SportingBet Plc, one of the most respected sports betting operations in the industry announced last week that profits for the company soared in the third quarter, mainly because of a strong influx of players from Australia and Europe.

In 2006, SportingBet’s income was slashed with the onset of the Unlawful Internet Gambling Enforcement Act. However, the company managed to pick up the pieces and last week announced that it had managed to make 3.4 million GBP in the third quarter.

“SportingBet has regained positive momentum across the group,” said Richard Carter, an analyst at Numis Securities.

The number of wagers placed overall at Sportingbet Plc operations increased by nearly a quarter, to 364,600,000 GBP overall. Last year, SportingBet recorded a dismal 62.4 million GBP loss, as the company was still feeling the effects of the UIGEA.