Mybet hails new platform benefits despite revenue dive

Mybet has reported a 29% drop in H1 revenues to €17.1m, with the firm attributing the decline to the blocking of its casino in Greece and the lack of a major football tournament.

CEO Markus Peuler said the downturn was “unsatisfying but not surprising” given those circumstances and Q1 trends, but said the group’s new platform was starting to deliver some green shoots of recovery.

“The first changes in customer behaviour on our new platform and in profitability we observed are very exciting,” Peuler said.

Specifically, casino customers were showing an improved average active lifetime, while EBIT in sports betting and casino increased despite declining revenues compared to Q1.

“Both effects refer to a rather small period of time, but if these effects should stabilise, this would represent a significant success for mybet,” the firm said.

Group EBIT reached €7m, up from €-1.8m last year thanks largely to payments from the positive conclusion of its long-running legal battle with Westdeutsche Lotterie.

Mybet CEO Markus Peuler

Looking ahead, the board forecast full-year revenue to be between €44.5m and €47m, with EBIT between €4.5m and 5.5m

“To achieve our forecast we have to be able to reactivate our online casino in Greece in the second half of the year and obtain a good customer acceptance of the new platform,” Peuler said, adding it was too early to be sure of either factor yet.