Sportingbet continued its phoenix-like rise from the ashes of the US clampdown on online gambling by beating consensus forecasts with 30 per cent-plus revenue growth in the first two months of its financial year.

The company, which two years ago gave up two-thirds of its revenues when legislation forced its exit from the lucrative US market, said it expected a revenue boost when it unveiled live video streaming of sports events next week. Net gaming revenue in sports betting, its key product, rose 45 per cent in the year ending July 31, helping it to post overall growth of 23 per cent.

Group operating loss shrank from £33.6m to £1.2m, and diluted loss per share fell from 7.7p to 0.9p. Net revenues were £147m.

Andy McIver, chief executive, said its geographical reach would next year extend into Romania, as well as Latin America and South Africa, where it was awaiting a licence, helping to fulfil its strategy of not becoming over-dependent on any single region.

Revenues in Spain, its biggest market that provides 17 per cent of group revenues, had increased 11 per cent on 2007 income, partly as a result of buying out its joint venture partner.

Mr McIver said there was little sign of progress on regulatory issues.

The shares rose 2p to close at 29p and the company bought 6.7m shares at 29.9p.