Jaxx to change name to mybet
Operator remains confident of receiving Schleswig-Holstein licence next month " moves into profit.
German operator Jaxx intends to change its name to mybet, reflecting the company’s best-performing brand.
Online sportsbook mybet, which signed up as the first white-label partner of social betting start-up Oddslife, contributed to an 18% year-on-year rise in sports betting revenues to 25.1m for the 12 months ended 31 December 2011.
This figure constitutes 41% of total group revenues for the period, while casino and poker generated 17.1m in annual revenues, a 32.9% increase on the corresponding period in 2010.
The contribution from lotteries was relatively flat year-on-year at 13.7m while its horse betting division increased its revenues by 62.7% year-on-year to 4.9m.
Jaxx also moved into profit for the period, recording a net profit of 1.5m compared to a net loss of 4.2m for the previous 12 months.
The name change, which Jaxx says will lead to “The business [becoming] even more strongly focused on sports betting, casino and poker products,” is expected to receive approval from shareholders at a meeting on 24 May.
Jaxx also confirmed that it expects to receive a Schleswig-Holstein licence in April this year, citing the recent EC opinion on the state treaty introduced by Germany’s other 15 Länder and stating that “Since January 2012, Schleswig-Holstein has been the only German state to have EU-conform legislation.”