mybet reveals casino and games growth, sports betting down

mybet Holding has announced that despite having suffered a year-on-year drop in sports betting revenue during the first quarter of the year, its casino and games segment was able to achieve growth.

Revenue in the three-month period amounted to €14.9 million ($16.9 million), down 11% from the €16.7 million posted in the opening quarter of last year.

Sports betting revenue was down 10.6% year-on-year from €9.2 million to €8.2 million.

Online sports betting slumped by 38.7% to €2.2 million, although the company did note a 13.6% increase in retail sports betting revenue to €5.2 million.

Despite the overall decline in sports betting, the operator was able to post an increase in revenue within its casino and poker arm, with this area of the business generating €4.3 million in revenue, up 20.9% on the previous year.

Overall earnings before interest, tax, deprecation and amortisation dropped from a negative of €121,000 to a loss of €140,000, although earnings before interest and tax improved from a loss of €689,000 to €467,000.

In addition, net loss slightly improved from €879,000 to €802,000.

In a statement, mybet said it will look to improve on its performance in the first quarter by launching a new platform, which is due to be rolled out in July or August.

Zeno Osskó, chief executive of mybet, added: “We would have loved to use the football European Championship as the launch opportunity for our new platform.

“But in the interests of the best possible standard of customer satisfaction, which is absolutely critical to the future of mybet, we have decided in favour of additional detail work to the platform.”

Related article: Head of mybet cites challenges