Snaitech online growth up 32% in H1
Italian operator reports double-digit growth in online betting and gaming as Playtech acquisition completes
Snaitech has reported online growth of 31.6% during the first half of 2018 to €38.1m as total group revenue increased by 1.5% to hit €444m.
The Italian operator experienced healthy growth in both online sports betting, with wagers up 23% to €255m as a result of the 2018 World Cup and online gaming, where turnover grew 21.8% to €674m.
Snaitech said the growth was a result of the augmentation of its product offering combined with cross-selling initiatives implemented on the retail channel after it was acquired by Playtech.
Online turnover increased by 22.2% compared to an average of 17% in the Italian gaming market as the firm turned over €929m compared to €760m during the same period in 2017.
Snaitech’s World Cup revenues hit €11.6m after taking more than €80m in bets during the tournament, with much of the fallout still to be published in Q3.
Notwithstanding a higher tax rate on retail gaming machines in the country, group EBITDA grew by 33.4% to €74m in H118, compared to €55.5mi in H117.
Snaitech also delisted from the Italian stock exchange in H1 after Playtech completed its €846m acquisition of the Italian firm.