Fortuna delivers another strong quarter

The Fortuna Central and Eastern Europe-facing online and land betting group has reported another strong quarterly performance, particularly in online gambling operations.

The Q1-2017 results include:

* Overall revenue up 12.2 percent y-o-y to Euro 42.7 million;

* Overall handle grew 20.1 percent to Euro 302.2 million;

* Operational and pay-out costs higher, reducing EBITDA which fell 36.3 percent year-on-year to just Euro 3 million;

* Total sports betting handle up 14 percent at Euro 281.5 million;

* Online gambling turnover out-performed that of retail activity, recording double-digit growth vs. single-digit growth;

* Overall sports betting revenue rose 11.1 percent year-on-year to Euro 40 million, most of the revenue gains coming from online operations;

*.Digital betting revenue up 18.5 percent y-o-y to Euro 28.3 million;

* Retail revenue down 3.6 percent at Euro 11.7 million;

* Lottery operations suffered an 18.6 percent y-o-y decrease in revenue to Euro 1.7 million, resulting in a Euro 20,000 net loss from the vertical;

* Online casino operations were launched in the Czech Republic in February.

Fortuna CEO Per Widerström said that mobile betting was a star performer in the quarter, and predicted that the second quarter results would see further growth as revenues accrued from recent Romanian acquisitions and the new Czech online casino.

He revealed that further acquisitions embracing Croatia and Spain are currently being finalised.