Snaitech driven by online segments in Q1

Snaitech has cited the success of its online sports betting and casino operations as among the main reasons behind business growth in the first quarter.

Profit before tax in the three months to March 31 amounted to €13.6m ($16.1m), up from €4.6m in the corresponding period last year, while net profit at the firm also increased from €2.2m to €9.1m.

Earnings before interest, tax, depreciation and amortisation jumped 34% year-on-year to €38.1m, while earnings before interest and taxed increased 63.4% from €14.2m to €23.2m.

Although the Italian gaming and betting giant reported a 1.7% year-on-year drop in revenue, which fell from €227.4m to €223.5m, diluted profit per share was up from €0.01 in Q1 of 2017 to €0.05.

Focusing in on its business segments, Snaitech highlighted positive performances by its online sports and betting operations, which saw wagers increase by 17.7% and 17.3%, respectively.

A total of €460m was wagered through Snaitech online platforms in the quarter, 17.4% more than in the same period last year.

Last month, Playtech agreed a deal to acquire a majority stake in Snaitech with a view to a full takeover.

Subject to approval, Snaitech will take an initial 70.6% of the issued share capital of Snaitech in a deal is worth €846m ($999m).

Related article: Playtech agrees €846m Snaitech deal