mybet back on track after improved 2014 performance

German sports betting operator mybet Holding SE reported a 6.1% revenue increase of €52.3 million (2013 – 49.3 million) for its 2014 financial performance (nine months through to 30 September).

The operator’s improved performance had been driven by a 23% revenue increase to €30.1 million (2013 – €24.5 million) recorded in its sports betting division. Revenue from horse betting increased 32% to €5 million (2013 – €3.8 million).

Elsewhere the operator reported that casino and poker revenues declined -6.2% to €16.3 million (2013 – €17.4 million). In addition, the operators exit from the lottery market saw it lose a revenue channel in 2014.

The first nine months of 2014, have seen mybet record a clean EBIT of €214,000, a much improved figure from the 2013 reported EBIT of – €3.9 million. Improved revenue performance has led to mybet Holdings upgrading its full-year EBIT forecast, which the operator targets to be between €500,000 and €650,000.

Sven Ivo Brinck, CEO of mybet Holding SE, commented: “We have been able toincrease our revenue as planned. Our operating result even progressed slightly better than we had expected. This performance and the structural improvements show that mybet is on the right track. We will actively take up the challenges that we have identified for 2014 and beyond.”

mybet who in 2014 sold its Italian and Spanish business divisions, confirmed that it had been awarded with a German Hesse Ministry sports betting license, allowing the operator to be one of twenty betting operators who will be able to provide sports betting services to the German public.

 mybet Holding SE performance overview 2014