Eastern European focused sports betting operator Fortuna Entertainment, cited increased sports betting activity as its key factor for its improved performance during the first half of 2014.
Fortuna reported an increase in wagering of 20.8% during the opening half of 2014, with wager amounts totaling €333.2 million (£264 million). Sports betting contributed to 97.6% of wagering with €325,3 million.
Due to increased betting activity in the first half, the operator was able to post gross win of €65.8 million, which is up 14.7% on the corresponding period in 2013. Fortuna Entertainment net profit increased by 9% to €9 million while EBITDA earnings in the period jumped 16.4% to €15 million.
Radim Haluza, CEO and Chair of the Board of Fortuna Entertainment Group
“The results achieved were predominantly influenced by the three major sporting events that took place in the first half of this year. And it was most particularly the World Cup in Brazil that confirmed football’s unchallenged position as the number one sport when it comes to fixed-odds betting,”
“in line with our expectations, we recorded growth for all key parameters and on all markets where Fortuna operates. We enjoyed an exceptional first half of the year. However, our outlook for the whole year remains unchanged, given the absence of major sporting events in the forthcoming months.“