Punter Wins Hit Stanley Leisure Profits

A winning streak from punters on major sporting events has hit profits at gaming group Stanley Leisure.

Annual pre-tax profits fell 4% to £40.1m ($70m), after the outcome of bets on major horseracing and football events went in its customers' favour.

Stanley also announced it would spend £100m on developing its UK casino business over the next five years.

The casinos are now its main business after it sold its UK bookmaking business to William Hill last month.

Overall, Stanley reported a "satisfactory" year with total sales rising 25% to £2.07bn.

Profits from Stanley's UK betting shops - sold after the end of the financial year - fell 17% to £29.6m.

At its casino operations profits rose 30% to £33.7m.

The company is to spend £100m on developing its casino estate over the next five years to take advantage of the planned liberalisation of the laws governing the industry.

It plans to expand a number of its existing casinos and relocate others to larger sites.

It also intends to apply for some of the 17 new casino licences - including one to run the UK's first regional 'supercasino' - to be offered next year.

"The group is now focusing on consolidating its position as the leading UK casino operator and capturing all possible benefits from deregulation," said chief executive Bob Wiper.