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Mybet Revenues down 11 percent in first quarter
Thursday May 12,2016 : MYBET LOSSES CONTINUE
Revenues down 11 percent in first quarter.
MyBet Holdings, a Frankfurt-listed online and retail gambling firm, has reported continuing losses in its Q1-2016 numbers released Thursday.
The company reported overall revenues down 11 percent at Euro 14.9 million, with group sports betting revenues down 10 percent to Euro 8.2 million, but a bigger decline than that in online sports betting (down 38.7 percent at Euro 2.2 million).
The casino-poker vertical was down 20.9 percent at Euro 4.34 million (Q1-2015: Euro 5.49 million).
The Retail division fared somewhat better, with revenue up 13.6 percent at Euro 5.15 million, thanks in part to a 15.4 percent increase in horse race betting.
The operator reported a slightly lower overall loss of Euro 802,000 (Q1-2015: loss of Euro 878,000) with a group EBITDA loss of Euro 140,000.
Management acknowledged that the quarter was not satisfactory from either a performance or financial perspective, but pointed out that the group is still in transition due to major operational changes the previous year. As a consequence MyBet has postponed the launch of its new technology platform until the Euro 2016 football championships have concluded.
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