Raketech has reported a decrease of 6.1 per cent in total revenues for the second quarter of 2019, dropping to €5.7m (€6m).
Organic growth dropped to minus 8.8 per cent (24.5 per cent) and adjusted EBITDA decreased by 10.7 per cent to €2.9m (€3.2m), corresponding to a margin of 51.1 per cent (53.7 per cent).
Adjusted operating profit amounted to €2m (€2.9m), corresponding to a margin of 35.1 per cent (48.3 per cent). Profit for the period increased by €1.5m from €0.2m to €1.7m.
During the second quarter, Raketech acquired the assets of Finnish sport listing website TVmatsit.com for an initial €1.6m and launched new consumer-facing online casino product Rapidi.com.
Raketech CEO Michael Holmberg said: “In 2019, no major sporting events in par with the 2018 FIFA World Cup will take place, and with half of the year now behind us we can see that player values remain at the lower levels we noted during the first quarter.
“However, based on the development so far in the third quarter, our assessment is that player values will not decrease any further. We focus on driving traffic to the larger well-established operators, with whom we have strong and successful relationships.
“Through our scalable business model, we continue to focus on profitability going forward, in combination with the before-mentioned geographical expansion and selective acquisition strategy. I look confidently towards our future and strongly believe in our long-term strategy.”
