mybet has reported that group sales were down 29% year-on-year to €8.9m (£7.8m/$10m) in the first quarter of 2017.
EBITDA for Q1 came in at a loss of €2.84m, compared to a loss of €803,000 in the corresponding period last year.
The company attributed the drop in revenue to online sales, contributing to a 48.2% revenue drop in its online casino segment and a 19.9% revenue drop in online sports betting revenue.
mybet, also cited the number of big wins as a cause of the drop in sales.
Markus Peuler, chief executive of mybet, said: “There was also positive news to report in and after the first quarter of 2017; we were finally able to launch our new product platform on 21 March 2017.
“With an increase of 8.4% in retail bets, we are still on stable growth path with our betting shops.
“The development of our B2B business is also highly stable, but the biggest piece of good news in recent weeks was the end of the legal despite with West deutsche Lotterie GmbH & Co. OHG after around ten years.
“A historic chapter in the history of the mybet Group has therefore come to an end in highly satisfactory fashion with a settlement of €11.8m”
mybet recently signed a deal with Realistic Games which will see the company host a range of Realistic Games’ content.