Snai revenues slide despite online growth

Snai has reported strong online performance during the first nine months of 2017 despite a group revenue slide of 3.4% to €639m.

Online was the only sector to have experienced growth, with total online revenues up 17.4% from the same period in 2016, thanks to a 37.5% increase in online sports betting and a 27.5% increase in online gaming, as online wagers climbed 30% to €1.14bn.

The firm attributed the growth to an enhanced product offering and cross-selling initiatives implemented at a retail level, which led to an Italian online market share of 6.2%.

Total revenues were down as a result of higher pay-outs on sports betting and an increase in the tax rate of retail gaming machines, which came into force in April 2017.

Group EBITDA also fell 11.7% to €80.4m for the first nine months of this year, although the Italian betting firm did post profits of €4.9m for the period due to a lower operational margin as the result of the bonds refinancing in November 2016.

Snaitech made it to number 44 in the EGR Power 50 list this year after the group posted a 13% revenue rise in H1.