Mybet slashes projected 2016 revenues by 16m
German operator remains hopeful its new tech platform can spark a turnaround in 2017
Mybet has lowered its forecasted 2016 revenues by approximately 26% following worse-than-expected results in Q3.
According to preliminary figures for the quarter, mybet generated revenues of 59m, thanks to a “continuation of negative trends seen in previous quarters“, according to the firm.
The German operator would not specify what areas of the business were struggling, but subsequently lowered its revenue projections for the full year from 59m-62m to 43m-46m.
The downward adjustment marks the second time this year the operator has lowered its revenue projections.
Guided EBIT remained unchanged in the positive low seven figures, although that includes 9.9m cash from the sale of horseracing betting site pferdewetten.de.
Mybet said in a trading update: “The third quarter showed a continuation of the negative trend in revenues from the previous quarters. Due to this revenue development, meeting the current revenue forecast is no longer realistic, even when taking into account a possibly evolving positive impulse from the newly introduced IT platform at the end of the year.”
The new IT platform and site was introduced in mid-August but is still in a beta phase, with the platform currently powering ânewmybet.com’ rather than the full âmybet.com’ site.
A spokesperson said the soft launch was helping iron out any kinks before mybet.com and existing customers were switched over.
No timeline for the transition was provided, although the spokesperson added: “We are working hard on this and the faster we finish the better. It shouldn’t be a big deal and we are not talking about lots of months.”