Updating investors, Frankfurt Xetra-listed online bookmaker mybet Holdings SE has informed that its Supervisory Board has granted the approval for the company to raise its year ‘target values for earnings before interest and taxes (EBIT) as well as the firm’s full-year cash position.
The board’s decision follows this month’s notification that mybet has finally settled out-of—court its Westdeutsche ‘WestLotto’ Lotterie GmbH & Co legal dispute for €11.8 million.
The bookmaker closed its ten-year legal proceedings against WestLotto, a German licensed retail lottery operator that had issued an injunction order against mybet selling ‘over-the-counter’ lotto services.
Moving forward, mybet governance has revealed an unchanged 2017 group revenue target range of €44-47 million, combined with a higher EBIT range of €4.5-5.5 million. The decision sees mybet reverse full-year EBIT expectations of between €-3.2 and -2.7 million.
mybet governance further expects its 2017 cash placement to be between €1-2 million in profits.
In its 15 May update, mybet governance detailed that it will use its settlement proceeds to pay back a €4 million credit facility. Moving forward the operator expects to add €4.9 million in liquid funds which will be attributed in Q2 2017.