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Fortuna Entertainment Group Posts Earnings Results
Wednesday August 29,2012 : FEG POSTS 2012 FIRST HALF RESULTS
Poland fastest growing market in company's portfolio
Central European fixed-odds betting operator Fortuna Entertainment Group (FEG) posted its 2012 Half Year financial results this week, reporting a strong online performance in both Poland and the Czech Republic.
Key performance highlights included:
- Total revenue increase of 14.7 percent to Euro 48 million.
- Total gross win of Euro 55.1 million, up 15.2 percent over the same period last year.
- Gross Win from online betting increased to Euro 17.8 million, a gain of 21.8 percent over last year.
- Total Amounts staked of Euro 229.1 million, 9.6 percent up from last year - largely attributed to strong growth from its Polish and Czech online sports betting operations.
- EBITDA of Euro 10.1 million, 14.7 percent down y-o-y due to the negative impact of higher betting taxation.
Amounts staked on the Euro 2012 football competition reached almost Euro 17 million, of which:
- Euro 4.7 million (28 percent) was taken in Poland of which 14.2 percent were placed through the internet only five months after launch.
- Euro 8.4 million (49 percent) in the Czech Republic of which 42 percent were placed through the internet.
- Euro 3.9 million (23 percent) in Slovakia of which 38 percent were placed through the internet.
Wilf Walsh, chairman of the management board of FEG commented:
“We maintain the double-digit growth in Gross Win and also increased turnover significantly. Good results in all markets were driven by online betting, especially during EURO 2012 where we recorded sales growth of 25 percent over Euro 2008 and delivered a very robust margin of 20 percent. Despite the lack of an online gaming offer coupled with a punitive tax regime for legal domestic operators, we still enjoyed great success with our recently launched online business in Poland which has become the fastest growing market in Fortuna’s portfolio.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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