Snai online sports wagers up 22%
Italian operator sees increase in remote sports bets and online gaming despite overall revenue fall
Leading Italian operator Snai has posted a 22% increase in online sports wagers during the first nine months of 2013 despite an overall decline of 4.4% in turnover.
Sports betting turnover dropped 4.4% year-on-year from 620.5m to 593.2m across the period, but online turnover was up 22% year-on-year to 103.7m in the period.
And the operator’s remote gaming division posted a 15% increase in revenues to 18.9m assisted by the recent launches of new online casino and slots products.
Overall, Snai turnover suffered a 4% year-on-year fall to 352.4m from 366.9m in 2012. The company attributed the fall to the combined effect of a decrease in horse racing betting and the simultaneous fall in revenues from AWPs.
EBIT for the first nine months of 2013 amounted to 17.9m, up from a 11m loss in the same period last year, thanks to ‘favourable sports betting payouts’ dropping to 78.6% from 84% following investment in its risk management procedures.
Net Group debt as of 30 September 2013 rose to 373.8 million, up from 369.6 million as of year-end 2012.