Sports betting continues to drive Fortuna

Central and Eastern European online betting operator Fortuna Entertainment has cited the impact of an increase in sports betting activity as one of the main reasons behind a year-on-year jump in revenue during the three quarters through to September 30.

The company posted revenue of €491.6 million ($609.5 million) during the first nine months of 2014, which represents an increase of 21.3% on the amount achieved at the same point last year.

The amount staked on sports betting during the period grew by 21.8% to €480 million while lottery betting in the nine-month period amounted to €11.6 million, up by 4.4% on the previous year.

Fortuna also noted that an increase in sports betting activity also helped drive to gross win, which improved by 16.6% to €97.2 million.

Sports betting gross win amounted to €91.9 million, up 17.8% on the same period last year, with €48.4 million of this total being attributed to online betting.

Retail betting generated gross win of €43.5 million, up by 3.8% on the previous year, although gross win from Fortuna’s lottery business dropped by 0.7% to €5.2 million.

Total earnings before interest, tax, depreciation and amortisation in the period grew by 21.2% to €22 million, with sports betting responsible for €21.9 million of the total.

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