SportSpread.com Cross Irish Channel.

Dublin-based bookmaker SportsSpread.com is due to enter the UK market. According to the Irish Examiner the company, which offers traditional fixed odds as well as spread betting services, has been approved for trading by the UK Financial Services Authority.

'Overall, the directors are satisfied with the performance of the group in the last year and that it will become profitable in the next financial year. In connection with its entry into the UK market, the group has been engaged in a fundraising process to raise up to €3.5m for the issue of new convertible loan stock,' the directors said. 'This has been a long stated aim of this group and the group will launch its product through a wholly-owned subsidiary Worldspreads Limited.'

Spread betting turnover for the year ended 31 March 2004 increased from €50.5 million to €62.2m, while fixed odds, betting turnover increased from €7.7m to €8.1m.