Mybet online sportsbook revenues slump 39% in Q3
Digital sports betting stakes also fall 29% but operator says its optimistic of turnaround after improved earnings
Mybet’s digital woes continued in Q3 after recording a 39.4% year-on-year fall in online sports betting revenues, the German operator announced today.
Digital sportsbook revenues for the three-month period ended 30 September 2016 slumped to 2m (£1.8m), down from 3.3m (£2.9m) last year, while stakes fell 29.4% year-on-year to 13.9m (£12.2m).
The operator attributed the decline in stakes to a targeted positive follow-up to this summer’s European Championship that “failed to materialise”, as well as weak business development at the start of the European football leagues.
The Group’s consolidated revenue for third quarter reached 10.7m (£9.4m), down from last year’s 12.1 (£10.6m).
However, its consolidated EBIT loss of 0.6m (£0.5m) improved from the 4.6m (£4m) loss it reported for the previous year.
“The stability achieved with regard to our operating earnings in spite of the lower revenue base is a key factor in preparing for the targeted turnaround of mybet,” Markus Peuler, CEO of mybet Holding SE, said.
“In addition to the automatically falling revenue-driven costs, this is primarily attributable to our cost control and optimisation measures.
“These form the basis for converting our ultimate goal of a lasting positive turnaround in revenue into profitability, too.”
The operator had recently lowered its forecasted 2016 revenues by approximately 26% from 59m-62m to 43m-46m.
The operator’s share price was up 20% to 0.51 at the time of writing.