Gambling operator mybet Holding SE announced its financial results for the first quarter of 2016. The company reported an 11% decrease in revenue to €14.9 million. In comparison, the amount of €16.7 million was posted for the same three-month period a year ago.
Revenue from the company’s sports betting segment was down 10.6% over the period in review. The amount of €8.2 million was reported compared to €9.2 million in the first quarter of 2015. Online sports betting operations generated a total of €2.2 million, down 38.7% year-on-year. Retail sports betting brought in a total of €5.2 million, up 13.6% year-on-year. B2B division generated €671,000 representing a decrease of 5.1%.
mybet’s casino and poker segment generated the total amount of €4.3 million during the first quarter of the year, up 20.9% year-on-year. Revenue from horse betting was up 15.4% as compared to what was posted for the same period a year ago. The division contributed €2.3 million to the overall figure reported for the three months ended March 31, 2016.
EBITDA for the period stood at a negative of €140,000 compared to a negative of €121,000 reported for the same three months of 2015. EBIT was also negative and amounted to €467,000 compared to a negative of €689,000 generated in the first quarter of the previous year. mybet also reported net loss of €802,000 for the three months ended March 31, 2016 compared to net loss of €879,000.
As of March 31, 2016, mybet had as many as 1,533,222 registered customers, up 44,004 from the 1,489,218 players registered as of December 31, 2015. During the first quarter of the year, the company managed a total of 153 brick-and-mortar betting shops across Germany.
Commenting on mybet’s financial performance during the period in review, Management Board members Zeno Osskó and Markus Peuler said that this year’s first quarter was not a satisfactory one for the gambling company.
The two officials attributed the revenue decline to two main reasons. In the first place, following the tax and regulatory changes introduced in Greece in 2015, mybet had to win back its Greek customers, a process that required certain costs and efforts. In the second place, given the “restricted appeal of [its] existing platform,”
Although mybet had planned to launch its new platform before the start of the UEFA Euro 2016, the company later on decided that the introduction will take place after the championship as certain amount of detail work needs to be completed.
