British online gaming firm Sportingbet is looking forward to a boost in turnover from this year’s soccer World Cup after reporting a 7 percent rise in second-quarter profit.

“It will help the turnover but I’ll be surprised if the profit gets a particular boost,” Chief Executive Andrew McIver told Reuters.

“Bookmakers don’t tend to make a lot of money on things like the World Cup because there’s not many teams and the predictable ones tend to be there at the end,” he said.

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Sporting Bet, which gets almost 90 percent of its bets from Europe, said it was pleased the second quarter ended Jan. 31 came in line despite the recessionary backdrop.

The firm reported adjusted operating profit of 11.2 million pounds ($16.7 million) and saw net gaming revenue rise 22.3 percent to 52.6 million pounds.

But margins dropped to 8.2 percent in February from the group’s target of about 10 percent after a run of football results went against the firm despite more bets being placed.

“It was really down to more favourites winning in European football,” McIver said, adding that 65 percent of all the bets takes in Europe are on football, with the percentage increasing every year.

McIver also said that consolidation was not a priority for Sportingbet unless the right deal came along.