Czech Betting Grouip Buoyed By Online Activity

CZECH BETTING GROUIP BUOYED BY ONLINE ACTIVITY

11th March, 2016 at 09:09:17
Source: http://www.azonlinecasinos.com

Fortuna Entertainment's FY 2015 shows stellar performances from internet and mobile operations.

Online and mobile wagering - especially on in-play betting - buoyed the 2015 results of Czech gambling group Fortuna Entertainment, which released its preliminary results week.

The predominantly sports-betting group reported the following highlights:

* Net profit up 22.5% y-o-y to Euro19.5 million, although this was diluted to even when the impact of a 2014 VAT dispute with the Polish government is factored in;

* Fixed odds betting stakes up 26% at Euro 847.7 million;

* Betting revenue up 11% at Euro 138.7 million;

* Lottery stakes up 17.8% to Euro 19.7 million, and revenue up 15.5% to Euro 8.7 million;

* Overall group earnings of Euro 27.2 million;

* Online betting revenues increased by 26.4% year-on-year to Euro 84.7 million, thanks mainly to stellar performances in mobile and in-play betting, but the company acknowledged that the abolition of online handling fees in Slovakia, along with sterner enforcement against illegal operators in Poland also contributed to a healthier legal environment;

* Retail activity underperformed, with revenues declining 7% to Euro 54 million and the group shuttered a number of its retail outlets across Slovakia, Poland and the Czech Republic;

* The Czech betting market continued to be the main contributor to Fortuna's success at 54.5% of wagering, with Slovakia second on 30.7 percent

CEO Per Widerstrom said in a report that he expects sports bet wagering to cross the Euro 1 billion benchmark in 2016, but warned that earnings could decline by as much as 15% as a result of new taxes imposed by the Czech government, and more investment in the group's operational platform.

This means no dividends for investors this year or next, which is unlikely to please the company's backers.

Related News Tags:



« News index »



WEST VIRGINIA ONLINE GAMBLING BILL MEETS EARLY OPPOSITION (Update)

25th March, 2017 at 08:38:18
HB3067 faces political and time constraints.

MORE DETAILS ON COSTA ONLINE GAMBLING LEGALISATION BILL IN PENNSYLVANIA (Update)

21st March, 2017 at 21:54:56
Senator Jay Costa introduces his bill SB524 with the support of three other senators.

CALLS FOR HIGHER GAMBLING TAXES IN KENYA

20th March, 2017 at 07:18:24
Operators brace for rising costs as parliamentary advisers call for more taxation.

REPUBLICANS FILE ANTI-ONLINE GAMBLING BILL IN PENNSYLVANIA

14th March, 2017 at 08:11:41
HB801 has echoes of last year's unsuccessful attempt authored by former Representative (now Senator) Mario Scavello.

IGT ACHIEVES ICAP RE-CERTIFICATION

13th March, 2017 at 13:44:19
Compliant with Internet Responsible Gambling Standards.