US sell-off costs hit Sportingbet

Sportingbet says its business outside the US is doing well

Sportingbet has said it will take a charge of £200m ($374m) following its withdrawal from the US gaming market.

The UK-listed online gambling firm made the announcement as it revealed a 75% rise in annual profits.

Sportingbet sold its US operations to private investors for $1 last week, shortly before new laws outlawing internet gaming there came into force.

Uncertainty has hit the firm's shares, but Sportingbet said its business outside the US was "performing well".

European sports bets were up 62% year-on-year for the first 10 weeks of its new financial year, the company said.

Sportingbet said its pre-tax profits rose to £71.5m in the year to the of July.

However, the firm said it would take a further charge of £10m this year for restructuring and other costs following its withdrawal from the US market.