SNAI driven by VLTs and virtual sports betting in 2014

Italian retail and online sports betting operator Sindacato Nazionale Agenzie Ippiche (SNAI) has cited an increase in its video lottery terminal business and the introduction of virtual sports betting as drivers of a year-on-year jump in revenue during the nine months through to September 30.

The firm posted revenue of €393.9 million ($488.9 million) in the first three quarters of the year, up 11.8% on the €352.4 million generated in the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped by 25.9% to 81.2 million while earnings before interest and tax (EBIT) almost doubled from €17.9 million to €35.3 million.

Elsewhere, SNAI was able to improve its profit before taxes from a loss of €14.4 million last year to a negative of €9.8 million in the first nine months of this year.

The figures were also boosted by a positive performance in the third quarter, during which SNAI generated revenue of €130.2 million, up 31% on the previous year.

In addition, EBITDA jumped 71.7% to €26.4 million while EBIT rocketed by over 100% from a loss of €200,000 last year to a positive figure of €12 million in the latest quarter.

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