Narrow Q3 revenue rise for mybet
Narrow revenue increase due to lack of football post Euro 2012 " EBIT for Q3 is a 1m loss.
mybet Holding’s revenues in the third quarter were only up 0.3m year-on-year which the operator claims is due to the summer break in football following the Euro 2012 championships.
Revenues increased from 14.7m in Q3 2011 to 15m, while EBIT for the period decreased year-on-year from 1m to a loss of 1m, due to weak bookmaking margins in September.
However, for the first nine months of the year, revenue increased 14.3% from 43.1m to 49.2m, thanks in part to Q2’s record betting stakes due to Euro 2012. Almost 20,000 customers placed a bet online in Q3, in comparison to 16,000 in the corresponding period last year.
Lottery income was a significant part of mybet’s Q3 2011 results but the operator, formerly known as JAXX, has since sold its lottery business after the signing of Germany’s controversial Interstate Gambling Treaty. This saw the implementation of the country’s first national lottery organisation, die Gemeinsame Klassenlotterie der Länder, and rendered private lotteries effectively unprofitable as tax remained at 16.67% of turnover.
Last month, mybet selected Paris-based company Dictao for IT compliance testing ahead of its operation and marketing of sports betting activities in Schleswig-Holstein, where it was among the first wave of operators to be licensed, along with Betfair and Die NordwestLotto.
Ralf Stegner, head of the region’s ruling SPD party, explained in July that it would be ultimately abandoning its licensing regime and falling in line with the German State Treaty, but Schleswig-Holstein has continued issuing licences since that announcement