Fortuna grew Amounts Staked by 25.1% in the first nine months of 2015 and improved operating profitability in the third quarter of 2015
AMSTERDAM/Warsaw/Prague – Fortuna Entertainment Group, the leading Central European fixed-odds betting operator, has announced its unaudited consolidated results for the first three quarters of 2015. The reported financial results confirmed a double-digit growth of accepted bets in all countries where Fortuna operates and improved operating profitability in the third quarter 2015.
· Total Amounts Staked in the first nine months increased by 25.1% to EUR 615.1 million
· Total Gross Win in the first nine months went up by 8.1% to EUR 105.0 million
· Gross Win from on-line sports betting increased in the first nine months by 23.8% to EUR 60 million
· EBITDA in the third quarter of 2015 was EUR 8.7 million up 25.3% yoy
“We are pleased to report on solid profitable growth for the first nine months of 2015 despite no big sport events such as world cup 2014 as well as the abolishment of the online handling fee in Slovakia. Fortuna accepted total bets in the amount of EUR 615.1 million, which is 25.1% more than last year. Despite a continuous pressure on margins, total Gross Win went up by 8.1% to EUR 105 million. The main driver of our performance was expansion of internet and mobile sports betting in all Fortuna´s markets. Finally, our full year guidance for 2015 remains the same,” said Per Widerstrom, CEO of Fortuna Entertainment Group.
The Group’s Amounts Staked for the first nine months of 2015 were EUR 615.1 million, a strong 25.1% yoy increase. This growth was driven primarily by the expansion of on-line betting in all the countries where Fortuna operates. The Amounts Staked from sports betting reached EUR 601 million in the first nine months of 2015, a 25.2% improvement on the first nine months of 2014. The Amounts Staked on lottery betting in the first nine months of 2015 totalled EUR 14 million, a 21.4% yoy increase.
In the first nine months of 2015, the total Gross Win reached EUR 105 million, an increase of 8.1% compared to the first nine months of 2014 despite the absence of big sporting events such as FIFA World Cup and the negative impact of on-line handling fee abolishment in Slovakia this year. This growth was driven by a strong Q3 2015 which delivered better than average margins in sports betting.
The Gross Win from sports betting was EUR 98.9 million, a 7.6% increase yoy. Of this figure, the Gross Win from on-line betting in the first nine months of 2015 increased to EUR 60 million, a strong increase of 23.8% over the same period of 2014. The Gross Win from retail betting in the first nine months of 2015 amounted to EUR 39 million.
In the first nine months of 2015,the Gross Win from the lottery business was EUR 6.1 million, a 16.4% increase over the same period of last year driven by growth in both numerical games and scratch cards.
In the first nine months of 2015, total EBITDA amounted to EUR 17.7 million, a 19.6% decline over the same period of last year. Of this, sports betting EBITDA represented EUR 17.2 million, down 21.7% yoy and the lottery EBITDA equalled to EUR 521 thousand, up 520.2% yoy. These figures were positively impacted by a strong performance in the Q3 2015 which showed the EBITDA growth over the Q3 2014 despite the absence of big sporting events such as FIFA World Cup and the negative impact of on-line handling fee abolishment in Slovakia this year. Still, the management of Fortuna decided to keep its full year EBITDA guidance and further anticipates that total EBITDA in 2015 could record a 25-30% decline (excluding the one-off item of EUR 0.6 million in 2014).
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