Good returns from fixed odds betting terminals (FOBT) and casinos have boosted gaming operator Stanley Leisure’s profits to £25m.

Despite a set of unfavourable sporting results – which caused profits at its betting arm to plunge 7 per cent to £14m – Stanley reported pre-tax profits of £24.7m for the year ending 31 October, up 17 per cent on the year before.

The company’s FOBTs saw turnover increase by over 60 per cent, as pre-tax profits soared by £3.8m to £10.1m.

Following a number of major wins by punters at its London-based casinos during 2003, Stanley reported that drop and win margins at the sites were returning to “more typical levels”, as profits grew 121 per cent to £13.5m from £6.1m the year before.

Bob Wiper, chief executive, said: “We are pleased with the increased contribution from our London casinos and FOBT business.

“However the continued unfavourable run of sporting results in our betting division, coupled with provisions for unpaid gaming debts and losses to a major player in our gaming division, have had an impact on our outlook for the year as a whole.”

Wiper also revealed that a joint venture with Malaysian-based operator Genting could result in major expansion plans.

He said: “We will seek to maximise the benefits of deregulation with Genting by tendering for all 24 new casinos.”

Stanley currently operates 37 provincial casinos and four in London, including the famous Crockfords site.