Merger synergies help SNAI post 77% profit rise
Milan-listed firm also reports better-than-expected margin on sports and gaming during Q3
SNAI has reported 77% rise in group profits thanks to strong online growth and the integration of the Cogetech business.
Total EBITDA for the quarter reached âÂ30m, up from âÂ16.9m recorded in the same period last year, while revenues also increased 82% to âÂ219.7m
SNAI said the EBITDA margin outperformed expectations thanks to cost efficiencies from the Cogetech integration and strong margins in sports and games.
The Italian operator also noted the positive effects of “new and more effective communication campaigns and new online client acquisition”, as revenues for the first nine months of the year rose 64.2% up to âÂ662m.
Online sports betting revenues were not reported on a quarterly basis but for the first nine months of 2016 were up 38% to âÂ18m. However, the channel still made up less than 20% of total sports betting revenues.
Online gaming revenues increased 23% for the same period, reaching âÂ16m.
During the year, SNAI also become the first Italian operator to launch eSports betting, as it seeks to differentiate itself in an increasingly competitive Italian market.