Sportingbet is on the ropes

ONLINE gaming group Sportingbet slumped further despite attempts to shore up the shares which are being targeted by bear raider Simon Cawkwell, the self-styled 'Evil Knievil'.

Chairman Mark Blandford said that 'other than general stock market conditions, the board is not aware of any business reasons for the share price fall'. Trading was in line with expectations.

But the price, which peaked at 167p, slipped 7p to 71 1/2p on hotly-denied rumours of unpaid bets and staff defections. Cawkwell, who sells shares he does not own in the hope of buying them back more cheaply, believes the price will fall to 20p.

Sportingbet, which made a £5m profit last year on turnover of nearly £1bn, is believed to have asked investment watchdogs to take action against the source of the 'malicious rumours'.

Cawkwell said: 'I have no reason to change my mind about the shares.' Meanwhile, bookmaker Stanley Leisure bought four provincial casinos for £44m and reported fullyear profits 40% higher at £37m.