Frankfurt Xetra-listed European betting operator mybet Holdings SE continues its performance slump reporting an 11% revenue decline to €14.9 million for its Q1 2016 opening (period ending 31 March).
The operator who reported €8 million group losses in 2015, recorded performance declines in core divisions as online betting revenues dropped 10% to €8.2 million (Q1 2015: €9.2 million).mybet would post further declines in its casino/poker divisions and B2B services (see mybet Q1 2016 breakdown below).
The operator closes its Q1 2016 reporting group EBITDA losses of – €140,000 with overall period net losses of – €800,000.
Updating the market, mybet governance stated that Q1 2016 “did not progress satisfactorily in terms of mybet’s financial performance and position”.
mybet governance noted that the company was still in transition from key operational changes implemented in 2015. The company further stated that it was ‘playing catch-up’ in terms of improving its lost player activity in core markets.
The company would use its trading update to inform the public that it had delayed the launch of its new technology platform until after UEFA Euro 2016, stating that the decision was made ‘in the interests of the best possible project standards of customer satisfaction, we have opted to complete additionally detail’.