mybet upbeat despite revenue drop in first half

31 August 2017

mybet Holding has said that despite a drop in revenue during the first half of the year, its new platform is delivering “positive signals”.

Revenue for the opening six months of 2017 came in at €17.1m ($20.4m), which is 28.5% lower than the €24m posted in the first of period last year.

However, despite this decline, earnings before interest and taxes (EBIT) jumped from a loss of €1.8m last year to a positive of €7m in the most recent period

mybet attributed this increase to a payment of €11.8m by Westdeutsche Lotterie GmbH & Co to a group company of mybet to end the long-time legal proceedings for damage claims out of court.

As a result of this payment, profit in the period came in at an impressive figure of €7m.

Markus Peuler, chief executive of mybet Holding, said: “In the light of the already reported weak first quarter, the blocked casino offering in Greece and the summer break without a real large football tournament, this development is unsatisfying but not surprising.

“But the first changes in customer behaviour on our new platform and in profitability we observed are very exciting.”

mybet forecasts that revenue for the full year will amount to between €44.5 and €47m, while EBIT should hit between €1 and €2m.

Related article: Mybet opens first betting shops in Austria