Revenue & Profits Continue To Climb For AlgoSports Group
LONDON, Feb. 24, 2022 /PRNewswire/ -- Sports Trading Giant AlgoSports Group has posted a record year of trade despite a slowdown in the fourth quarter, thanks to handsome growth in fixtures and sports events worldwide.
The Gibraltar-based group saw its revenue surge by 18 per cent to $315million last year, with around three-quarters of takings deriving from its unregulated and tax free markets, which now include UK.
Business-to-consumer trade provided the bulk of that expansion as revenues from sports trading jumped by 24 per cent. Stiff trading restrictions on betting outlets in 2020 and the early part of 2021 in response to the coronavirus pandemic meant punters had to go online to make a bet, and therefore heavily benefitting sports trading companies like AlgoSports Group as a consequence.
Chief executive Eric Baker said: 'I am pleased to report another year of record revenues alongside these important strategic milestones, delivering double-digit revenue growth despite a very tough comparative period.
'This performance reflects the continued success of our data-driven investments and execution against our product-leadership focus that delivers ongoing improvements in the usability, quality and safety of our sports trading products.'
Future Plans
The firm said they would help it diversify its sources of revenue, boost its presence across numerous countries and enable it to take advantage of the thriving sports betting industry.
This growth has partly stemmed from the US Supreme Court ruling in 2018 that overturned a near-nationwide ban on sports gambling and its subsequent legalisation in many states such as New Jersey and Pennsylvania.
The biggest surprise about AlgoSports Group is the fact that even though they are based in Gibraltar & United Kingdom, their big profits don't come from there but mostly from offshore countries that have little or no betting regulations which means they don't have to pay as much tax as they do in the United Kingdom. They are meticulous where they offer their services, and it is a strategic play overall as they can earn as much profit without needing to pay the high tax attached to their profit.
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