Fortuna accepted bets of EUR 756.0 million up 22.9% in the first nine months of 2016
AMSTERDAM/Warsaw/Prague – Fortuna Entertainment Group, the leading Central European fixed-odds betting operator, has announced its unaudited consolidated results for the first nine months of 2016.
· Total Amounts Staked in 9M 2016 increased by 22.9% to EUR 756.0 million
· Total Gross Win in 9M 2016 went up by 14.4% to EUR 120.2 million
· Online Sports Betting Gross Win in 9M 2016 increased by 25.0% to EUR 75.0 million
“In the first nine months of 2016, the Company continued to deliver strong growth in Amounts Staked and we accepted total bets in the amount of EUR 756.0 million, which is 22.9% more than last year. The Amounts Staked grew double digits in all our key markets, primarily driven by the online betting growth and in particular mobile sports betting while retail grew single digit. Our operating profitability measured by EBITDA was impacted by the increase in the betting tax rate in the Czech Republic and by planned increase of operating costs to support future growth opportunities of the company,” said Per Widerström, CEO of Fortuna Entertainment Group.
The Group’s Amounts Staked for the first nine months of 2016 were EUR 756.0 million, a strong 22.9% yoy growth. This increase was driven primarily by the double digit growth in online betting in all the countries where Fortuna operates while Retail grew single digit. The Amounts Staked on sports betting reached EUR 741.6 million in the first nine months of 2016, a 23.4% improvement on the first three quarters of 2015. The Amounts Staked on lottery betting in the first nine months of 2016 totalled EUR 14.4 million, a 2.6% yoy increase.
In the first nine months of 2016, the total Gross Win reached EUR 120.2 million, an increase of 14.4% compared to the first nine months of 2015. The Gross Win from sports betting was EUR 113.8 million, a 15.0% increase yoy. Of this figure, the Gross Win from online betting in the first three quarters of 2016 increased to EUR 75.0 million, a solid increase of 25.0% over the same period of 2015. The Gross Win from retail betting in the first three quarters of 2016 amounted to EUR 38.8 million, a slight 0.4% decline yoy. In the first nine months of 2016, the Gross Win from the lottery business was EUR 6.4 million, a 5.1% growth over the same period of last year.
In the first nine months of 2016, total EBITDA reached EUR 15.9 million, a 9.9% decrease over the same period of last year. The total is drawn from a 9.1% decline in sports betting to EUR 15.3 million and the lottery EBITDA of EUR 0.6 million, down 25.8% over the last year. The EBITDA decrease resulted mainly from the higher betting tax rate in the Czech Republic which impacted both the sports betting and lottery, the abolishment of the online handling fee in Slovakia at the end of February 2015 and by the anticipated increase in operating costs of the Group to build further capability and capacity for future growth.
Selected financial indicators – FEG total
|(EUR million)||9M 2016||% yoy|
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