Sportsbetting Revenue Drives Mybet Third-Quarter Growth

Online gambling and betting provider mybet Holding has cited the success of its sportsbetting business for its continued growth after unveiling impressive interim financial figures.

Revenue for the third quarter stood at €15.6 million ($21.1 million), a year-on-year increase of 4.3% on the €15 million recorded in the same period last year.

This increase was driven by the growth of mybet’s sportsbetting operations, which rose to €8 million in the latest quarter, up by 30.6% on the €6.1 million posted in Q3 of 2012.

Despite the sportsbetting division’s positive performance, lotteries revenue suffered a 16.7% fall to €845,000, while casino and poker also dropped by 7.7% to €1.4 million.

In addition, earnings before interest, tax, depreciation and amortisation suffered a heavy blow in the quarter, dropping 366% from €-300,000 in Q3 of 2012 to €-1.4 million in the latest quarter.

The latest figures place mybet’s revenue for the first nine months of 2013 at €50.9 million, a 3.3% rise on the €49.3 million posted at the same point last year.

Sportsbetting revenue is up by 12% for the year so far and, despite a poor performance in Q3, casino and poker has also increased by 13% in the first nine months of the year.

However, lotteries revenue is down 46.4% for the period, while EBITDA has also dropped from €9.7 million in the first nine months of 2012 to €-1.5 million this year.

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