MYBET – REPORTS H1 2017 RESULTS
In the first half of 2017 mybet Group has reached a group revenue of EUR 17.1 million. This represents a decline of 28.5 percent compared to the previous year (previous year: EUR 24.0 million). While in the group segment sports betting as well as in the segment casino revenues fell short of previous year’s benchmarks the business volume in the third segment B2B remained stable.
“In the light of the already reported weak first quarter, the blocked casino offering in Greece and the summer break without a real large football tournament, this development is unsatisfying but not surprising. But the first changes in customer behaviour on our new platform and in profitability we observed are very exciting,” said Markus Peuler, CEO of mybet Holding SE.
Specifically first of all two changes were observed: On the one hand casino customers had an improved average customer lifetime after the new platform had been fully put in operation. Customer lifetime means the period in which a newly registered customer is active on the platform on a regular basis. On the other hand earnings before interest and taxes (EBIT) in the sports betting segment as well as in the casino segment increased despite declining revenues when comparing the first and second quarter 2017, that is before and after the complete start of the platform. Both effects refer to a rather small period of time, but if these effects should stabilise, this would represent a significant success for mybet.
Group earnings before interest and taxes dominated by settlement payments.
The earnings before interest and taxes (EBIT) of mybet Group amounted to EUR 7.0 million in the first half of the financial year 2017, thus being very significantly above previous years figure (previous year: EUR -1.8 million). The increase is a consequence of the payment of EUR 11.8 million by Westdeutsche Lotterie GmbH & Co. OHG to a group company of mybet Group to end the long-time legal proceedings for damage claims out of court. Due to the high EBIT the profit for the period in the first half year 2017 was also significantly in the black with EUR 4.0 million. In the previous year the one-off effect of the sale of pferdewetten.de AG had led to a comparable profit for the period (previous year: EUR 4.2 million).
Forecast 2017 confirmed for the time being.
Based on the results of the first half year 2017 the Management Board confirms the forecast that had been raised partly in May. It forecasts revenue to be between EUR 44.5 and 47.0 million, EBIT to be between EUR 4.5 and 5.5 million and liquidity by the end of the year to be between EUR 1.0 and 2.0 million.
“To achieve our forecast we have to be able to reactivate our online casino in Greece in the second half of the year and obtain a good customer acceptance of the new platform. Currently the Greek casino is not available yet and the football season just started. So we cannot conduct a final assessment of the platform yet, especially in the sports betting segment. As a consequence there is currently no reason for changing the forecast, but we will monitor the further development of the business very closely,” explains Peuler. Additional impulses will arise from the newly started B2B business with betting shops in Austria and the new sponsoring of the Bundesliga football club Borussia Mönchengladbach.