Online casino and sports betting provider Interwetten reported a 27% increase in revenue for the first three quarters of 2016. The company collected a total of €49.9 million in revenue in the first nine months of the year.
Revenue from the company’s sports betting platform increased by 9%, which is to be attributed to the delayed start of football leagues due to the Olympics and Euro 2016. Meanwhile, the revenue of Interwetten’s online casino offering grew substantially by 42% in Q3 of 2016. Interwetten’s revenue between the months of July and September jumped by 23% to €16.9 million.
The online sports betting pioneer is encouraged by its revenue increase for Q1 and Q2 of 2016. Interwetten’s Board of Directors spokesman, Werner Becher, announced the company was positive about reaching its corporate targets for 2016. In Becher’s words, this was by far the most successful year for Interwetten in terms of operations. Despite the delayed start of football leagues this year, the sports betting provider succeeded in sustaining the verve Euro 2016 created.
Becher continued to disclose Interwetten’s EBITDA was up 18% to €11.1 million for the first nine months of the year. Additionally, the company’s net profit jumped 18% and currently stands at €9.6 million. Becher is optimistic about Interwetten meeting its internal target.
The spokesman also revealed the company was likely to “break through the €1 billion turnover threshold” based on its key performance indicator for Q3. This increase in revenue was attributed to Interwetten’s 2016 marketing strategy of sustainable growth. The company succeeded in increasing its profits despite the hike in marketing spend during Euro 2016.
After its revenue hike in the first nine months of the year, Interwetten’s plans for 2017 are to increase its marketing spend for its current core markets in Spain, Greece and German speaking countries. What’s more, the company’s management team disclosed plans on updating the list of its investors in 2017 and building up a new core market.
Interwetten’s governance revealed the introduction of the new core market would be aided by extensive “positioning of its brand.” The online sports betting provider plans on investing in building a more significant TV presence as well.
Interwetten is considered one of the pioneers in the industry as it introduced an online betting platform in 1997. Currently, its casino and sports betting offerings are available in ten languages and are frequented by customers from over 200 countries.
