LONDON (AP) — Online gaming operator Sportingbet PLC said yesterday it swung to a loss in the third quarter after being forced to quit the US because of legislation that makes online gambling illegal in that country.The net loss for the three months through April 30 was $63.1 million ($125.8 million) compared with a profit of $20.7 million in the same period a year earlier, the company said in a statement. Revenue more than halved to $291.1 million ($580.1 million).

Margins in May have "been below average due to less favourable results across European soccer," the company said in a statement. "However, at this point, the board remains confident of the outlook for the remainder of the current financial year and beyond."

Sportingbet has been reorganising the business since the passage of the Unlawful Gaming Enforcement Act forced online gambling operators out of the US last year.

The US Congress caught the industry by surprise last year when it added a provision to a bill aimed at improving port security that would make it illegal for banks and credit card companies to settle payments to online gambling sites. President George W. Bush signed it into law on October 14. The decision closed off the most lucrative region in a market worth $15.5 billion last year.