Mybet Earnings Struggle

Management issues warning that FY revenues will be weaker.
German online gambling operator Mybet has issued a warning to investors that it will have to reduce its forecast revenues for FY 2016 to Euro 43 – Euro 46 million (down from Euro 59 to Euro 62 million predicted earlier), indicating that the Frankfurt-listed company continues to  struggle.
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Our readers will recall that the companys H1-2016 revenue numbers declined 16 percent to Euro 24 million over the half-year due to a slump in active player numbers across both online sports betting and casino verticals.
The company reported delays in the integration of a new software platform, long mooted as the answer to Mybets operational problems.
Earlier this year Mybet CEO Zeno Osske stepped down, leaving CFO Markus Peuler in charge  until a replacement can be hired.