussed below.
Impairment of goodwill
Determining whether goodwill is impaired 
requires an estimation of the value in use of 
the cash-generating units. The value in use 
calculation requires the entity to estimate the 
future cash flows expected to arise from the 
cash-generating unit and select a suitable 
discount rate in order to calculate present 
value. Note 12 provides information on the 
assumptions used in these Financial Statements.
Sports betting open positions
In accordance with the Group’s accounting 
policy, management monitors open betting 
positions on a monthly basis to ensure any 
significant changes in fair value are recognised 
in revenue. Note 19 sets out managements 
measurement basis.
Share based payments
Management applies valuation techniques to 
calculate the fair value of share option charges. 
Note 22 provides information on the choice of 
valuation technique and the assumptions used in 
these Financial Statements.
Intangible assets
For acquisitions that occurred on or after 1 
August 2006, management has recognised 
separately identifiable intangible assets on the 
Balance Sheet. These intangible assets have 
been valued based on expected future cash 
flow projections from existing customers. The 
calculations of the value and estimated future 
economic life of the assets involve, by the nature 
of the assets, significant judgement.
Customer liabilities
Customer liabilities represent cash held by the 
Group on behalf of customers. These are stated 
net of an allowance for uncollected dormant 
balances. Management apply judgement 
calculating the allowance by reference to player 
terms and conditions in assessing the likelihood 
of balances being reclaimed.
Hedge accounting
In management’s judgement the Group  
satisfies the necessary criteria to enable  
hedge accounting to be applied to certain 
derivative instruments. Note 19 provides  
further information.
1. Accounting policies (continued) 46
2. Discontinued operations
Sale of Italian operations
On 21 July 2009, the Group’s licensed Italian 
operation, Sportingbet Italia S.p.A., was sold 
to the local management team for a nominal 
consideration.
Sportingbet Italia S.p.A. was acquired by 
the Group in May 2006, in anticipation of 
expected further liberalisation of Italian online 
gaming regulation. This did not materialise and 
consequently Sportingbet Italia S.p.A. has been 
loss making since acquisition.
Whilst these losses have been reduced to the 
minimum considered achievable, the Board 
has concluded that significant financial and 
managerial investment would be required to 
generate a profitable business in Italy and such 
investment would be better placed elsewhere in 
the Group’s portfolio.
31 July 
2009 
£m
Year ended
31 July
2008
£m
Amounts wagered 14.1 16.4
Net gaming revenue 2.1 2.7
Administrative expenses (3.6) (4.7)
Operating loss (1.5) (2.0)
Loss before taxation  (1.5) (2.0)
Taxation  - -
Loss for the year (1.5) (2.0)
Loss on disposal (7 .9) -
Loss for the period from discontinued operations (9.4 ) (2.0)
Notes to the Financial Statements
Income statement of discontinued operations ANNUAL REPORT 2008/2009
47
2. Discontinued operations (continued)
Year ended
31 July
2009 
£m
31 July
2008
£m
Loss after taxation (1.5) (2.0)
Depreciation 0.2 0.2
Operating cash flows before movement in working capital (1.3) (1.8)
(Increase)/decrease in receivables 0.4 (0.1)
Increase/(decrease) in payables (0.3) 2.0
Cash generated by operations  0.1 1.9
Net cash from operating activities (1.2) 0.1
Purchases of property, plant and equipment - (0.3)
Cash used in investing activities  - (0.3)
Net cash used in financing activities - -
Net increases/(decreases) in cash and cash equivalents in the year (1.2) (0.2)
Cash and cash equivalents at beginning of period 1.2 1.4
Cash and cash equivalents at end of period - 1.2
Cash Flow statement of discontinued operations 48
3. Net gaming revenue
4. Segment information
2009
£m
2008
£m
Gaming revenue 181.7 157 .8
Promotional bonuses (18.1) (13.5)
Net gaming revenue 163.6 144.3
For management purposes, the Group is 
currently organised into three geographical 
regions – Europe, Australia and Emerging 
Markets. These operating divisions are the  
basis on which the Group reports its primary 
segment information.
The following table presents revenue and 
profit information and certain asset and liability 
information regarding the Group’s business 
segments for the years ended 31 July 2009 and 
31 July 2008. 
Europe 
£m
Unallocated
central costs
£m
Australia
£m
Continuing
operations
Total 
£m
Discontinued 
operations 
Total 
£m
Emerging 
Markets
£m
2009
Amounts wagered 938.7 610.5 28.0 - 1,577 .2 14.1
Net gaming revenue 139.4 20.8 3.4 - 163.6 2.1
Depreciation (7 .5) (0.6) - (0.4) (8.5) (0.2)
Administrative expenses excluding  
exceptional items, share option charge 
and other amortisation (95.4) (14.6) (3.3) (10.7) (124.0) (3.4)
Group operating profit before  
exceptional items, share option  
charge and other amortisation 36.5 5.6 0.1 (1 1.1) 31.1 (1.5)
Other administrative expenses:      
    Exceptional items (4.2) - - - (4.2) -
    Share option charge (1.5) (0.6) - (1.0) (3.1) -
    Other amortisation (1.9) - - - (1.9) -
Total administrative expenses (1 10.5) (15.8) (3.3) (12.1) (141.7) (3.6)
Operating profit/(loss) 28.9 5.0 0.1 (12.1) 21.9 (1.5)
Balance Sheet information      
Total assets 1 14.8 24.0 - - 138.8 -
Total liabilities (36.5) (9.0) - - (45.5) -
Expenditure incurred to acquire  
property, plant and equipment and  
intangible assets 1 1.7 1.0 - - 12.7 -
For segmental information by activity, revenue 
is attributed to three principal areas of activity: 
Notes to the Financial Statements
Emerging Markets refer to the Group’s 
operations in Canada, Brazil and South Africa.
sports betting, casino gaming and poker. 
Segment assets and capital expenditure cannot 
be allocated to principal areas of activity. 49
ANNUAL REPORT 2008/2009
4. Segment information (continued)
Europe 
£m
Unallocated
central costs
£m
Australia
£m
Continuing
operations
Total 
£m
Discontinued 
operations 
Total 
£m
Emerging 
Markets 
£m
2008
Casino 
gaming
£m
Casino 
gaming
£m
Poker rake
£m
Poker rake
£m
Total 
£m
Total 
£m
Sports 
betting
£m
Sports 
betting
£m
Amounts wagered 1,291.0 36.8 20.0 1,347 .8
Net gaming revenue  87 .5  36.8 20.0  144.3
Amounts wagered 1,517 .1 41.3 18.8 1,577 .2
Net gaming revenue 103.5 41.3 18.8 163.6 
Amounts wagered 795.2 542.5 10.1 - 1,347 .8 16.4
Net gaming revenue 123.5 19.1 1.7 - 144.3 2.7
Depreciation (5.2) (0.6) - (0.5) (6.3) (0.2)
Administrative expenses excluding  
exceptional items, share option charge 
and other amortisation (85.9) (1 1.2) (2.7) (13.5) (113.3) (4.5)
Group operating profit before 
exceptional items, share option  
charge and other amortisation 32.4 7 .3 (1.0) (14.0) 24.7 (2.0)
Other administrative expenses:      
    Exceptional items (12.0) - - - (12.0) -
    Share option charge (5.8) (1.3) - (0.9) (8.0) -
    Other amortisation (3.9) - - - (3.9) -
Total administrative expenses (1 12.7) (13.2) (2.7) (14.9) (143.5) (4.7) 
Operating profit/(loss) 10.7 6.0 (1.0) (14.9) 0.8 (2.0)
Balance Sheet information      
Total assets 133.9 13.5 - - 147 .4 -
Total liabilities (53.7) (9.3) - - (63.0) -
Expenditure incurred to acquire  
property, plant and equipment and  
intangible assets 13.7 1.0 - - 14.7 0.3 50
5. Exceptional items
3.3
4.0
0.3
(0.3)
4.7
-
12.0
-
-
-
-
-
4.2
4.2
(a)
(b)
(c)
(d)
(e)
(f)
Notes 2008
£m
2009
£m
Reorganisation costs relating to UIGEA
Transfer of licensable activities to the Channel Islands
Transfer of EMEA and poker customer services operation to Dublin
Paradise – Boss migration
Transfer of Spanish customer services operation to Dublin
Provision against monies due from payment processing provider
(a) The impact of the passing of the UIGEA 
and the subsequent decision to close the US-
facing part of Paradise Poker and dispose of 
the remaining US-facing operations resulted 
in a number of reorganisation costs (including 
redundancies and other related costs amounting 
to £nil (2008: £3.1m) and retention and loyalty 
payments to retained employees of £nil (2008: 
£0.2m)).
(b) The costs relating to the transfer of the 
licensable activities to Alderney and Guernsey 
include redundancy, recruitment, training, 
temporary accommodation and other  
related costs. 
(c) The costs to create the dedicated EMEA 
and poker customer services and fraud centre 
in Dublin comprise redundancy, recruitment, 
training, temporary accommodation and other 
related costs.
(d) Paradise – Boss migration costs relating to 
the migration of Paradise Poker players to the 
Boss Media platform include redundancy, one-
off migration marketing and other related costs.
(e) The costs to transfer the Spanish language 
customer services centre to Dublin include 
recruitment, training, temporary accommodation 
costs, one-off marketing, the termination 
payment to the former Spanish partner and other 
related costs.
(f) Provision against monies due from one of  
the Group’s European payment processing 
providers, where the amount owed by the third 
party is in dispute and its recoverability is not 
sufficiently clear.
Group operating profit before exceptional items, 
share option charge and amortisation has been 
arrived at after charging/(crediting):
Notes to the Financial Statements
6. Profit before taxation
2009
£m
2008
£m
Net foreign exchange losses (1.0) 0.1
Depreciation of property, plant and equipment 4.7 3.7
Amortisation of software 4.0 2.8
Auditors’ remuneration: 
    Audit services 0.1 0.1
    Audit of subsidiaries pursuant to legislation 0.6 0.4
    Tax services 0.3 0.2
Rental income - (0.2) ANNUAL REPORT 2008/2009
51
7. Share option charge
8. Staff costs
2009
£m
2009
No.
2008
£m
2008
No.
Share option charge 3.1 7 .6
Social security costs on share options - 0.4
 3.1 8.0
The average monthly number of employees (including Executive Directors) was:  
Europe 419 340
Australia 87 74
  506 4 14
2009
£m
2008
£m
Employee costs (including Executive Directors) were as follows:  
Wages and salaries 29.9 33.5
Social security costs 2.8 2.2
Pensions costs 1.3 1.2
 34.0 36.9 52
2009
£m
2008
£m
Bank loans and overdrafts (0.3) (0.4)
 (0.3) (0.4)
Interest receivable 0.7 0.8
 0.4 0.4
Notes to the Financial Statements
9. Net interest receivable/(payable)
The following table sets out Directors’ 
remuneration. There are no key management 
personnel other than the Group’s Directors.
Further non-statutory disclosures on the 
remuneration of each individual Director are given 
in the Remuneration Report on pages 28 to 32. 
2009
£m
2008
£m
Directors’ remuneration  
Salary and fees 1.2 1.4
Bonuses 0.6 0.9
Compensation for loss of office - 1.2
Share based payments 0.9 1.7
Total emoluments 2.7 5.2
Pension contributions 0.1 0.2
 2.8 5.4
8. Staff costs (continued) 53
ANNUAL REPORT 2008/2009
The tax charge for the year is higher than the 
standard UK rate of corporation tax as  
explained below:
10. Taxation
2009
£m
2008
£m
Note 10(a) Analysis of charge in the period 
Current tax:  
UK corporation tax on losses of the period - 1.2
Overseas taxation 2.4 2.7
Adjustments to overseas taxation in respect of previous periods  (1.2) 0.3
Total current tax (note 10(b))  1.2 4.2
Deferred tax:
Current year movement to deferred tax  (0.7) (0.7)
Total deferred tax (note 10(c))  (0.7) (0.7)
Tax on profit on ordinary activities 0.5 3.5
Note 10(b) Factors affecting the tax charge for the period
Profit on ordinary activities before tax  22.3 (0.8)
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK 28% (2008: 28%)  6.2 (0.2)
Effects of:
Expenses not deductible for tax purposes  1.3 4.4
Effect of lower tax rates on overseas earnings  (6.9) (3.5) 
Tax losses arising in year  0.9 2.6
Other timing differences  0.9 0.6
Adjustments to tax charge in respect of previous periods  (1.2) 0.3
Current tax charge for the period (note 10(a))  1.2 4.2
Note 10(c) Provision for deferred tax (deferred tax asset)
Other timing differences  (0.7) (0.7)
Provision for deferred tax at 28% (2008: 28%)  (0.7) (0.7) 
As at the beginning of the year  (0.7) -
Current year movement  (0.7) (0.7)
As at the end of the year (deferred tax asset)  (1.4) (0.7)
UK deferred tax assets in respect of accelerated 
capital allowances £0.9m and tax losses £6.7m 
have not been recognised on the basis that it is 
not probable that there will be sufficient taxable 
profit in future years against which the assets 
can be recovered. 54
Notes to the Financial Statements
11. Earnings per share
(0.9)p
(0.9)p
 
 
4.3p
3.8p
(2.0)p
(1.8)p
 
 
(0.3)p
(0.3)p
(0.4)p
(0.4)p
 
 
(0.5)p
(0.4)p
2.6p
2.4p
 
 
6.2p
5.7p
4.6p
4.2p
 
 
6.5p
6.0p
(0.5)p
(0.5)p
 
 
4.8p
4.2p
2008
Total
Discontinued
2009
Discontinued
2008
Total
2008
£m
Discontinued
2009
£m
Discontinued
2008  
£m
2009
Total
Continuing
2009
Continuing
2008
Total
2009
£m
Continuing
2009
£m
Continuing
2008
£m
Profit/(Loss) per ordinary share
Basic
Diluted
Adjusted earnings per ordinary share 
(before exceptional items, share 
option charge and amortisation)
Basic
Diluted  
Basic earnings 21.8 (9.4) 12.4 (2.3) (2.0) (4.3)
Exceptional items 4.2 - 4.2 12.0 - 12.0
Share option charge 3.1 - 3.1 8.0 - 8.0
Amortisation 1.9 - 1.9 3.9 - 3.9
Adjusted earnings 31.0 (9.4) 21.6 21.6 (2.0) 19.6
The calculation of basic earnings per share is 
based on the profit/(loss) on ordinary activities 
after taxation attributable to shareholders of 
Sportingbet Plc and the weighted average 
number of shares in issue during the year.
During the year the Group had the following 
weighted average number of shares in issue and 
potentially dilutive shares:
Due to the size of non-cash items the Group 
has adjusted its earnings per ordinary share to 
exclude exceptional items, share option charge 
and amortisation.
2009
No.
2008
No.
Weighted average number of shares in issue 477 ,099,664 454,244,357
Employee share schemes 39,630,748 38,686,358
Contingent consideration - 19,187 ,386
Fully diluted number of weighted average number of shares in issue 516,730,412 5 12,1 18,101 ANNUAL REPORT 2008/2009
55
11. Earnings per share (continued)
12. Goodwill
As at 31 July 2009 the Group had the following 
shares in issue and potentially dilutive shares:
2009
No.
2008
No.
Number of shares in issue 483,987 ,106 472,01 1,023
Employee share schemes 39,630,748 38,686,358
Contigent consideration - 19,187 ,386
Fully diluted number of shares in issue 523,617 ,854 529,884,767
£m
Cost 
As at 1 August 2007  246.0
Additions  4.7
Exchange adjustments  0.2
Other movements  3.7
As at 1 August 2008  254.6
Additions  -
Disposals  (6.4)
Exchange movements  0.1
Other movements  (5.5)
As at 31 July 2009  242.8
Impairment losses
As at 1 August 2007  201.6
As at 1 August 2008  201.6
As at 31 July 2009  201.6
Net book value  
As at 31 July 2009  41.2
As at 31 July 2008  53.0 56
2009
£m
2008
£m
Europe 17 .8 23.2
Australia 23.4 23.4
Italy - 6.4
 41.2 53.0
Subsequent to the annual impairment test 
for 2009, the carrying amount of goodwill is 
allocated to the following cash generating units:
The recoverable amounts for the cash 
generating units above are determined based 
on internal discounted cash flow evaluation. 
The cash flow evaluation is based on actual 
operating results and five year forecasts at the 
growth rates stated in the key assumptions.
Discount rates for the goodwill impairment 
review are based on company specific pre-tax 
weighted average cost of capital percentages 
and range from 10% to 15%. The future 
cash flows are modelled based on budgeted 
projections and cash flows beyond the  
budget period are extrapolated using a  
growth rate of 1%. The growth rate applied is 
based on past experience. Future cash flows  
are projected assuming no changes to the 
current regulatory environment.
Disposals relate to the sale of Sportingbet Italia 
S.p.A. as described in Note 2.
The other movements arose as a result of 
changes in the underlying value of the amount 
payable to satisfy the contingent consideration. 
The Group has reclassified Italy as a separate 
cash generating unit this year as a result of 
increasing separability of the cash flows from 
this business during the year.
Notes to the Financial Statements
12. Goodwill (continued) 57
ANNUAL REPORT 2008/2009
The £13.9m of Other Intangible costs  
includes £5.2m capitalisation of the  
Superbahis URL and contract, and £8.7m 
relating to the Belmond International Limited 
marketing contract.
13. Other intangible assets
Software 
£m
Other 
£m
Total
£m
Cost   
As at 1 August 2007 14.0 5.2 19.2
Additions 2.8 8.7 1 1.5
As at 1 August 2008 16.8 13.9 30.7
Additions 6.6 - 6.6
As at 31 July 2009 23.4 13.9 37 .3
Amortisation and impairment losses   
As at 1 August 2007 7 .1 1.8 8.9
Charge for the year 2.8 3.9 6.7
Exchange adjustments (0.1) - (0.1)
As at 1 August 2008 9.8 5.7 15.5
Charge for the year 4.0 1.9 5.9
As at 31 July 2009 13.8 7 .6 21.4
Net book value   
As at 31 July 2009 9.6 6.3 15.9
As at 31 July 2008 7 .0 8.2 15.2
Amortisation of Software is charged to 
administrative expenses in the Consolidated 
Income Statement. Other amortisation and 
impairment losses are charged to other 
amortisation within other administrative 
expenses. 58
14. Property, plant and equipment
Notes to the Financial Statements
Computer 
equipment 
£m
Fixtures, 
fittings and 
equipment 
£m
Freehold 
land and 
buildings 
£m
Total 
£m
Motor 
vehicles 
£m
Cost     
As at 1 August 2007 4.0 0.1 12.1 8.0 24.2
Additions 2.6 - 8.0 1.6 12.2
Exchange movements - - (0.2) - (0.2)
As at 1 August 2008 6.6 0.1 19.9 9.6 36.2
Additions 0.4 - 2.6 3.1 6.1
Disposals (0.2) - (7 .3) - (7 .5)
Exchange movements (0.7) - 0.1 - (0.6)
As at 31 July 2009 6.0 0.1 15.4 12.7 34.2
Depreciation     
As at 1 August 2007 2.7 0.1 8.6 - 1 1.4
Charge for the year 0.9 - 2.6 0.2 3.7
Exchange adjustments - - 0.1 (0.1) -
As at 1 August 2008               3.6 0.1 1 1.3 0.1 15.1
Charge for the year 0.6 - 3.5 0.6 4.7
Disposals (0.4) - (6.3) - (6.7)
Exchange adjustments (0.8) - - - (0.8)
As at 31 July 2009 3.0 0.1 8.5 0.7 12.3
Net book value     
As at 31 July 2009 3.0 - 6.9 12.0 21.9
As at 31 July 2008 3.0 - 8.6 9.5 21.1 ANNUAL REPORT 2008/2009
59
15. Trade and other receivables
2009
£m
2009
£m
2009
£m
2008
£m
2008
£m
2008
£m
Trade receivables 6.1 5.9
Provision for impairment of trade receivables (2.4) (1.9)
Trade receivables, net 3.7 4.0
Other receivables 6.2 2.1
Prepayments and accrued income 3.5 1.4
 13.4 7 .5 
Up to 2 months past due 3.0 3.4
2 to 6 months past due 0.1 0.4
Over 6 months past due 0.6 0.1
 3.7 3.9
As at 1 August 1.9 0.5
Provision for receivables impairment 1.2 2.0
Receivables written off during the year as uncollectable (0.7) (0.6)
As at 31 July 2.4 1.9
Trade receivables that are less than 30 days past 
due are not considered impaired. As of 31 July 
2009, trade receivables of £3.7m (2008: £3.9m) 
The creation and release of provisions for 
impaired receivables have been included in 
“Other administrative expenses” in the Income 
Statement. Amounts charged to the allowance 
account are generally written off, when there is 
no expectation of recovering additional cash.  
The other classes within trade and other 
receivables do not contain impaired assets.
The carrying amounts of the Group’s trade 
receivables are denominated entirely in 
Australian dollars.
were past due but not impaired. These relate to 
a number of independent customers for whom 
there is no recent history of default. 
Trade receivables are usually due within 30 
days and do not bear any effective interest rate. 
All trade receivables are subject to credit risk 
exposure, however the Group does not identify 
specific concentration of credit risk with regards 
to trade receivables, as the amount recognised 
consists of a large number of receivables from  
various customers.
Movements on the Group provision for 
impairment of trade receivables are  
as follows:
The ageing analysis of these trade receivables is 
as follows:
The fair value of these short term financial 
assets is not individually determined as the 
carrying amount is a reasonable approximation 
of fair value. 60
16. Cash and cash equivalents
17. Trade and other payables
Notes to the Financial Statements
2009
£m
2008
£m
Cash 30.1 33.6
Short term cash deposits 14.1 13.6
Restricted cash 0.1 2.2
 44.3 49.4
Restricted cash includes £nil (2008: £1.2m) 
held with Barclays in connection with the share 
capital reduction exercise in 2005 and £0.1m 
(2008: £1.0m) held in designated accounts 
which have certain restrictions. 
Contingent consideration of £0.5m (2008: 
£4.5m) is owed in respect of the acquisition of 
the business and assets of Maslin Properties 
Limited.
Although repayable on demand, the Group has 
a bank loan of £4.0m which is available up to 
2012. The Directors do not anticipate early 
Short term cash deposits consists of balances 
held by payment service providers.  The effective 
rates on bank balances and short term deposits 
was £nil (2008: £nil).
repayment. The loan is secured by a floating 
charge over the assets of the Group, and bears 
an interest rate of 1.5% above LIBOR.
The open bets at the year end are within the 
scope of IAS 39 as derivative contracts. These 
bets are held at fair value with significant gains 
and losses recognised in revenue. Management’s 
2009
£m
2008
£m
Bank loans  4.0 5.6
Trade payables 5.3 8.9
Other payables 5.5 1.6
Customer liabilities 14.8 13.4
Tax and social security 1.7 4.0
Accruals and deferred income 12.0 23.1
Contingent consideration 0.5 4.5
Open bets 1.7 1.8
 45.5 62.9
assessments of the exposure to significant 
changes in fair value of open bets is assessed 
as negligible due to the short term exposures 
to such liabilities and the minimal movement on 
average betting odds between the date of bet 
placing and the period end.  61
ANNUAL REPORT 2008/2009
18. Provisions
19. Financial instruments
Chargeback 
provision
As at 1 August 2007 0.3
Amounts incurred and charged against the provision (0.2)
As at 1 August 2008 0.1
Amounts incurred and charged against the provision -
As at 31 July 2009 0.1
Included in current liabilities -
Included in non-current liabilities 0.1
 0.1
The chargeback provision provides for future 
chargebacks on customer deposits made within 
The Group uses financial instruments, 
comprising cash and cash equivalents, short 
term borrowings and trade receivables, which 
arise directly from its operations.
Short term receivables 
The Group’s trade and other receivables 
are actively monitored to avoid significant 
concentrations of credit risk.
Derivative instruments
The Group takes out forward currency contracts 
in Euro and Australian dollars. Hedge accounting 
is applied to certain derivative instruments as set 
out below.
Interest rate risk
The Group finances its operations through a 
mixture of retained profits and bank facilities.  
Bank borrowings are made using variable 
interest rates. The interest rate risk on the 
Group’s £4.0m bank loan is not considered to  
be significant.
Liquidity risk
The Group seeks to manage financial risk, to 
ensure sufficient liquidity is available to meet 
foreseeable needs and to invest cash assets 
safely and profitably.
Sufficient cash reserves are held to maintain 
short-term flexibility, together with short-term 
borrowings.
The following table details the contractual 
maturity analysis of the Group’s financial 
liabilities:
2-5 years
 £m
31 July 2009
1 year or less 
£m
5 years  
and over 
£m
Total 
£m
Financial liabilities  
Trade payables 1 1.7 - - 1 1.7
Customer liabilities 14.8 - - 14.8
Bank loans 0.1 4.2 - 4.3
Sports betting open positions 1.7 - - 1.7
Total 28.3 4.2 - 32.5
the year, and is expected to unwind in the next 
financial year. 62
Notes to the Financial Statements
Customer liabilities represent cash held by 
the group on behalf of customers net of an 
allowance for uncollected balances. In the event 
that the level of balances reclaimed exceeds 
management’s expectation, the gross cash 
outflow could be higher.
Credit risk
As explained in the financial review, the Group 
recharges its credit risk, arising from credit 
facilities allowed to certain customers in the 
Australian region, by making appropriate credit 
checks before bets are placed and setting credit 
limits based on this information.
Currency risk
The Group’s activities expose it to the financial 
risks of changes in foreign currency exchange 
rates; a significant proportion of its income 
is derived from foreign currencies whilst the 
majority of its costs are in Sterling.
During the year, the Group moved to a proactive 
position and began to hedge foreign currency 
sales with forward contracts for up to one year, 
purchasing currencies to cover 80% of its 
exposure one quarter ahead, 70% two quarters 
ahead, 60% three quarters ahead and 50% 
four quarters ahead.  This policy is approved by 
the Board and the Board receives updates on a 
regular basis in respect of the hedging position.
The Group’s derivative transactions comprise 
currency forward contracts.  During the year 
the Group entered into a number of forward 
contracts with terms of between 1 and  
12 months.
The Group applies hedge accounting to its 
forward contracts which provide a cash flow 
hedge against spot rate foreign currency 
volatility over highly probable forecast Euro sales.
 Amounts initially recycled to equity under 
designated cash flow hedges totalled £1.2m 
(2008: £nil) of which £0.5m (2008: nil) has 
been recycled to the income statement on the 
completion of designated hedge relationships.
The tables below show the extent to which 
Group companies have monetary assets and 
liabilities in currencies other than their  
local currency:
19. Financial instruments (continued)
2-5 years
 £m
31 July 2008
1 year or less 
£m
5 years  
and over 
£m
Total 
£m
Financial liabilities  
Trade payables 14.5 - - 14.5
Customer liabilities 13.4 - - 13.4
Bank loans 0.2 5.9 - 6.1
Sports betting open positions 1.8 - - 1.8
Total 29.9 5.9 - 35.8
The maturity analysis in respect of sports betting 
open positions reflects the fair value of the 
liability position at the balance sheet date. In 
the event that the outcome of bets adversely 
affected the business, the gross cash outflow 
could be higher. ANNUAL REPORT 2008/2009
63
Czech
Koruna
 £m
2008
 £m
Net foreign currency monetary assets
Liabilities at fair value 
through the Income Statement
Financial liabilities at 
amortised cost
Euro 
£m
Functional currency of operation Other 
currencies  
£m
2009  
£m
Total 
£m
2008 
£m
US dollars 
£m
2009
£m
2009 
Sterling 3.9 0.9 2.6 3.1 10.5
 3.9 0.9 2.6 3.1 10.5
2008 
Sterling 16.5 1.5 0.6 3.5 22.1
 16.5 1.5 0.6 3.5 22.1
Financial liabilities as per balance sheet  
Trade and other payables 1.7 1.8 37 .6 47 .0
Interest bearing loans and borrowings - - 4.0 5.6
 1.7 1.8 41.6 52.6
Fair values
The fair values of the Group’s financial 
instruments are considered to be equal to the 
book value. As these financial instruments are 
not publicly traded, the fair values presented are 
determined by calculating present values of the 
cash flows anticipated until maturity of these 
financial assets. 
2009
£m
2009
£m
2008
£m
2008
£m
Financial assets as per balance sheet  
Trade and other receivables - - 9.9 6.1
Cash and cash equivalents - - 44.3 49.4
Derivatives 0.7 - - -
 0.7 - 54.2 55.5
Loans and receivables Assets at fair value through  
the Income Statement
19. Financial instruments (continued) 64
Foreign currency 
sensitivity
Sportingbet Plc is exposed to market risk 
through its use of financial instruments and 
specifically to currency risk.
Exposures to currency exchange rates arise 
from the Group’s retranslation of its foreign 
subsidiaries as well as the Group’s overseas 
sales and purchases, which are primarily 
denominated in Euros and Turkish Lira.
Exposures to foreign exchange rates vary during 
the year depending on the volume of overseas 
transactions. Nonetheless, the analysis above is 
considered to be representative of the Group’s 
exposure to currency risk.
If Sterling had weakened against the Euro and 
Turkish Lira by 0.5% (2008: 1.3%) and 0.4% 
(2008: 0.7%) respectively then this would have 
had the following impact:
The following table illustrates the sensitivity of 
the net result for the year and equity with regard 
to the Group’s financial assets and financial 
liabilities and the Euro/Sterling exchange 
rate and Turkish Lira/Sterling rate. It assumes 
a +/- 0.5% movement in the Sterling/Euro 
exchange rate for the year ended 31 July 2009 
(2008: 1.3%) and a +/- 0.4% movement for the 
Sterling/Turkish Lira exchange rate (2008: 0.7%). 
Capital management
In common with many internet companies 
that have few physical assets, the Group 
has no policy as to the level of equity capital 
and reserves other than to address statutory 
requirements. As at 31 July 2009, the Group 
had £4.0m of bank loans which are secured on 
the Group’s land and buildings. Details of the 
Group’s dividend policy are disclosed on page 44 
of this Annual Report.
These percentages have been determined based 
on the average market volatility in exchange 
rates in the previous 12 months.
If Sterling had strengthened against the Euro 
and Turkish Lira by 0.5% (2008: 1.3%) and 
0.4% (2008: 0.7%) respectively then this would 
have had the following impact:
Notes to the Financial Statements
Euro
£m
Euro
£m
Euro
£m
Euro
£m
Turkish Lira
£m
Turkish Lira
£m
2009
2009
2008
2008
Turkish Lira
£m
Turkish Lira
£m
Total
£m
Total
£m
Total
£m
Total
£m
Net profit (0.2) (0.1) (0.3) (0.4) (0.3) (0.7)
Equity (0.1) (0.1) (0.3) (0.4) (0.3) (0.7)
Net profit 0.2 0.1 0.3 0.4 0.3 0.7
Equity 0.1 0.1 0.3 0.4 0.3 0.7
19. Financial instruments (continued) 65
ANNUAL REPORT 2008/2009
Shares issued in respect of acquisitions 
represent 7 ,422,679 shares in respect of 
the acquisition of the business and assets of 
Belmond International Limited during the year 
ended 31 July 2008.
20. Share capital
2009
£000
2008
£000
Authorised:  
1,000m (2008: 1,000m) ordinary shares of 0.1p each 1,000 1,000
Allotted, issued and fully paid:  
As at 31 July 2008: 472,01 1,023 shares of 0.1p each 472 433
Issues in respect of acquisitions: 7 ,422,679 shares 7 25
Other share issues in respect of exercised share options: 4,714,005 shares 5 12
Other share issues: nil shares - 2
As at 31 July 2009: 483,987 ,106 shares of 0.1p each 484 472 66
Notes to the Financial Statements
At 31 July 2009 the following share options 
were outstanding in respect of ordinary shares: 
Ordinary shares of 0.1p Date of grant Period of option Exercise 
price  
(p)
September 2002 100,000 September 2005 – September 2009 83
December 2003 1,155,000 December 2006 – December 2010 39.5
January 2004 1,570,625 January 2007 – January 201 1 49
February 2004 100,000 February 2007 – January 201 1 39.5
May 2004 50,000 May 2007 – May 201 1 94
October 2004 100,000 October 2007 – October 201 1 97 .5
November 2004 160,000 November 2007 – November 2014 131
August 2005 26,250 July 2007 – July 2008 -
May 2006 66,667 November 2007 – November 2009 -
November 2006 9,296,041 November 2007 – November 2009 -
March 2007 461,904 November 2007 – November 2009 -
June 2007 84,325 November 2008 – November 2009 -
November 2007 4,249,569 November 2008 – November 2009 -
December 2007 1,422,354 December 2008 – December 2009 -
March 2008 2,562,25 1 November 2008 – November 2009 -
June 2008 2,5 19,157 November 2009 – November 201 1 -
January 2009 15,706,605 November 2010 – November 2012 -
At 31 July 2009 there were 39,630,748 options 
or awards over ordinary shares outstanding, 
7 ,152,724 of which relate to Directors, details of 
which can be found in the Remuneration Report 
on pages 28 to 32. 
Of the share options detailed above 35,700 
relate to the HMRC Approved Scheme, 
1,880,625 relate to the Executive Scheme, 
1,319,300 relate to the Unapproved Scheme, 
26,250 relate to the 2005 plan, 19,173,247 
relate to the 2006 Share Plan, 15,706,605 
relate to the 2009 restricted share plan, 66,667 
relate to conditional awards and 1,422,354 to 
discretionary awards to Executive Directors.
20. Share capital (continued) ANNUAL REPORT 2008/2009
67
The movement in Group equity of £8.8m 
(2008: £12.3m) is wholly represented by the 
movements shown in equity reserves and share 
capital in Notes 21 and 20. 
The movement in shares to be issued of £9.0m 
represents settlement of consideration in 
relation to historic acquisitions.
21. Equity
Share 
premium 
account
£m
Issued 
share 
capital 
£m
Profit 
and loss 
account
£m
Shares to 
be issued
£m
Foreign 
exchange 
reserve
£m
Total
£m
Own 
shares
£m
As at August 2007 0.4 42.9 14.6 -    16.8 (2.6) 72.1
Acquisitions 0.1 13.4 (5.6) -                          - - 7 .9
Share option charge - - - - 7 .6 - 7 .6
Loss for the year - - - - (4.3) - (4.3)
Foreign currency exchange - - - - - 1.1 1.1
As at 1 August 2008 0.5 56.3 9.0 - 20.1 (1.5) 84.4
Acquisitions - 3.1 (9.0) - - - (5.9) 
Share option charge - - - - 3.1 - 3.1
Profit for the year - - - - 12.4 - 12.4
Purchase of own shares - - - (3.0) - - (3.0)
Issue of own shares in lieu of options - - - 3.0 (3.0) - -
Hedging reserve - - - - 0.7 - 0.7
Foreign currency exchange - - - - - 1.5 1.5
As at 31 July 2009 0.5 59.4 - - 33.3 - 93.2 68
Notes to the Financial Statements
22. Share based payments
The Company operates six equity-settled share-
based remuneration schemes for employees 
across the Group, as listed in Note 20. All 
employees are eligible to participate in these 
The exercise price of options outstanding at the 
end of the year ranged between 0p and 131p 
(2008: 0p and 131p) and their weighted average 
contractual life was 596 days (2008: 455 days).
Of the total number of options outstanding at the 
end of the year, 3,235,625 (2008: 3,310,625) 
had vested and were exercisable.
The volatility assumption, measured at the 
standard deviation of expected share price 
schemes, the vesting conditions being that the 
individual still remains in employment at the 
date of the release of the option and in respect 
of the 2005 and 2006 share plans satisfies 
The weighted average share price (at the date 
of exercise) of options exercised during the year 
was 27 .9p (2008: 44.2p).
The weighted average fair value of each  
option granted during the year was 33.35p 
(2008: 44.27p).
certain performance criteria. The terms of these 
schemes are discussed in more detail in the 
Remuneration Report on pages 28 to 32.
The following information is relevant in the 
determination of the fair value of options granted 
during the year under the equity-and cash-
settled share-based remuneration schemes 
operated by Sportingbet Plc.
No.
2009 2008
Weighted 
average 
exercise price
(p)
No. Weighted 
average 
exercise price
(p)
Outstanding at the beginning of the year 2.7 38,686,357 3.7 40,271,306
Granted during the year - 17 ,416,122 - 15,996,714
Forfeited during the year - (66,667) - -
Exercised during the year - (13,789,763) 0.4 (1 1,909,203)
Lapsed during the year 1.4 (2,615,301) 7 .1 (5,672,460)
Outstanding at the end of the year 2.5 39,630,748 2.7 38,686,357
Exercisable at the end of the year 52.6 3,235,625 52.5 3,310,625
2009
2009
£m
2008
2008
£m
Equity-settled  
Options pricing model used Black-Scholes Black-Scholes
Weighted average share price at grant date (pence) 35.17p 44.27p
Exercise price (pence) nil nil
Weighted average contractual life (days) 1,208 555
Equity-settled  
Expected volatility 50% 50%
Expected dividend growth rate 2% 2%
Risk-free interest rate 5% 5%
The share-based remuneration expense comprises:  
Equity-settled schemes 3.1 8.0
returns, is based on a statistical analysis of daily 
share prices over the last three years. 69
ANNUAL REPORT 2008/2009
23. Commitments under operating leases
24. Contingent liabilities
25. Related parties
(a) From time to time the Group is subject to 
legal claims and actions. The Group takes legal 
advice as to the likelihood of success of the 
claims and actions and no provision or disclosure 
is made where the Directors feel, based on 
that advice, that action is unlikely to result in a 
material loss or a sufficiently reliable estimate of 
the potential obligation cannot be made. 
As part of the ongoing operational risk 
assessment process adopted by the Group, 
there is continued monitoring of the legal and 
regulatory developments and their potential 
impact on the business. Appropriate advice 
continues to be taken in respect of these 
developments.
As noted within the Regulatory Developments 
section (pages 33 to 35) there have been 
certain adverse regulatory developments within 
Turkey and parts of Europe. In addition, the 
Group as a whole has been impacted by the 
enactment of the Unlawful Internet Gambling 
Enforcement Act in the US, in October 2006. 
Although the Group has ceased taking bets from 
US resident customers potentially there remains 
a residual risk associated with the Group’s 
historic US transactions.
At 31 July 2009, the Group had outstanding 
commitments for future minimum lease 
payments under non-cancellable operating 
leases, which fall due as follows:
Operating lease payments represent  
rentals payable by the Group for office  
property costs.
The Group makes contributions into an 
Employee Benefit Trust (“EBT”) as part of a 
cash based long term incentive plan for certain 
There is uncertainty as to what actions, if 
any, may occur from the above noted events, 
and any impact such action may have on the 
Group. However, the Board does not consider 
it probable that a material liability or a material 
impairment in the carrying value of assets will 
arise as a result of any potential action.
(b) The Group has entered into arbitration 
following a claim by its former marketing partner 
for the Spanish market. The Group disputes the 
claim and has sought specific legal advice. It is 
considered that it would be prejudicial to the 
arbitration process to provide a best estimate of 
any potential liability.
2009
£m
2008
£m
Minimum lease payments under operating leases recognised as an expense for the year
Land and buildings 1.7 1.9
2009
£m
2008
£m
Land and buildings  
Within 1 year 1.6 1.5
Within 2-5 years inclusive 1.7 3.2
In more than 5 years 0.6 1.1
 3.9 5.8
key employees. A number of Directors are 
beneficiaries of the EBT into which contributions 
of £0.6m were made in 2009 (2008: £1.2m). 70
Parent Company Independent 
Auditor’s Report
To the shareholders of Sportingbet Plc
We have audited the Parent Company Financial 
Statements of Sportingbet Plc for the year 
ended 31 July 2009, which comprise the Parent 
Company Balance Sheet and the related notes. 
The financial reporting framework that has been 
applied in their preparation is applicable law and 
United Kingdom Accounting Standards (United 
Kingdom Generally Accepted Accounting 
Practice). We have reported seperately on the 
Group Financial Statements of Sportingbet Plc 
for the year ended 31 July 2009.
This report is made solely to the Company’s 
members, as a body, in accordance with Sections 
495 and 496 of the Companies Act 2006. Our 
audit work has been undertaken so that we 
might state to the Company’s members those 
matters we are required to state to them in an 
auditor’s report and for no other purpose. To the 
fullest extent permitted by law, we do not accept 
or assume responsibility to anyone other than 
the Company and the Company’s members as a 
body for our audit work, for this report, or for the 
opinions we have formed.
Respective responsibilities 
of Directors and auditors
As explained more fully in the Directors’ 
Responsibilities Statement, the Directors are 
responsible for the preparation of the Parent 
Company Financial Statements and for being 
satisfied that they give a true and fair view. Our 
responsibility is to audit the Parent Company 
Financial Statements in accordance with 
applicable law and International Standards on 
Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the 
financial statements
A description of the scope of an audit of 
Financial Statements is provided on the APB’s 
website at www.frc.org.uk/apb/scope/UKNP.
Opinion on financial 
statements
In our opinion the Parent Company Financial 
Statements:
give a true and fair view of the state of the z z
company’s affairs as at 31 July 2009; 
have been properly prepared in accordance z z
with United Kingdom Generally Accepted 
Accounting Practice; and
have been prepared in accordance with the z z
requirements of the Companies Act 2006.
Emphasis of matter - 
regulatory uncertainty
In forming our opinion on the Financial 
Statements, which is not qualified, we have 
considered the accuracy of, and draw attention 
to, the disclosures made in Note 24(a) of the 
Group Financial Statements regarding the 
implications of, and uncertainties arising from, 
regulatory developments concerning online 
gambling and related activities in the United 
States, Turkey and parts of Europe. There is 
uncertainty as to the impact such regulatory 
developments may have on the Company. 
Note 24(a) of the Group Financial Statements 
includes a statement that the Board does not 
consider it probable that a material liability or 
impairment in the carrying value of assets will 
arise as a result of any potential action.
Opinion on other matter 
prescribed by the 
Companies Act 2006
In our opinion the information given in the 
Directors’ Report for the financial year for  
which the Financial Statements are prepared  
is consistent with the Parent Company  
Financial Statements.
Matters on which we 
are required to report by 
exception
We have nothing to report in respect of the 
following matters where the Companies  
Act 2006 requires us to report to you if, in  
our opinion:
adequate accounting records have not been z z
kept by the Parent Company, or returns 
adequate for our audit have not been 
received from branches not visited by us; or
the Parent Company Financial Statements z z
are not in agreement with the accounting 
records and returns; or
certain disclosures of Directors’ z z
remuneration specified by law are not made; 
or
we have not received all the information and z z
explanations we require for our audit.
Paul Etherington 
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
7 October 2009 ANNUAL REPORT 2008/2009
71
As at 31 July 2009
Parent Company Balance Sheet
Notes 2009 
£m
2008
£m
Fixed assets   
Investments 4 46.3 5 1.3
  46.3 5 1.3
Current assets
Debtors 5 25.6 42.2
Cash at bank and in hand 6 1.2 1.2
  26.8 43.4
Creditors – amounts falling due within one year 7 (6.3) (12.5)
Net current assets  20.5 30.9
Net assets  66.8 82.2
Shareholders’ funds   
Issued share capital 8 0.5 0.5
Shares to be issued 9 - 7 .5
Share premium 9 58.3 54.9
Retained earnings 9 8.0 19.3
Equity shareholders’ funds  66.8 82.2
The Notes on pages 72 to 77 form part of 
these Financial Statements. These Financial 
Statements were approved by the Board and 
authorised for issue on 7th October 2009.
A McIver  
Director 72
Notes to the Parent Company 
Financial Statements
1. Parent company accounting policies
2. Loss after tax
The Financial Statements for the Company have 
been prepared in accordance with UK law and 
applicable UK GAAP accounting standards.  
The principal accounting policies are 
summarised below. They have all been applied 
consistently throughout the financial year and 
the preceding year.  
The following principal accounting policies have 
been applied:
Exemptions
The Directors have taken advantage of  
the exemption available under section 408 of 
the Companies Act 2006 and not presented 
a profit and loss for the Company alone. The 
Company is also exempt from the requirement 
to prepare a cash flow statement as its cash 
flows are consolidated in the Group Financial 
Statements of Sportingbet Plc.
Valuation of investments
Investments held as fixed assets are stated at 
cost less any provision for impairment.
Leased assets
Assets held under finance leases and other 
similar contracts, which confer rights and 
obligations similar to those attached to owned 
assets, are capitalised as tangible fixed assets 
and are depreciated over the shorter of the lease 
terms and their useful lives. The capital elements 
of future lease obligations are recorded as 
liabilities, while the interest elements are 
charged to the profit and loss account over the 
period of the leases to produce a constant rate 
of charge on the balance of capital repayments 
outstanding. Hire purchase transactions are 
dealt with similarly, except that assets are 
depreciated over their useful lives. 
Rentals under operating leases are  
charged on a straight-line basis over the lease 
term, even if the payments are not made on such 
a basis. Benefits received and receivable as an 
incentive to sign an operating lease are similarly 
spread on a straight-line basis over the lease 
term, except where the period to the review date 
on which the rent is first expected to be adjusted 
to the prevailing market rate is shorter than the 
full lease term, in which case the shorter period 
is used. 
Pension costs
For defined contribution schemes the amount 
charged to the profit and loss account in respect 
of pension costs and other post-retirement 
benefits is the contributions payable in the 
period.  Differences between contributions 
payable in the year and contributions 
actually paid are shown as either accruals or 
prepayments in the balance sheet. 
Share based employee 
remuneration
Where share options are awarded to employees, 
the fair value of the options at the date of grant 
is charged to the profit and loss account over the 
vesting period.
Where share options are granted to employees 
of subsidiary undertakings, the fair value of the 
options is added to the cost of investment in 
these subsidiary undertakings over the  
vesting period.
Non-market vesting conditions are taken into 
account by adjusting the number of equity 
instruments expected to vest at each balance 
sheet date so that, ultimately, the cumulative 
amount recognised over the vesting period is 
based on the number of options that eventually 
vest. Market vesting conditions are factored 
into the fair value of the options granted. As 
long as all other vesting conditions are satisfied, 
a charge is made irrespective of whether the 
market vesting conditions are satisfied. The 
cumulative expense is not adjusted for failure to 
achieve a market vesting condition.
Where the terms of the options are modified 
before they vest, the increase in the fair value 
of the options, measured immediately before 
and after the modification, is also charged to 
the profit and loss account over the remaining 
vesting period.
Where equity instruments are granted to persons 
other than employees, the profit and loss 
account is charged with the fair value of goods 
and services received. 
Further descriptions of the Group’s share-based 
payment plans are given in note 22 of the Group 
Financial Statements.
Financial liabilities and 
equity
Financial liabilities and equity are classified 
according to the substance of the financial 
instrument’s contractual obligations, rather than 
the financial instrument’s legal form.
Company loss after tax for the year amounted 
to £1 1.3m. Audit fees for the Company were 
borne by other members of the group and 
are disclosed in the notes to the consolidated 
Financial Statements. 73
ANNUAL REPORT 2008/2009
3. Staff costs
4. Investments
2009
£m
2008
£m
Shares in subsidiary 
undertakings
£m
Employee costs including Directors were as follows:  
Wages and salaries 2.6  3.7
Social security costs 0.3 0.2
Pensions costs 0.2 0.3 
 3.1  4.2
Investment in subsidiary undertakings
As at 1 August 2008 5 1.3
Disposals  (7 .2)
Options issued to employees of subsidiary undertakings 2.2
As at 31 July 2009 46.3
During the year 6 employees were employed by 
the Company (2008: 5).
There were 2 (2008: 2) Directors in the 
Company’s defined contribution pension 
scheme. Further non statutory disclosures on 
the remuneration of each individual Director 
are given in the Remuneration Report Financial 
Statements.
During the year the Company disposed of 
its investment in Sportingbet Italia S.p.A and 
dissolved Sportingbet Germany Limited. 74
For all undertakings listed previously, the 
country of incorporation is the same as the 
country of operation. 
The Company has agreed to provide its 
subsidiary undertakings with such financial 
support as is necessary to enable the 
subsidiaries to continue to trade and meet their 
obligations to third party creditors as and when 
they fall due.
Activity Country of incorporation 
or registration
Interactive Sports (CI) Limited Online betting Alderney
Interactive Sports Limited Online betting England
Sportingbet Australia Pty Limited Online and telephone betting Australia
Internet Opportunity Entertainment Limited Online betting Antigua & Barbuda
Platinum Management Advisors S.A. Administrative services Costa Rica
Sporting Odds Limited Online betting England
MLB Limited Contract Call Centre Ireland 
Anfield Limited Investment holding company B.V.I.
SB (Properties) Guernsey Limited Investment property holding company Guernsey
Sportingbet (Management Services) Limited Administrative services England
Sportingbet (IT Services) Limited Software development and IT related services England
Sportingbet (Product Services) Limited Market research, project management and web  
 design services England
5. Debtors
2009
£m
2008
£m
Other debtors 0.3 0.3
Prepayments and accrued income 1.1 0.1
Owed by subsidiary undertakings 24.2 41.8
 25.6 42.2
Notes to the Parent Company 
Financial Statements
4. Investments (continued)
The following principal subsidiaries were wholly 
owned at 31 July 2009. ANNUAL REPORT 2008/2009
75
Restricted cash represents £nil (2008: £1.2m) 
held with Barclays in connection with the share 
capital reduction exercise in 2005. 
6. Cash at bank and in hand
2009
£m
2008
£m
Cash 1.2 -
Restricted cash - 1.2
 1.2 1.2
7. Creditors - amounts falling due within one year
8. Share capital
2009
£m
2008
£m
Bank loans 4.0 5.6
Accruals and deferred income 1.9 2.4
Contingent consideration - 4.5
Due to subsidiary undertakings 0.4 -
 6.3 12.5
Shares issued in respect of acquisitions 
represent 7 ,422,679 shares in respect of 
the acquisition of the business and assets of 
Belmond International Limited during the year 
ended 31 July 2008.
2009
£000
2008
£000
Authorised:  
1,000m (2008: 1,000m) ordinary shares of 0.1p each 1,000 1,000
Allotted, issued and fully paid:  
As at 31 July 2008:  472,01 1,023 shares of 0.1p each 472 433
Issues in respect of acquisitions: 7 ,422,679 shares 7 25
Issues in respect of exercised share options: 4,714,005 shares 5 12
Other share issues: nil shares - 2
As at 31 July 2009: 483,987 ,106 shares of 0.1p each   484 472 76
Notes to the Parent Company 
Financial Statements
At 31 July 2009 the following share options 
were outstanding in respect of ordinary shares: 
Ordinary shares of 0.1p Date of grant Period of option Exercise 
price  
(p)
September 2002 100,000 September 2005 – September 2009 83
December 2003 1,155,000 December 2006 – December 2010 39.5
January 2004 1,570,625 January 2007 – January 201 1 49
February 2004 100,000 February 2007 – January 201 1 39.5
May 2004 50,000 May 2007 – May 201 1 94
October 2004 100,000 October 2007 – October 201 1 97 .5
November 2004 160,000 November 2007 – November 2014 131
August 2005 26,250 July 2007 – July 2008 -
May 2006 66,667 November 2007 – November 2009 -
November 2006 9,296,041 November 2007 – November 2009 -
March 2007 461,904 November 2007 – November 2009 -
June 2007 84,325 November 2008 – November 2009 -
November 2007 4,249,569 November 2008 – November 2009 -
December 2007 1,422,354 December 2008 – December 2009 -
March 2008 2,652,25 1 November 2008 – November 2009 -
June 2008 2,5 19,157 November 2009 – November 201 1 -
January 2009 15,706,605 November 2010 – November 2012 -
At 31 July 2009 there were 39,630,748 options 
or awards over ordinary shares outstanding, 
7 ,152,724 of which relate to Directors, details of 
which can be found in the Remuneration Report 
on pages 28 to 32. 
Of the share options detailed above 35,700 
relate to the HMRC Approved Scheme, 
1,880,625 relate to the Executive Scheme,  
1,319,300 relate to the Unapproved Scheme, 
26,250 relate to the 2005 plan, 19,173,247 
relate to the 2006 Share Plan, 15,706,605 
relate to the 2009 restricted share plan, 66,667 
relate to conditional awards and 1,422,354 to 
discretionary awards to Executive Directors.
8. Share capital (continued) 77
ANNUAL REPORT 2008/2009
9. Reserves
Share 
premium 
account
£m
Shares to 
be issued
£m
Profit and 
loss account  
£m
As at 1 August 2008 54.9 7 .5 19.3
Acquisitions 3.4 (7 .5) -
Share option charge - - 3.1
Other movements - - (0.1)
Issue of own shares in lieu of options - - (3.0)
Loss for the year - - (1 1.3)
As at 31 July 2009 58.3 - 8.0
The movement in Company shareholders’ funds 
of £15.4m (2008: £6.9m) is wholly represented 
by the movements shown in reserves and share 
capital in Notes 9 and 8. 
The movement in shares to be issued of £7 .5m 
represents settlement of consideration in relation 
to historic acquisitions. 
Other movements comprise of rounding 
differences. 78
Notice of Meeting
NOTICE IS HEREBY GIVEN that the Annual 
General Meeting of Sportingbet Plc (the 
‘Company’) will be held at 4th Floor, 45 
Moorfields, London EC2Y 9AE on 18 December 
2009 at 10.30 a.m. for the following purposes:
Ordinary business 
To consider, and if thought fit, pass the following 
ordinary resolutions: 
Resolution 1
To receive and adopt the accounts, the Directors’ 
report, and the auditor’s report on the Financial 
Statements for the year ended 31 July 2009.
Resolution 2
To receive and approve the Directors’ 
Remuneration Report for the year ended 31 July 
2009.
Resolution 3 
To declare a final dividend for the year ended 31 
July 2009 of 1 pence (£0.01) per ordinary share.
Resolution 4 
To re-appoint Grant Thornton (UK) LLP as 
auditors of the Company to hold office from the 
conclusion of the meeting until the conclusion of 
the next General Meeting at which accounts are 
laid before the Company.
Resolution 5
To authorise the Directors to set the auditor’s 
remuneration. 
Resolution 6 
To re-elect Brian Harris as a Director of  
the Company. 
Resolution 7 
To re-elect Sean O’Connor as a Director of  
the Company. 
Special business
To consider and, if thought fit, pass the following 
resolutions, of which resolutions 8 and 10 will be 
proposed as ordinary resolutions and resolutions 
9 and 1 1 will be proposed as special resolutions:
Resolution 8
That, in accordance with section 55 1 of 
the Companies Act 2006 (“2006 Act”), the 
Directors be and they are hereby generally and 
unconditionally authorised in substitution for all 
existing authorities conferred on Directors in 
accordance with section 80 of the Companies 
Act 1985 or section 55 1 of the 2006 Act: 
to exercise all the powers of the Company z z
to allot shares in the Company up to an 
aggregate nominal amount of £161,375; 
and
to exercise all the powers of the Company to z z
allot equity securities (as defined in section 
560 of the 2006 Act) up to an additional 
aggregate nominal amount of £161,375 
provided that this authority may only be used 
in connection with a rights issue in favour 
of holders of ordinary shares and other 
persons entitled to participate therein where 
the equity securities respectively attributable 
to the interests of all those persons at 
such record dates as the Directors may 
determine are proportionate (as nearly 
as may be) to the respective numbers of 
equity securities held or deemed to be 
held by them or are otherwise allotted in 
accordance with the rights attaching to such 
equity securities subject to such exclusions 
or other arrangements as the Directors 
may consider necessary or expedient to 
deal with fractional entitlements or legal 
difficulties under the laws of any territory 
or the requirements of a regulatory body 
or stock exchange or by virtue of shares 
being represented by depositary receipts 
or any other matter whatsoever, provided 
that the authorities in 8(i) and 8(ii) shall 
expire at the conclusion of the next Annual 
General Meeting  of the Company after 
the passing of this resolution or if earlier 
on the date which is 15 months after the 
date of the annual general meeting, except 
that the Company may before such expiry 
make an offer or agreement which would or 
might require relevant securities or equity 
securities as the case may be to be allotted 
after such expiry and the directors may allot 
relevant securities or equity securities in 
pursuance of any such offer or agreement 
as if the authority in question had  
not expired.
Resolution 9
That, in accordance with section 570 of the 
2006 Act, the Directors be and they are hereby 
empowered, to allot equity securities (as defined 
in section 560 of the 2006 Act) for cash 
pursuant to the authority conferred by resolution 
number 8 or by way of a sale of treasury shares 
as if section 561 (1) of the 2006 Act did not 
apply to any such allotment, provided that this 
power shall be limited to:
the allotment of equity securities in z z
connection with a rights issue or other pro 
rata offer (but, in the case of the authority 
granted conferred by paragraph 8(ii), by way 
of a rights issue only) in favour of holders of 
ordinary shares and other persons entitled 
to participate therein where the equity 
securities respectively attributable to the 
interests of all those persons at such record 
dates as the Directors may determine are 
proportionate (as nearly as may be) to the 
respective numbers of equity securities 
held or deemed to be held by them or are 
otherwise allotted in accordance with the 
rights attaching to such equity securities 
subject in each case to such exclusions 
or other arrangements as the directors 
may consider necessary or expedient to 
deal with fractional entitlements or legal 
difficulties under the laws of any territory 
or the requirements of a regulatory body or 
stock exchange or by virtue of shares being 
represented by depositary receipts or any 
other matter whatsoever; and
the allotment (otherwise than pursuant to z z
paragraph 9(i) above) of equity securities 
up to an aggregate nominal amount of 
£24,206,223, and shall expire upon the 
expiry of the general authority conferred by 
resolution number 8 above, except that the 
Company may before such expiry make an 
offer or agreement which would or might 
require equity securities to be allotted and/or 
shares held by the Company in treasury to be 
sold or transferred after such expiry and the 
directors may allot equity securities and/or 
sell or transfer shares held by the Company 
in treasury in pursuance of such offer or 
agreement as if the power conferred by this 
resolution had not expired. ANNUAL REPORT 2008/2009
79
Resolution 10
That the Company and any wholly owned 
subsidiary of the Company be and is hereby 
authorised to:
make political donations to political parties z z
and/or independent election candidates not 
exceeding £100,000 in total;
make political donations to political z z
organisations other than political parties not 
exceeding £100,000 in total; and
incur political expenditure not exceeding z z
£100,000 in total, during the period 
beginning on the date of the passing of this 
resolution 10 and ending on the earlier of 
the conclusion of the next Annual General 
Meeting of the Company and 31 December 
2010.
For the purposes of this resolution 10 the terms 
‘political donation’, ‘political parties’, ‘political 
organisation’ and ‘political expenditure’ have the 
meanings given to them by Sections 363 to 365 
of the 2006 Act.
Resolution 11
That, pursuant to section 701 of the 2006 Act 
and article 7(C) of the Company’s articles of 
association, the Company is hereby generally 
and unconditionally authorised to make market 
purchases (within the meaning of section 693 
of the 2006 Act) of ordinary shares of 0.1p 
each in the capital of the Company (‘Ordinary 
Shares’) on such terms and in such manner as 
the Directors may from time to time determine 
provided that: 
the maximum number of Ordinary Shares z z
hereby authorised to be purchased is 
48,412,446 (representing approximately 10 
per cent of the Company’s issued ordinary 
share capital at the date of this notice of 
meeting); 
the minimum price, exclusive of any z z
expenses, which may be paid for each 
Ordinary Share is 0.1p;
the maximum price, exclusive of any z z
expenses, which may be paid for each 
Ordinary Share is an amount equal to 
105 per cent of the average of the middle 
market quotation for an Ordinary Share of 
the Company for the five business days 
immediately preceding the day on which 
such share is contracted to be purchased; 
unless previously renewed, revoked or z z
varied, the authority hereby conferred shall 
expire at the close of the next Annual 
General Meeting of the Company or 31 
December 2010, whichever is the earlier; 
and
under this authority the Company may make z z
a contract to purchase ordinary shares which 
would or might be executed wholly or partly 
after the expiry of this authority, and may 
make purchases of ordinary shares pursuant 
to it as if this authority had not expired. 
7 October 2009
By Order of the Board 
D Talisman LLB ACIS 
Company Secretary  
Registered Office:  
4th Floor  
45 Moorfields  
London  
EC2Y 9AE 80
Notes to the Notice of Meeting
Entitlement to attend  
and vote
Pursuant to Regulation 41 of the Uncertificated 
Securities Regulations 2001, only those 
shareholders on the register of members of 
the Company as at 6.00 p.m. on 16 December 
2009 or, if the meeting is adjourned, on the 
register of members of the Company 48 hours 
before the time fixed for the adjourned meeting, 
shall be entitled to attend or vote at the above 
Annual General Meeting in respect of the 
number of shares registered in their name at 
that time. Changes to entries on the relevant 
register after 6.00 p.m. on 16 December 2009 
or, if the meeting is adjourned, on the register 
of members of the Company 48 hours before 
the time fixed for the adjourned meeting, shall 
be disregarded in determining the rights of any 
person to attend and vote at the meeting. 
Proxies
CREST members who wish to appoint a proxy 
or proxies by utilising the CREST electronic 
proxy appointment service may do so by 
utilising the procedures described in the CREST 
Manual. CREST personal members or other 
CREST sponsored members, and those CREST 
members who have appointed a voting service 
provider(s), should refer to their CREST sponsor 
or voting service provider(s), who will be able to 
take the appropriate action on their behalf. 
In order for a proxy appointment made by means 
of CREST to be valid, the appropriate CREST 
message (a ‘CREST Proxy Instruction’) must 
be properly authenticated in accordance with 
Euroclear UK & Ireland Limited’s (‘Euroclear’) 
specifications and must contain the information 
required for such instructions, as described in 
the CREST Manual. The message, regardless of 
whether it relates to the appointment of a proxy 
or to an amendment to the instruction given to a 
previously appointed proxy must, in order to be 
valid, be transmitted so as to be received by the 
Company’s agent (ID RA10) by the latest time(s) 
for receipt of proxy appointments specified in 
the Notice of Meeting. For this purpose, the 
time of receipt will be taken to be the time (as 
determined by the timestamp applied to the 
message by the CREST Applications Host) from 
which the Company’s agent is able to retrieve 
the message by enquiry to CREST in the manner 
prescribed by CREST.
The Company may treat as invalid a CREST 
Proxy Instruction in the circumstances set out 
in Regulation 35(5)(a) of the Uncertificated 
Securities Regulations 2001.
CREST members and, where applicable, their 
CREST sponsors or voting service providers 
should note that Euroclear does not make 
available special procedures in CREST for any 
particular messages. Normal system timings 
and limitations will therefore apply in relation to 
the input of CREST Proxy Instructions. It is the 
responsibility of the CREST member concerned 
to take (or, if the CREST member is a CREST 
personal member or sponsored member or 
has appointed a voting service provider(s), 
to procure that his CREST sponsor or voting 
service provider(s) take(s)) such action as shall 
be necessary to ensure that a message is 
transmitted by means of the CREST system by 
any particular time. In this connection, CREST 
members and, where applicable, their CREST 
sponsors or voting service providers are referred, 
in particular, to those sections of the CREST 
Manual concerning practical limitations of the 
CREST system and timings.
A member of the Company eligible to attend 
and vote at the meeting is entitled to appoint 
one or more proxies to exercise all or any of his 
rights to attend, speak and vote at the meeting. 
A member can appoint more than one proxy in 
relation to the meeting provided that each proxy 
is appointed to exercise the rights attaching to 
different shares held by the member. A proxy 
need not be a member of the Company.  81
ANNUAL REPORT 2008/2009
A form of proxy accompanies this document for 
your use. To be valid, forms of proxy together 
with the power of attorney or other authority 
(if any) under which it is signed or a notarially 
certified copy thereof must be deposited at the 
offices of the Company’s Registrars, Capita 
Registrars, Proxy Department, The Registry, 
34 Beckenham Road, Beckenham, Kent BR3 
4TU not less than 48 hours before the time 
appointed for holding the meeting or adjourned 
meeting. A form of proxy must be returned in 
one of the following methods:
electronically through the Company’s z z
Registrars’ website www.capitashareportal.
com
in hard copy form by post, by courier or by z z
hand to the Company’s Registrars: 
Capita Registrars 
Proxy Department 
The Registry 
34 Beckenham Road 
Beckenham, Kent BR3 4TU; or
in the case of CREST members, by utilising z z
the CREST electronic proxy appointment 
service in accordance with the procedures 
set out above.
Deposit of a form of proxy will not prevent a 
member from attending and voting in person 
should he so wish.
In the case of joint holders, where more than 
one of the joint holders purports to appoint a 
proxy, only the appointment submitted by the 
most senior holder will be accepted. Seniority 
is determined by the order in which the names 
of the joint holders appear in the Company’s 
register of members in respect of the joint 
holding (the first-named being the most senior). 
Documents on display
A register of Directors’ interests in the share 
capital and debentures of the Company, copies 
of service agreements under which Directors 
of the Company are employed and the current 
articles of association are available for inspection 
at the Company’s registered office during normal 
business hours from the date of this meeting 
notice and will also be available for inspection 
at the Annual General Meeting for at least 15 
minutes prior to and during the meeting.
Electronic Addresses
You may not use any electronic address provided 
either in this notice of Annual General Meeting 
or any related documents (including the form of 
proxy) to communicate with the Company for 
any purposes other than those expressly stated. 82
Ordinary business
The following notes explain some of the items of 
ordinary business.
Resolution 1 
The Directors must lay the annual accounts 
and the respective reports of the Directors 
and auditors before shareholders at an Annual 
General Meeting. 
Resolution 2 
This Resolution is to approve the Directors’ 
Remuneration Report for the year ended 
31 July 2009. You can find the report in the 
Remuneration Report in the Annual Report and 
Accounts for the year ended 31 July 2009. 
Resolution 3
A final dividend of 1 pence (£0.01) per ordinary 
share for the year ended 31 July 2009 is 
recommended for payment by the Directors. If 
you approve the recommended final dividend, 
this will be paid on 8 January 2010 to all 
ordinary shareholders who were on the register 
of members at the close of business on 1 1 
December 2009.
Resolutions 4 and 5
At each General Meeting at which accounts 
are laid before the members, the Company is 
required to appoint auditors to stand until the 
next such meeting and Resolution 5 authorises 
the directors to set their remuneration.
Grant Thornton (UK) LLP have indicated their 
wish to continue as the Company’s auditors.
Resolutions 6 and 7 
Under the Company’s Articles of Association, 
each Director must stand for re-election every 
three years. You are therefore asked to re-elect 
Brian Harris and Sean O’Connor as Directors of 
the Company.
Special business
In addition to the ordinary business of the 
Company, this year there will be the following 
items of special business at the Annual General 
Meeting.
Power to issue ordinary 
shares (resolution 8)
By resolution 8, your Directors are seeking 
authority to allot share capital under section 55 1 
of the 2006 Act of up to a maximum amount 
of £161,375  representing approximately one 
third of the issued share capital of the Company 
as at 6 October 2009 (so as to include issues 
of shares in the capital of the Company up to 
6 October 2009 being the latest practicable 
date before publication of this notice), being 
in accordance with the guidelines issued by 
the Investment Protection Committees of the 
Association of British Insurers and the National 
Association of Pension Funds. 
In addition, the Association of British Insurers 
(ABI) has said that it will now consider as 
routine a resolution to authorise the allotment 
of a further one-third of share capital for use 
in connection with a rights issue. Your Board 
considers it appropriate to seek this additional 
allotment authority at this year’s Annual General 
Meeting in order to take advantage of the 
flexibility it offers.  However, the Board has no 
present intention of exercising either authority.
Disapplication of Statutory 
Pre-emption Rights 
(resolution 9)
Resolution 9 will empower the Directors to allot 
ordinary shares in the capital of the Company for 
cash on a non-pre-emptive basis:
In connection with a rights issue or other z z
pro-rata offer to existing shareholders.
(Otherwise than in connection with a rights z z
issue) up to a maximum nominal value of 
£24,206,223, representing approximately 5 
per cent of the issued ordinary share capital 
of the Company as at 6  October 2009  (the 
latest practicable date before publication of 
this letter).
Notes to the Notice of Meeting
Explanatory notes to the resolutions ANNUAL REPORT 2008/2009
83
Political donations and 
expenditure (resolution 10)
The Company has a policy that it does not 
make political donations to, or incur political 
expenditure on behalf of, political parties or 
political organisations. However, the 2006 Act 
contains restrictions on companies making 
‘political donations’ to ‘political parties or other 
political organisations’ or incurring ‘political 
expenditure’ and it defines these terms very 
widely. The effect is that some activities of 
the Company that form part of the normal 
relationship between the Company and bodies 
concerned with policy review, law reform and 
other business matters affecting the Company 
may be restricted by the provisions of the 2006 
Act. Such activities, which are in shareholders’ 
interests for the Company to conduct, are not 
designed to support, or implement support, for a 
particular political party or political organisation. 
The Company believes that the authority 
proposed under this resolution 10 is necessary 
to ensure that it does not commit any technical 
or inadvertent breach of the restrictions that 
could arise from the uncertainty generated 
by the wide definitions contained within the 
2006 Act when carrying out activities in the 
furtherance of its legitimate business interests. 
Resolution 11
The 2006 Act permits a company to purchase 
its own shares provided that the purchase has 
been authorised by the Company in a general 
meeting. Whilst the Directors have no present 
intention of making such purchases, it is 
common practice for listed companies to seek 
such authority and the Directors consider that it 
is prudent for them to do so. 
Resolution 1 1, if passed, will give the Company 
authority to purchase its own shares in the 
market up to a limit of 10 per cent of its issued 
ordinary share capital. The maximum and 
minimum prices are stated in the resolution. 
Your Directors believe that it is advantageous 
for the Company to have this flexibility to make 
market purchases of its own shares. In the 
event that shares are purchased, they would 
either be cancelled (and the number of shares 
in issue would be reduced accordingly) or 
retained as treasury shares. AIM companies, 
with authorisation from shareholders, are 
able to purchase their own share and to hold 
shares repurchased as treasury shares with a 
view to possible re-sale at a future date rather 
than having to cancel them. The Company will 
consider holding repurchased shares pursuant 
to the authority conferred by this resolution as 
treasury shares and would solely be used to 
satisfy the release of awards or the exercise of 
options under the Company’s share schemes. 
This would give the Company the ability to 
re-issue treasury shares quickly and cost 
effectively and would provide the Company 
with additional flexibility in the management of 
its capital base. Any issues of treasury shares 
for the purposes of the Company’s employee 
share schemes will be made within the 10 per 
cent anti-dilution limit set by the Association of 
British Insurers. Your Directors will only exercise 
this authority if they are satisfied that a purchase 
would result in an increase in expected earnings 
per share and would be in the interests of 
shareholders generally. The total number of 
options and warrants to subscribe for ordinary 
shares outstanding at 6 October 2009, the 
latest practicable date prior to publication of this 
document, was 39,630,748 which represented 
8.19% of the issued share capital at that time 
and which will represent 9.06% of the issued 
share capital if the full authority to buy back 
shares is used.  84
Registrars 
All enquiries relating to shares or shareholdings 
should be addressed to: 
Capita Registrars  
Northern House  
Woodsome Park  
Fenay Bridge  
Huddersfield  
West Yorkshire HD8 0LA 
Shareholder Helpline No: 0871 664 0300 - calls 
cost 10p per min plus network extras, lines are 
open 8.30am-5.30pm Mon-Fri
Facsimile 01484 600 91 1
www.sportingbetplc.com 
The Company’s website provides, amongst 
other things, the latest news and details of the 
Company’s activities, share price information and 
links to the websites of our brands. The investor 
relations section of www.sportingbetplc.com 
contains up-to-date information including the 
Company’s latest results, the Company’s financial 
calendar and archived webcasts. 
www.sportingbet-shares.
com 
Shareholders who prefer to receive 
communications about the Company by email 
are encouraged to register their details at the 
Company’s shareholder portal –  
www.sportingbet-shares.com. You will need your 
investor code (found on your share certificate 
or on correspondence from Capita Registrars) 
to complete this process at the first time of 
registering. Capita Registrars will send you a 
username and activation code by post and, 
upon receipt; you will then be able to access the 
Company’s shareholder portal. The shareholder 
portal provides shareholders of the Company 
with the ability to choose from the following 
services: 
 z z Annual Report and Accounts, 
AGM and EGM notices and 
webcasts  
Shareholders can choose to have these 
emailed to a specified email address  
rather than 
 z z Web proxy voting  
Shareholders can vote at AGMs or EGMs 
through www.sportingbet-shares.com or 
alternatively, via www.capitaregistrars.com  
by clicking on the quick-log-in-link and  
entering Sportingbet as the company name. 
You will need your investor code for  
this service; 
 Announcements made to the z z
Alternative Investment Market 
UK based shareholders can choose to 
receive certain RNS announcements by 
email; 
 Direct dividend payments z z  
Dividends can be paid automatically into 
your bank or building society account. There 
are two primary benefits of this service.  
a) There is no chance of your dividend 
cheque going missing in the post; and  
b) The dividend payment is received more 
quickly because the cash sum is paid 
directly into the account on the payment 
date without the need to pay in the cheque 
and wait for it to clear.  
As an alternative, shareholders can 
download a dividend mandate and complete 
and post to Capita Registrars; 
 Change of address z z  
Shareholders can change their address 
directly online at www.sportingbet-shares.
com or by notifying Capita Registrars in 
writing at the above address; 
 Your shareholding z z  
Shareholders can value their shareholding 
and view previous transactions in the 
Company’s shares; and
 Share dealing z z  
A share dealing service is available to the 
Company’s shareholders to buy or sell the 
Company’s shares at Capita Share Dealing 
Services via www.sportingbetplc.com or  
www.sportingbet-shares.com.  
Telephone dealing is also available via 
Capita Registrars on 0871 664 0445 calls 
cost 10p per min plus network extras
Please note that the Directors of the Company 
are not seeking to encourage shareholders 
to either buy or sell the Company’s shares. 
Shareholders of the Company who are in 
any doubt as to what action to take are 
recommended to seek financial advice from an 
independent financial adviser authorised by the 
Financial Services and Markets Act 2000. 
Non-shareholders can register to receive 
notifications of the Company’s Annual  
Report and Accounts, and webcasts at  
www.sportingbetplc.com. 
Lost share certificate 
If your share certificate is lost or stolen, you 
should immediately contact Capita Registrars 
Shareholder Helpline No: 0871 664 0300 -  
calls cost 10p per min plus network extras who 
will advise on the process for arranging  
a replacement. 
Duplicate shareholder 
accounts 
If, as a shareholder, you receive more than one 
copy of a communication from the Company you 
may have your shares registered in at least two 
accounts. This happens when the registration 
details of separate transactions differ slightly. If 
you wish to consolidate such multiple accounts, 
please call Capita Registrars Shareholder 
Helpline No: 0871 664 0300 - calls cost 10p 
per min plus network extras. 
ShareGift 
ShareGift, is a charity share donation scheme. 
It is a free service for shareholders wishing 
to give shares to charitable causes. It may be 
useful for those who wish to dispose of a small 
parcel of shares which would cost more to sell 
than they are worth. There are no capital gains 
tax implications (i.e. no gain or loss) on gifts of 
shares to charity and it is also possible to obtain 
income tax relief. Further information can be 
found at www.sharegift.org.
Shareholders’ Information 85
ANNUAL REPORT 2008/2009
Financial Summary
Year ended  
31 July 2007
IFRS
 £m
Year ended  
31 July 2005
UK GAAP
1 
£m
Year ended 
31 July 2008 
IFRS
£m
Year ended  
31 July 2009
IFRS 
£m
Year ended 
31 July 2006
UK GAAP
1
 
 £m
Amounts wagered 1,526.2 2,060.9 1,060.9 1,347 .8 1,577 .2
Net gaming revenue 175.8 303.3 1 17 .2 144.3 163.6
Operating profit/(loss) before exceptional items,  
share option charge and amortisation 60.5 103.4 7 .8 24.7 31.1
Exceptional items 1.3 – (26.8) (12.0) (4.2)
Share option charge – (6.7) (9.9) (8.0) (3.1)
Amortisation (16.4) (22.1) (1.8) (3.9) (1.9)
Group operating profit/(loss) 45.4 74.6 (30.7) (0.8) 21.9
Net finance income (4.6) (3.0) 1.0 0.4 0.4
Profit/(loss) before taxation 40.8 71.6 (29.7) 1.2 22.3
Taxation – – (1.2) (3.5) (0.5)
Profit/(loss) for the period 40.8 71.6 (30.9) (2.3) 21.8
Loss for the period from discontinued operations - - (281.3) (2.0) (9.4)
Group profit/(loss) for the period 40.8 71.6 (312.2) (4.3) 12.4
Earnings per share     
Basic 13.4p 17 .7p (73.2)p (0.5)p 4.6p
Basic adjusted 18.6p 24.9p 4.4p 4.8p 6.5p
Diluted adjusted 13.9p 23.8p 4.0p 4.2p 6.0p
1
 The periods ended 31 July 2005 and 2006 are 
stated under UK GAAP, as it is not practical to 
restate amounts for period prior to the date of 
transition to IFRS.   
The principal differences between UK GAAP 
and IFRS are discussed in Note 27 of the 2008 
Annual Report and Accounts.
Financial calendar
Ex-dividend date for 2009 dividend:  
9 December 2009.
Record date for 2009 dividend:  
1 1 December 2009.
Annual General Meeting: 18 December 2009. 
4th Floor, 45 Moorfields, London EC2Y 9AE.
Final dividend payment date for the financial 
year ended 31 July 2009:  
8 January 2010. 86
Corporate Directory
Secretary
D Talisman LLB ACIS
Registered Office
4th Floor 
45 Moorfields 
London EC2Y 9AE
Company Number
3534726
Registrars
Capita Registrars 
Northern House  
Woodsome Park  
Fenay Bridge  
Huddersfield  
West Yorkshire HD8 0LA 
Auditors
Grant Thornton UK LLP 
Grant Thornton House 
Melton Street, Euston Square 
London NW1 2EP
Corporate Advisors & Joint 
Stockbrokers
Daniel Stewart and Company Plc 
Becket House  
36 Old Jewry 
London EC2R 8DD
Joint Stockbrokers
Oriel Securities Limited 
125 Wood Street 
London 
EC2V 7AN
Solicitors
Nabarro 
Lacon House 
84 Theobold’s Road 
London WC1X 8RW
Principal Bankers
Barclays Bank Plc 
Floor 27 
1 Churchill Place 
London E14 5HP
Press Office
Maitland 
Orion House 
5 Upper St. Martin’s Lane 
London 
WC2H 9EA Design by Firedog 
www.firedog-design.co.uk  www.sportingbetplc.com
Sportingbet Plc
4th Floor  
45 Moorfields 
London 
EC2 9AE
Contact us
Tel: 00 44 (0)20 7184 1800 
Fax: 00 44 (0)20 7184 1810 
Email: info@sportingbet.com
Investor relations
Email: investor@sportingbet.com