mybet Holding SE posted information about its financial performance during H1 of the financial year. According to the released numbers, the negative trend reported during the first quarter has continued through the entire H1.
mybet reported a revenue of €24 million, which means a decline of 16.6% was registered YOY. Although Euro 2016 took place when the first half of the financial year was approaching its end, it could not compensate for the losses in the first five months.
Marketing experts also attribute the unsatisfactory results to the outdated product offering, the weak market in Greece and the legislative changes that are to be imposed in some European countries. The sale of pferdewetten.de ag also played an important factor in company’s financial performance.
EBIT including one-off effect pferdewetten.de ag during the registered period amounted to €4.8 million. As for the EBIT without one-off effect, it was estimated at €-1.8 million. Thereby, this year’s lower revenue level did not have an impact on the EBIT without one-off effect. It remained the same as compared to last year’s numbers. mybet’s profit/ loss during H1 amounted to €4.2 million. The amount reported a year ago was €-0.2.
Speaking of the revenue generated via the sports betting segment, it amounted to €14.5 million, which is 16.7% less than the revenue generated in the first half of 2015.
The casino segment, managed by mybet, reported a revenue of €8.4 million, down 25.9% YOY. Those who keep themselves informed about mybet ventures know that it has closed its poker operations at the end of June.
As for the projections regarding the entire financial year, mybet anticipates a revenue between €59 million and €62 million. However, these plans can be materialized provided that the business is not hindered by unexpected legislative changes. Both legislative and tax amendments are likely to be introduced in Greece. Moreover, the new online platform that is to be launched soon is also expected to have a positive effect on the business.
However, it is worthy of mentioning that the aforementioned financial planning includes the inflow of funds from the C4U-Malta sale. Bureaucratic hurdles were the reason why the deal has not been closed yet. mybet officials expect a successful outcome no later than the end of 2016.
