Business

Sportingbet's profits hit by Spanish ruling

Sportingbet's website
The firm hopes to be able to restart its operations in Spain some time next month

Quarterly profits have slumped at Sportingbet after it was forced to suspend its Spanish operation following a demand for back-dated tax payments.

The online gambling firm made a pre-tax profit of £300,000 in the three months to 30 April, down from £12.1m a year earlier.

Sportingbet suspended its Spanish unit in March after a court upheld an injunction brought by a casino firm.

But it intends to restart its operations in Spain shortly.

It expects to receive a licence from the Spanish government after agreeing to settle a tax demand for 14m euros ($18m; £11m).

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