Enlabs today reported a significant drop in revenue due almost entirely to the Covid-19 pandemic during the second quarter of this year

Q2 revenues fell to 6.1 million, a decrease of 35%. The number of active customers was 37,184 (37,753), a decrease of 2%. Deposits were EUR 20.2 million, a decrease of 28%.

CEO George Ustinov said: “During the second quarter of 2020, Enlab’s demonstrated its ability to adapt and develop. Due to the covid-19 outbreak, the Latvian parliament suspended all gaming licenses in the country during the period April 8 to June 10.

The gaming shops in Lithuania were also closed for most of the quarter. In both Estonia and Lithuania, we reduced market communication due to the current situation. Despite these temporary interruptions in operations, we had revenues of EUR 6.1 million, EBITDA of EUR 0.5 million and a net result of EUR 0.5 million with a positive cash flow in operating activities.

Our comeback in Latvia has been welcomed with several daily records that show that local players always win over the global ones when it comes to delivering what the customer wants. It also became more obvious than ever that a balanced regulation is completely in line with the interests of both the players and the operators and the authorities. In all three Baltic countries, conditions have now stabilized and covid-19 restrictions have been lifted. 

All Enlab’s brands and physical gaming stores are fully operational again. During the challenging time, Enlabs held together as a well-knit team. We did not make any redundancies and switched smoothly to telework. Since June, all our offices are open again and we have introduced appropriate security procedures. Our employees can choose to work from the office or from home, and 75% have chosen to return to the office.

Given that the market recovered well in June, at the same time as the sports world starts rolling again and our list of development projects is being grazed at a rapid pace, we are now fully set for growth during the third quarter. In July, Enlab’s total gaming revenue increased by 11% compared to the same period a year ago. The business is back at full speed! So, let’s play! ”