SNAI suffers slight revenue drop in first quarter

Italian retail and online sports betting operator Sindacato Nazionale Agenzie Ippiche (SNAI) has cited a decrease in revenues from sports bets, horse racing bets and amusements with prizes as the main causes behind a slight dip in total revenue during the three months to March 31, 2014.

The company reported total revenue of €142.4 million ($195.9 million) in the first quarter of 2014, a drop of 0.8% on the €143.6 million recorded in the same period last year.

Adjusted earnings before interest, tax, depreciation and amortisation also fell 1.1% from €37.9 million in the previous year to €37.5 million in the most recent quarter.

Elsewhere, earnings before interest and tax tumbled 9.4% to €20 million while the group’s before tax profit totalled €5.2 million, down 58.5% on the €12.5 million achieved in the corresponding period in 2013.

SNAI said that although total revenue was hit by a decrease in the revenue generated from sports bets, horseracing and AWPs, it was boosted by the performance of its video lottery terminals and betting on virtual events.

SNAI’s virtual events betting service, which was introduced in December 2013, generated €11.8 million in revenue during the first quarter.

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