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Sportingbet revenues from Hungary up 22% last year

Guernsey-based UK e-gaming company Sportingbet posted a 22% increase in revenues from bets made in Hungary in 2010, the business daily Világgazdaság reported.

Citing statements from company CEO Andrew McIver in London, the newspaper said that Sportingbet would like to hold talks with the government of Hungary with regard to regulation of on-line betting, which is currently prohibited in the country unless it is administered through the state-owned gambling monopoly Szerencsejáték.

McIver said that Sportingbet is willing to pay taxes amounting to a maximum of 10-15% of the company's profit in a given country, noting that Sportingbet recently discontinued activities in France due to high taxes.

Világgazdaság said that Szerencsejatek currently holds a HUF 28.8 billion share of Hungary's total annual gaming market of between HUF 50-60 billion.

The newspaper said that market experts believe that this year Hungary's parliament could adopt a new gaming law containing concrete regulations regarding on-line betting.

Sportingbet shares trade at the London Stock Exchange as part of the FTSE SmallCap Index.