Updating the market on its half-year 2016 performance (period ending 30 June), Frankfurt-listed sports betting operator mybet Holdings SE (mybet) stated that the period was characterised by two factors; its continued decline in revenues and the sale of German horseracing wagering operator pferdewetten.de.
Closing a tough H1 period, mybet would record a -16% decline in group revenues to €24 million (H1 2015: €28.7 million).
The operator would disclose severe revenue declines to its online assets, with sports betting revenues down –35% to €4.4 million and casino revenues down a further -25% to €8.3 million.
The continued digital decline would impact period EBITDA at – €1.3 million (H1 2015: – €816,000).
mybet period earnings would be salvaged by the June sale of pferdewetten.de to a group of private investors for €9.9 million, which would result in the operator posting profits of €4.2 million.
As stated in previous corporate updates, mybet governance will use the pferdewetten.de sale funds to boost its internal operations as the company aims to launch its new digital platform, which mybet stated would allow it to offer ‘four times the amount of betting markets and twice as many casino games’.
mybet enters the second half of 2016, under the leadership of CFO Markus Peuler, as this month Zeno Ossko resigned from the company taking on the Managing Director role for Amaya Inc’s BetStars.
