mybet weak margins affect revenue

mybet Holding SE (formerly JAXX SE and here on the site represented by mybet casino ) published its report on the first nine months of 2012 delivering strong growth but weak bookmaking margins which affected revenue.

Key performance highlights for the Group over the period include:

– Revenues of Euro 49.3 million, up 14.3 percent.

–  EBIT was Euro 6.8 million with lottery divestment proceeds of Euro 7.7 million ergo the operating result was Euro -1.0 million.

–  Total number of customers exceeded 1 million.

–  Betting stakes rose 40 percent to Euro 136.3 million (9M/2011: Euro 15.6 million).

In a departure from its original plans, mybet financial performance was boosted by the end-customer paying the entire German gaming tax with 5 percent added to betting stakes since July 1, 2012.

Trading update:

The Company said it has experienced a strong start to the fourth quarter of 2012 which promises record betting stake levels and good margins.  The imminent launch of its mybet app for iOS and Android platforms should further its full year fiscal goals.

Based on nine-month figures and continued progress in the fourth quarter, mybet said it expects revenue of between Euro 65 and 70 million for the 2012 fiscal year along with a positive EBIT.

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