Baltic operator Enlabs overcame the suspension of gaming in Latvia to post a profit of €2.64m during the first half of the year.
While revenues were down at €16.6m from €18.4m the previous year in the same period, total active customers increased by 14 per cent to 48,950, while deposits decreased slightly to €53.5m (€54.4m). EBITDA for H1 2020 stood at €3.24m (€5.30m).
During the period, Enlabs acquired 29.9 per cent of Global Gaming 555, introduced esports betting with EveryMatrix and joined Playtech’s iPoker network.
Enlabs CEO and group president George Ustinov said: “During Q2 2020 Enlabs demonstrating its ability to adapt and evolve. Due to the Covid-19 outbreak, the Latvian parliament suspended all gaming licenses in the country from 8 April to 10 June. Retail operations in Lithuania have also been suspended for the greater part of the quarter. We cut back on marketing communication in both Estonia and Lithuania.
“Despite these temporary disruptions, Enlabs recorded €6.1m revenue, €0.5m EBITDA and €0.5m net profit with positive operating cash flow.
“Enlabs’ customers have welcomed our return in Latvia with several daily activity records proving that regulated local operators can always better cater for customer demands. This also showed more broadly than ever that balanced regulation aligns the interests of players, operators and government authorities.”
