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GOOD HALF-YEAR RESULTS FROM TIPP24

Tuesday August 9,2011 : Revenues rise by over 70 percent year-on-year for the first six months of 2011
 
The international online gambling company Tipp24 has once again delivered a sterling set of half-yearly results, posting a rise in revenues of over 70 percent in the first six months of 2011.
 
Chief executive Dr. Hans Cornehl also gave investors reason to hope for even better days with his comment that changes to the presently monopolised German market may be in prospect, making it possible for the company to return to this lucrative opportunity at some point in the future.
 
The company's results included:
 
* Consolidated revenue up by over 70 percent to Euro 70.1 million
 
* Consolidated EBIT up by factor of five to Euro 33.8 million
 
* Favourable statistics and litigation settlement drive a significant leap in growth
 
Management reported that following record earnings in fiscal 2010 and a very good first quarter, Tipp 24 SE continued to improve in the second quarter of 2011.
 
In the first six months of 2011, consolidated revenue rose by 72.4 percent to Euro 70.1 (prior year: 40.6) million - with the company's international segment once again contributing the lion´s share.
 
Consolidated EBIT reached Euro 33.5 (6.5) million with a rise in the EBIT margin from 16.1 to 47.8 percent. This growth in EBIT by a factor of over five resulted mainly from a more favourable payout statistic compared to last year, as well as from the settlement of a legal dispute of MyLotto24
Limited concerning the payment of an insurance amount.
 
International revenue rose to Euro 69.8 (40.3) million, while EBIT improved to Euro 38.3 (10.0) million in the first six months.
 
Key factors for business in the German activities of the group were the significant regulatory restrictions imposed on lottery activities as well as start-up losses in the Skill-Based Games division.
 
Revenue in Germany reached Euro 1.8 (1.6) million in the period under review, while EBIT amounted to Euro -3.8 (-4.0) million.
 
The report notes that the European Commission has issued a statement on the gambling reform proposals of 15 of Germany's federal states which could result in sweeping changes to the current draft of a new State Treaty on Games of Chance
 
In its ´Detailed Opinion´, the Commission criticised the restrictions contained in the draft, noting that the Commission could not detect any ´coherent and systematic limitation´ and that the current draft failed to provide adequate reasoning. The federal states involved were advised ´not to accept´ the draft in its current form.
 
Dr. Cornehl, wrote: "The Commission´s unequivocal criticism forces the states to substantially improve the proposed restrictions - such as the lack of permission criteria for the brokerage and marketing of lotteries.
 
"We continue to appeal to Germany´s political leaders to develop EU-compliant legislation which takes into account that there is simply no such thing as lottery addiction. Following the necessary legal amendments, Tipp24 is prepared to resume its activities in Germany with immediate effect."
 
Management upgraded the company's forecast for the full year, predicting consolidated EBIT in fiscal year 2011 of Euro 40 million. Revenue is still expected to reach at least the prior-year level of Euro 104 million.
 
This forecast takes into consideration increased costs for re-establishing the business in Germany, estimated at around Euro 10 million.
 
Quarter comparison: Q2-2011 / Q2-2010 in thousands of Euros
 
                                                          2011                2010          
Revenue                                        35,799              15,646
- Germany                                         832                 720
- Abroad                                       35,664              15,488
EBIT                                            22,238              -1,523
- Germany                                      -1,872              -2,175
- Abroad                                       24,674                 644
Net profit                                      15,774              -1,625
 
 
Half-year comparison: 2011 / 2010 in thousands of Euros.
 
                                                       2011                 2010
Revenue                                        70,073              40,636
- Germany                                       1,750               1,555
- Abroad                                        69,768              40,299
EBIT                                             33,522               6,540
- Germany                                      -3,807              -4,030
- Abroad                                        38,278              10,039
Net profit                                       23,329               3,699
 
Tipp24 SE holds equity interests in a number of companies in Spain, Italy and the UK, which enable participation in lottery-based games via the Internet, especially via the websites www.ventura24.es, www.giochi24.it, www.mylotto24.co.uk and www.tipp24.com.
 
In Germany, Tipp24 Entertainment GmbH operates the games platform www.tipp24games.de.
 

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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