Fortuna raises its net profit to 358 million

Business News

The Fortuna Entertainment Group betting company reported a net profit of 14 million euros (roughly 358 million crowns) this year, a year-on-year increase of 923.6 percent.

Operating profit has increased almost sevenfold, as well as the amount of bets received. Growth is the growth of online odds betting as well as new foreign acquisitions.

Pre-unaudited consolidated results today provided to Fortuna by ČTK. EBITDA EBITDA rose year-on-year by 665.5 percent to 22.7 million euros.

The bets received grew by 163.7 percent to 797 million euros, gross winnings increased by 157.6 percent to 110 million euros. Analysts do not estimate the results after the Fortuna shares were withdrawn from trading on the Prague Stock Exchange at the end of April.

Fortune’s earnings rose by 196.7 percent to 77.1 million euros in the first quarter. “The value of the revenue was influenced by the higher volumes of bets in all countries and the expansion of the online casino in the Czech Republic,” the company said.

According to Fortuna, the year-on-year comparison was also influenced by firms that were acquired only after the first quarter of 2017. Fortuna bought the Irish Hattrick Sports Group last year to become the leader in the Romanian market and also penetrated into Croatia and Spain. Later, from its majority owner, Fortbet Holdings Limited, took over the Romanian companies Bet Active Concept, Bet Zone, Public Slots and Slot Arena.

“Unbelievably high growth rates at all income levels are the result of a strong growth in online odds betting, investment in new platforms and new acquisitions by Hattrick Sports Group and Forts in Romania after the first quarter of 2017,” said Komerční banka analyst Miroslav Frayer. Fortuna is originally a Czech company founded in 1990 by a group of four private persons headed by Michal Horáček. One year later, the sister bookmaker Terno was established in Slovakia.