Online gaming website Sportingbet today said it had overcome a slump in UK revenues to post a 28% hike in underlying profits.

The firm’s UK revenues slid 21% in a competitive market during the year to July 31 – although a depressed advertising climate gave it the chance for profile-raising moves such as a shirt sponsorship deal with Premiership football team Wolverhampton Wanderers.

Guernsey-based Sportingbet however boasted strong growth in Eastern Europe, France and Germany, helping underlying earnings up 28% to £39.7m.

This included a £4m boost to profits from the weakness of the pound, because 90% of its revenues are in other currencies.

The total amount wagered by punters was up 17% to £1.57bn, while the number of bets rose 12% to 57.5m – helped by the growing popularity of in-play betting.