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Tipp24 Profits Dive

Thursday August 7,2014 :  PROFIT DIVES AT TIPP24
 
Online betting group reports that higher costs have induced a decline in profit for second quarter running.
 
Internet gambling group Tipp24 has reported reduced profits for a second consecutive quarter, blaming increased costs in the ramping up of new businesses.
 
On Thursday the company adjusted its forecast for FY 2014, estimating that it will grow revenues by between Euro 135 and Euro 145 million, and expects a reduced EBIT of Euro 15 to Euro 25 million.
 
In the first half of 2014, Tipp24 generated revenues of Euro 68.2 million (H1-2013 Euro 76.4 million). Consolidated EBIT came in at Euro 6 million, falling well short of the same period last year, when Euro 21,4 million was achieved.
 
This was attributed mainly to increased personnel and other operating expenses as well as a high winning payout of MyLotto24 Limited of around Euro 6.7 million in March 2014. The EBIT margin declined from 28.1 percent to 8.8 percent.
 
The company reports that customer activity and thus revenues were negatively affected towards the end of the second quarter by the World Cup football championship, which distracted players from participating in lotteries, along with unusually good weather and a very low frequency of relevant jackpots.
 
The lower operating result and a higher tax rate resulted in a consolidated net profit in H1-2014 of just Euro 1.5 million, well below the Euro 15.4 million achieved in the previous year.
 
Dr. Hans Cornehl, CEO at Tipp24 SE, said: "Even against the backdrop of a seasonally slower business in the first half of the year and time delays in the ramp-up of new business fields, we remain confident to achieve our growth targets for 2014. However, costs will be higher than anticipated in the full year, even if the larger share of these cost increases will not be permanent."



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Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

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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.

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