Mybet Holdings has cited the performances of its horse betting and casino and poker operations as the key drivers behind a year-on-year jump in total revenue during the six months through to June 30.
Revenue in the first half amounted to €36.3 million ($32.5 million), up 5.5% from the €34.4 million posted in the same period last year.
Mybet’s sports betting business continues to be the company’s main source of income, contributing €19.9 million to the total figure, the same amount as in the first half of last year.
Casino and poker generated €11.7 million in revenue, up 7.1% on last year, while horse betting saw revenue jump by 40.1% to €4.4 million.
Despite the revenue growth, mybet did note losses in terms of earnings before interested, tax, deprecation and amortisation, which fell 33.2% on a year-on-year basis to €472,000.
Elsewhere, earnings before tax also dropped 109.4% from a loss of €534,000 in the first half of last year to a negative of €756,000 this year.
However, net profit for the period improved from a loss of €534,000 last year to a negative of €238,000 in the first six months of 2015, while earnings per share remained level at negative €0.04.
In a statement, mybet said it is confident of achieving further growth as the year progresses, stating measures put in place to boost customer activity and revenue have not yet impacted certain financial results.
“The effectiveness of the measures to boost customer activity and revenue in the first half of 2015 has not yet translated fully to group EBIT,” mybet said.
“This is because of the increased commission payments resulting from a structural shift in revenue towards more cost-intensive sales channels.
“The management board believes that implementing the necessary product innovations and platform improvements will decisively influence how successful the current restructuring is.”
source : www.igamingbusiness.com
