Mybet turns in good HY1 results

German-based sports betting provider mybet Holding SE (formerly JAXX SE) has reported strong HY1 2012 results attributed in part to record figures derived from the UEFA European Championship.

Key Performance Indicators H1/2012 include:

–     A rise in consolidated revenue of 21 percent to Euro 34.3 million (HY1/2011: Euro 28.4 million).

–     Gross revenue, which includes betting stakes, up by 40 percent to Euro 124.5 million (HY1/2011: Euro 89.2 million)

–     Betting stakes grew by 49 percent to Euro 97.6 million, while the hold rose by 62 percent to Euro 16.5 million (H1/2011: Euro 10.2 million).

–     EBIT was Euro 7.7 million (HY1/2011: Euro -142 thousand).

Key Indicators Q2/2012 comprise:

–     Consolidated revenue of Euro 15.8 million, up by 20 percent (Q2/2011: Euro 13.2 million)

–     Gross revenue climbed 47 percent to Euro 64.3 million (Q2/2011: Euro 43.6 million)

–     Registered users rose from 56 000 to an impressive 959 000 with an average 23 000 customers per month placing a bet online compared to 16 000 in the same period last year.

–     Betting stakes rose by 66 percent to Euro 51.7 million, while the hold doubled to Euro 7.5 million due to better margins.

–     EBIT of Euro 6.0 million (Q2/2011: Euro -0.4 million), impacted by the disposal of the lottery segment in German-speaking countries which resulted in other operating income of Euro 7.7 million.

Mybet’s H2/2012 outlook is positive with emphasis on its Schleswig-Holstein licence.  Despite reservations on the high tax burden on betting stakes of 5 percent, the company says it should have minimal negative effect on earnings as it is emerging that sportsbetting providers are passing the tax directly on to the consumer.

Mybet’s Management Board anticipates revenue of between Euro 65 and 70 million and EBIT of between Euro 9.0 and 10.0 million (of which Euro 7.7 million is attributable to the deconsolidation of the lotteries area).

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