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Mybet has posted improved earnings numbers

Friday November 14,2014 : BETTER NUMBERS FROM MYBET
 
German online sports operator upgrades forecast.
 
The German online sports betting operator Mybet has posted improved numbers for the first nine months of the year, boosted by the company's third quarter, which achieved a 6 percent rise in revenues compared to the corresponding period last year.
 
Mybet reported the following nine-month highlights:
 
* Revenue of around Euro 52 million up 12.4 percent year-on-year;
 
* EBIT (before interest and taxes) of Euro 214,000 -  ahead of target and an improvement of Euro 4.2 million on 2013;
 
* Revenue guidance for 2014 confirmed, full-year EBIT forecast increased;
 
* Net profit/loss for the nine month period - Euro 94,000;
 
* EBITDA recovered from a loss of Euro 1.5 million in 2013 to a positive Euro 1.8 million this year;
 
* Since the start of the year Mybet has taken a wide range of measures designed to improve performance and establish sustained profitability. The revenue growth and improved operating result (EBIT) in the period under review reflect its initial success in this respect, Management reports;
 
* Consolidated revenue was 6.1 percent up on the previous year at Euro 52.3 million;
 
* Loss making operations in Spain under the Digidis brand were sold in the third quarter;
 
Sven Ivo Brinck, CEO of Mybet Holding SE, said the company had been able to increase its revenue as planned.
 
"This performance and the structural improvements show that Mybet is on the right track," he said, adding that based on the better than anticipated nine month operating result and non-recurring effects from the sale of Italian subsidiary Mybet Italia SRL, the company expects full-year EBIT to come in higher than forecast at between Euro 500,000 and Euro 650,000 - an improvement on the break-even expectations earlier.
 
He said that revenue expectations remain unchanged at between Euro 70 million and Euro 75 million.
 
Brinck reported that the Sports Betting and Horse Betting verticals compensated for the decline in the online casino and poker operations and the firm’s exit from the lottery business.
 
Sports Betting revenue in the first nine months reached Euro 30.1 million, 23.3 percent up on the previous year. Growth in the sports betting shops and the FIFA World Cup boosted business.
 
However, in the Casino and Poker vertical, revenue fell by 6.2 percent to Euro 16.4 million. The prior-year figure included revenue from European markets that are now regulated and in which Mybet ceased to operate in mid-2013.
 
Horse Betting revenues grew by 32.1 percent to Euro 5 million, thanks mainly to strong growth in online business lay behind this development.
 
C4U-Malta Ltd., revenues declined, falling from Euro 831,000 to Euro 769,000.
 
At the end of the third quarter of 2014 the company had cash and cash equivalents amounting to Euro
9 million, up one million Euros on the amount recorded on December 31, 2013.
 
Giving his opinion on future prospects, Brinck said that the Hesse Ministry of the Interior and Sports has licensed Mybet for German sports betting operations, and the company intends to capitalise on this advantage.

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Gambling News :

More Computers Smashed in Online Gambling Raids - More computers seized in police online gambling raids were trashed Monday when the Serdang police destroyed 1,312 machines to keep them out of circulation.

2017 Aussie Millions Event 1 - The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.

Swiss Reject idea to Block Gambling Websites - The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.

Growth Ahead For Online Gambling - Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.

New Qubit software For SkyBetting - #qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.

Slotfather II Slot Launching - #betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..

Massachusetts Online Lottery Bill - Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.

Italy Doing Well With Online Sports betting - The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.

Michigan To Reintroduce Online Gambling Bill - #Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.

MGM Buys DC office building For lobbying team - #MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.

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