Despite the controversy surrounding the U.S. online gambling industry, Internet betting is gaining popularity in the rest of the world.

Fund managers bullish on Sportingbet

Despite the controversy surrounding the U.S. online gambling industry, Internet betting is gaining popularity in the rest of the world, www.onlinecasinonews.com reported.

Shares in the U.K.-based Sportingbet have doubled their price this year, closing last week at 83.75 pence and giving the company a market capitalization of £179 million ($329 million). A report in the U.K. press detailed two City high-flyers who have bet heavily on Sportingbet, namely Stephen Whittaker and Tim Steer, AA and A-rated fund managers at New Star.

Steer's UK Aggressive fund began buying up Sportingbet shares in May this year, and has amassed 1.34 million shares, while Whittaker probably got a better SP by piling in February this year. Whittaker's UK Growth fund now owns 2.6 million shares in the bookie.

Sportingbet had turnover of over £1 billion last year, and posted a 557 percent increase in profits to £9.2 million ($16.9 million) in April this year. The company has over one million registered punters, taking an average eight bets per second from 104 countries. It operates in 24 currencies. Its biggest market is the US, but Europe is where it is experiencing its fastest growth.