Online gaming and betting provider mybet Holding said the 2013 financial year proved to be “deeply unsatisfactory” for the company after it was unable to meet a number of its targets.The firm posted revenue of €67 million ($92.4 million) for 2013, a drop of 2.5% on the €68.8 million achieved in the previous year.
Mybet’s lotteries business suffered the most with a year-on-year drop of 49% in revenue to €3.2 million.
The company’s casino and poker operation was the only part of mybet to achieve any real growth after it accumulated €23.4 million in revenue, an increase of 8.1% on the previous year.
Sports betting proved to be the company’s most active business and was the only other sector to have achieved any form of growth, with revenue increasing 0.1% to €33.3 million.
Elsewhere, horse betting revenue fell 1.1% to €5.6 million while revenue from other operating segments dropped 32.2% to €1.2 million.
Mybet also reported that EBITDA fell from a plus of €11 million in 2012 to a negative of €5.4 million in the past 12 months.
As reported by iGaming Business, the company has recently made a number of changes to its management board in the hope of boosting results next year.
The firm said the new management board is optimistic about 2014 and expects a slight revenue growth of between €70-75 million.
In a statement, mybet said: “After a deeply unsatisfactory 2013 financial year, the mybet Group will now concentrate on the tasks required to set its house in order once again, and also on its operational core skills in the sports betting and casino areas.
“Alongside cost-cutting programmes and halting the outflow of liquidity for activities that are not achieving the desired results, the new management board and the supervisory board under new leadership are moreover seeking a sustainable turnaround, to be achieved through focusing on the activities as described above.
“To accompany this drive, a new calibre of transparency and communication is to be established.”
source : www.igamingbusiness.com
