SNAI revenues jump 56% on strength of online performance
Italian operator reports "better than expected" H1 results as online sports wagers soar 61%
Italian bookmaker SNAI has posted a 56% year-on-year jump in H1 revenues after benefiting from an increase in online wagering activity and the integration of Cogemat Group.
Revenues reached 442.4m (£378m) in the first half of the year, while EBITDA grew 71% to 67.7m (£58m).
SNAI directors said the EBITDA figures surpassed projections, thanks to “better than expected revenues and margins” from the operator’s online division, increased wagers and cost efficiencies from the Cogemat integration.
Around 26% of the operator’s sport wagers were placed online, accounting for 134m (£114.5m), a 61% year-on-year growth.
SNAI said the online games business benefited from the implementation of revamped strategy and a new website release, which saw stakes up to 443m (£378.5m) in the first half of 2016 compared to 349m (£298m) last year, with revenues up from 9m (£7.7m) to 11m (£9.4m).
Going forward, SNAI said it expects continued growth based on the expansion of its online offering and the broadening of its virtual sports portfolio.
The results build on a positive Q1 performance which saw digital revenues up 30%.
During Q2, SNAI also become the first Italian operator to launch eSports betting, as it seeks to differentiate itself in an increasingly competitive Italian market