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Mybet Earnings Plunge in 2013

Friday March 28,2014 : BAD YEAR FOR MYBET
 
German online gambling operator records a Euro 5.4 million loss.
 
2013 has not been kind to the German online gambling group Mybet, which has just released unaudited numbers that record a loss of Euro 5.4 million, and a negative EBIT of Euro 10,2 million.
 
Management attributes the weak performance to extensive special write-downs and provisions and non-recurring effects, with consolidated revenue  down 2.5 percent.
 
The new management and supervisory board aims to put the negativity behind them and turn the situation around, according to the company's statement.
 
Details from the report include:
 
* Consolidated revenue down 2.5 percent to Euro 67 million;
 
* Sports betting slightly up at Euro 33.3 million;
 
* Casino and poker up 8.1 percent at Euro 23.4 million;
 
* Lotteries down 49 percent to Euro 3.1 million following the sale of JAXX and poor performance in Spain, where the company plans to sell off its interests
 
* Horseracing down 11 percent to Euro 5.6 million;
 
* The Italian sports betting market was disappointing, adding a loss to the overall numbers;
 
* Mybet left the French market due to "regulatory aspects";
 
* Provisions and non-recurring effects of Euro 7.3 million weighed on the result, as did restructuring expenditure of Euro 0.9 million;
 
* Provisions of Euro 3.5 million were made as a precaution for litigation costs and possible additional claims for gaming levies. This includes provisions "in the low six-digit range" for the lawsuit by Management Board member and former CFO Stefan Hänel, who was dismissed in October 2013.
 
* Loans, goodwill and participating interests totaling Euro 2.4 million were written down along with the deconsolidation and reassessment of the business potential of the Spanish companies, and a deconsolidation expense of Euro 0.5 million was booked.
 
* There was a 21 percent year-on-year rise in online sports betting hold (betting stakes less betting winnings) to Euro 14 million (previous year Euro 11.6 million).
 
* Retail shop business fell by 13 percent to Euro 17.8 million (previous year Euro 20.5 million) due to system instability issues at the start of 2013 and the quality-led consolidation of the franchise structure.
 
* Mybet's interest in pferdewetten.de AG was reduced to 52.2 percent at the end of 2013 through the sale of shares. The strategic relevance and role of the participating interest within Mybet is currently being assessed.
 
* With an equity ratio of 49 percent (previous year 65 percent) and financial resources totaling Euro 9.7 million (previous year Euro 14.9 million), of which Euro 5 million is not freely available, the leeway of the Mybet group is currently limited.
 
The Management Board is considering whether to improve the group's capital base through the placement of a convertible bond, the disposal of operations and participating interests or other financing measures.
 
The aim behind raising extra financial resources is to give the company more flexibility for action, among other reasons against the backdrop of Germany-wide sports betting licenses being awarded.
 
Management has undertaken to "concentrate on the tasks required to set its house in order once again, and also on its operational core skills in the sports betting and casino areas." This will involve some cost-cutting and paring of activities that are not producing the right results.
 
Concluding on a positive note, the Mybet report notes that Q1-2014 is off to a better start than expected, leading Management to anticipate slight revenue growth to between Euro 70 and 75 million for the 2014 financial year. On the earnings side, the target is a balanced EBIT.



Gambling News :

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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