Mybet Posts Weak Q1-2014 Results

Thursday May 15,2014 : WEAK FIRST QUARTER FROM MYBET
 
Sports betting eases the pain as online poker and casino action declines.
 
Online gambling operator MyBet Holdings has posted a set of weak Q1-2014 results with revenues 8 percent down on the same period last year.
 
However, a 1.2 percent increase in sports betting to Euro 10.7 million helped to reduce the impact of poor online casino and poker results, where revenues dived 16.5 percent to Euro 5.5 million.
 
Horse racing operations provided further relief, with revenues up 35.8 percent to Euro 1.4 million.
 
Overall revenues retreated 8 percent to Euro 17.9 million in the quarter; in Q1-2013 the company reported revenues of Euro 19.5 million.
 
EBITDA grew 9.9 percent to Euro 885,000, but management warned that the coming second quarter is traditionally quiet and results may again be subdued, although it is likely that annual targets will be met.