German gambling operator mybet Holding SE published earlier today its financial report for the second quarter and the first half of 2015. Revenue rose 0.1% to €17.9 million during the three months ended June 30. Revenue for the first half the year increased 5.5% to €36.3 million. The rise was primarily attributed to the positive performance in the company’s Horse Betting and Casino and Poker segments.
Sports Betting revenue dropped 11.3% to €9.5 million during the second quarter of the year. Revenue from the segment amounted to €19.9 million for the six-month period ended June 30. The same amount was posted for the first half of 2014. However, it is important to note that last year revenue from that particular segment was boosted by the FIFA World Cup. And not major sports events took place in the first half of 2015.
The Horse Betting segment performed quite well during both the second quarter of the year and its first half. Revenue for the three months ended June 30 totaled €2.4 million, up 62.8%. And mybet’s Horse Betting segment generated a total of €4.4 million during the first half of this calendar year, up 40.1%.
Proceeds from Casino and Poker also increased during the two reviewed periods. Revenue for the three months ended June 30 increased 8.5% year-on-year to reach €6 million. The Casino and Poker segment generated a total of €11.7 million during this year’s first half, up 7.1% year-on-year.
mybet pointed out that the measures it took towards bolstering revenue and customer activity in the six months ended June 30 have not completely translated into group EBIT. This was due to the higher commission payments which resulted from a revenue structural shift for more “cost-intensive sales channels.”
Various marketing investments also had a negative effect on the company’s earnings. Yet, those resulted in positive development regarding betting stakes as well as improved customer values. EBIT for the first half of the year was brought to -€0.8 million, compared to -€0.4 million posted for the same period of 2014.
mybet’s Management Board expressed confidence that the operator’s strategy to introduce a number of necessary product and platform innovations and improvements will prove to be successful.
Last week, the company signed an agreement with betting software developer Amelco UK Ltd. Through this partnership, mybet aims at introducing immediate improvements of its Sports Betting and Casino product offering.
The gambling operator pointed out that the investment these improvements will necessitate will have negative effects on its full-year financial results. However, mybet’s Management Board pointed out that this would most definitely deliver a lasting profit increase from 2016 on and will secure the company with a stronger market position.
