Interwetten first half results below board expectations

In an industry update, online sportsbetting and casino operator Interwetten Group reviewed first half year 2017 results saying a number of bad margin months negatively impacted a 23 percent increase in turnover which was achieved despite the absence of a major sporting event.

Sports margin for the first six months was down 1.9 percent (-16 percent) and sports revenues declined by 13 percent despite an 11 percent increase in sports betting turnover, the company said, attributing the result to extraordinary punter-friendly results early in the first half.

Total gross gaming revenue grew 3 percent to reach Euro 33.8 million during the period under review. EBITDA as well as Net-Profit were broadly flat compared to H1/2016 with EBITDA amounting to Euro 6.6 million and Net-Profit to Euro 5.7 million.

Werner Becher, for the Interwetten Board of Directors, commenting on the results, said:

“In recent years, we were spoiled by constant double-digit growth rates. Fortunately, the Interwetten Group is very profitable and we can easily cope with a number of bad margin months.

“On the other hand, I am convinced that not having met our expectations for H1 will give our team an extra kick to push even harder.”

Looking ahead, Interwetten is preparing to enter the the Swedish market supported by the development of two new TV campaigns set for launch in Sweden in September.

Sweden will rank as the company’s sixth core market next to Germany, Austria, Switzerland, Spain and Greece, the company said.