Online betting drives Fortune growth

Central European fixed-odds operator Fortuna Group released strong first quarter 2011 results this week.
Key growth drivers for the company operating in Poland, the Czech Republic, Slovakia and Hungary were the Czech and Slovak markets and in particular an increase in its online betting business.
Key performance indicators in Q1 2011 include:
–  Gross Win reached Euro 26.5 million, an increase of 19.5 percent compared with the first quarter of 2010.
–  EBITDA increased 43.9 percent to Euro 8.4 million year on year.
–  Gross Win from online betting rose 54.4 percent year on year to Euro 8.2 million.
–  The Czech Republic generated more than 53 percent of all amounts staked, with online betting showing a growth of 55.9 percent in that market.
–  Slovakia contributed 34 percent of all amounts staked, showing a growth of 51.1 percent Gross Win in online betting compared to 2010.
–  Poland accounted for 11.9 percent of total amounts staked.
–  Gross profit margins from betting for Malta-based FortunaWin was 5.6 percent.
New projects and strategies include the imminent launch of the lottery in the Czech Republic and the development of licenced online betting in Poland as the country’s amended sports betting law is due to come into force in the third quarter of 2011 .
“We continue to report highly positive operating results in all our markets and a rapid growth of the online betting segment. Solid results were also achieved by the retail betting network which we gradually optimized and expanded by partner shops. Our excellent results show that the chosen strategy of two main distribution channels, where retail shops serve not just as sales points but also provide online betting support, is the right way.“ said Fortuna Entertainment Group CEO Jiří Bunda.

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