Sven Ivo Brinck, chief executive officer of mybet Holding, has said that the online gaming and betting provider is “on the right track” after it recorded widespread growth during the nine months through to September 30.
Revenue in the first three quarters of the year amounted to €52.3 million (65.2 million), which represents an increase of 6.1% on the €49.3 million posted at the same point in 2013.
Sports betting remains the main source of income for mybet, with this part of the business generating €30.1 million in revenue, up 23.3% on the previous year.
Revenue from the operator’s horse betting arm jumped 32.1% to €5 million but the amount generated by its casino and poker business dropped by 6.2% from €17.5 million last year to €16.4 million in the first nine months of 2014.
In addition, mybet’s exit from the lottery market means that it lost all forms of revenue that had been generated from its existing lottery business.
Elsewhere, earnings before interest, tax, depreciation and amortisation improved from a loss of €1.5 million in the first three quarters of 2013 to a positive figure of €1.8 million in the same period this year.
Earnings before interest and tax grew from a loss of €4 million to a plus of €214,000 while net loss improved from a negative figure of €2.6 million last year to a loss of just €96,000 in the first nine months of this year.
“We have been able to increase our revenue as planned. Our operating result even progressed slightly better than we had expected,” Brinck said.
“This performance and the structural improvements show that mybet is on the right track. We will actively take up the challenges that we have identified for 2014 and beyond.”
source : www.igamingbusiness.com
