‘In the black’ mybet states that new platform will deliver for H2 2017″>‘In the black’ mybet states that new platform will deliver for H2 2017by Joker 30.08.2017 0 comments
Publishing its 2017 H1 interim results (period ending 30 June), Frankfurt-listed European sports betting operator mybet Holdings has detailed a 28.5% decline in corporate revenues (H1 2016: €24 million).
Updating investors, mybet governance would detail that its H1 2017 performance was set against a tough 2016 comparative summer period (featuring UEFA 2016) and that the firm’s performance was further impacted by its ‘blocked’ online casino services for the Greek market.
Despite, a significant group revenue downturn, mybet delivered profits of €7 million (H1 2016: – €1.6 million) as a consequence of winning its long-term €11.8 million German High Court dispute against Westdeutsche Lotterie ( concluded May 2017).
The operator has used its settlement payment to pay back a €4 million credit facility, and at present reports that it is ‘€4 million in the black’. The payment has seen the online betting operator up its year-end forecasts to €44-47 million combined with EBIT expectations of €4.5-5 million.
Despite a turbulent first-half of 2017 for its operations, mybet governance remains positive in its strategy stating that its investment in a new platform has ‘delivered positive signals despite declines’.
“In the light of the already reported weak first quarter, the blocked casino offering in Greece and the summer break without a real large football tournament, this development is unsatisfying but not surprising. But the first changes in customer behaviour on our new platform and in profitability we observed are very exciting,” said Markus Peuler, CEO of mybet Holding SE.
“To achieve our forecast, we have to be able to reactivate our online casino in Greece in the second half of the year and obtain a good customer acceptance of the new platform. Currently, the Greek casino is not available yet and the football season just started. So we cannot conduct a final assessment of the platform yet, especially in the sports betting segment. As a consequence there is currently no reason for changing the forecast, but we will monitor the further development of the business very closely,”