Central and Eastern European online betting operator Fortuna Entertainment has cited increased betting activity on major sporting events as the driving force behind its positive performance during the first half of 2014.
Amounts staked during the first half totalled €333.2 million ($440.1 million), which represents an increase of 20.8% on the same period last year.
Of the total amount staked, €325.3 million of this was wagered in sports.
Due to this increased betting activity in the first half, Fortuna was able to post gross win of €65.8 million, which is up 14.7% on the corresponding period in 2013.
Elsewhere, net profit increased 9% to €9 million while earnings before interest, tax, depreciation and amortisation (EBITDA) in the period jumped 16.4% to €15 million.
In addition to sports betting, Fortuna said the increase in EBITDA was also impacted by positive results in its lottery segment.
EBITDA for the firm’s lottery operation amounted to €48,000, compared to a loss of €300,000 in the same period last year.
Radim Haluza, chief executive officer of Fortuna, said: “The results achieved were predominantly influenced by the three major sporting events that took place in the first half of this year.
“And it was most particularly the World Cup in Brazil that confirmed football’s unchallenged position as the number one sport when it comes to fixed-odds betting.
“In line with our expectations, we recorded growth for all key parameters and on all markets where Fortuna operates.
“However, our outlook for the whole year remains unchanged, given the absence of major sporting events in the forthcoming months.”
source : www.igamingbusiness.com