Quiet second quarter for Mybet

The German online gambling operator Mybet Holding SE reports that revenues increased marghinally at 0.1 percent to Euro 17.9 million in Q2-2015, although over the half year to end June these grew 5.5 percent to Euro 36.3 million.

The operator revealed that second quarter sportsbetting declined 11.3 percent to Euro 9.5 million, whilst H1-2015 sportsbetting revenue came in at just under Euro 20 million – with little change from H1-2014.

Better success was recorded by the horseracing vertical, which saw quarterley revenues up 62.8 percent at Euro 2.4 million, and H1-2015 revenues of Euro 4.4 million…a y-o-y rise of 40.1 percent.

Online casino and poiker action was positive, generating an 8.5 percent improvement during Q2 to Euro 6 million, and half-year revenue up 7.1 percent to Euro 11.7 million.

Higher commission payments and marketing investment had a negative impact on company earnings, with H1-2015 EBIT loss – Euro 800,000, significantly higher than the – Euro 400,000 recorded in 2014.

The company is working on improving its products and platform, and warned that the investment required for this will have a negative impact on full year earnings, but will lead to better times by 2016.

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