Publishing its half-year results, i-gaming operator mybet has reported a group revenue of €17.1m, a drop of 28.5 per cent, year on year.
Markus Peuler, CEO of mybet Holding, said: “In the light of the already reported weak first quarter, the blocked casino offering in Greece and the summer break without a real large football tournament, this development is unsatisfying but not surprising.
“But the first changes in customer behaviour on our new platform and in profitability we observed are very exciting,” he added.
Two key changes were observed, the company said. Firstly, casino customers had an improved average customer lifetime after the new platform was fully operational. Secondly, earnings before interest and taxes in sports betting and casino segments increased despite declining revenues when comparing the first and second quarter of 2017.
Group EBIT was €7m in the first half of the financial year 2017, a significant improvement on the €1.8m loss posted in the first half of 2016. Fuelled by €11.8m received as part of a legal settlement, profit for H1 improved considerably to €4m.
Looking ahead, Peuler said: “To achieve our forecast we have to be able to reactivate our online casino in Greece in the second half of the year and obtain a good customer acceptance of the new platform.
“Currently the Greek casino is not available yet and the football season just started. So we cannot conduct a final assessment of the platform yet, especially in the sports betting segment.
“As a consequence there is currently no reason for changing the forecast, but we will monitor the further development of the business very closely,” he said.
