SNAI Reveals Revenue Drop And Payment Request

Italian retail and online sportsbetting provider Sindacato Nazionale Agenzie Ippiche (SNAI) suffered a 3.6% year-on-year fall in revenue in the third quarter of 2013.

The firm posted revenue of €99.4 million ($134.2 million) during the latest quarter, a decrease on the €103.1 million recorded in the corresponding period last year.

SNAI’s revenues for the first nine months of 2013 stand at €352.4 million, a 4% drop on the €366.9 million achieved during the first nine months of 2012.

Despite the fall in sales, SNAI posted a significant rise in earnings before interest, tax, depreciation and amortisation during Q3, up from €3.6 million to €15.4 million year-on-year.

EBITDA for the first nine months of 2013 is now up to €64.5 million from €37.9 million in the corresponding period last year.

Meanwhile, SNAI has submitted a request for reconsideration of the amount it shall pay as part of a sentence concerning alleged deficiencies in the management of its new slots network.

SNAI said that it had so far paid €43.8 million to the Ministry of Economy and Finance.

The Corte dei Conti will make a decision about the appeal by November 9.

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