Online activity boosts profits at Czech gambling group
Fortuna Entertainment Group, a Czech-facing online and land betting company has posted results better than analyst expectations of Euro 14.3 million, with net profit up 26.4 percent over the year to Euro 15.6 million, boosted significantly by online gambling operations.
The Reuters news agency reports that total amounts staked were also better than expectations, rising 21.2 percent to Euros 567.2 million.
Online sports betting gross win in 2013 increased by 35.3 percent to Euro 51.1 million from stakes of Euro 551.2 million, 22.9 percent more than in 2012. This impressive performance was positively driven by online segment growth in all markets where Fortuna operates.
Online betting expansion was supported by the further development of "live betting" and live streaming, which are becoming increasingly popular channels amongst Fortuna clients.
Total gross win reached Euro 116.5 million, an increase of 5.1 percent compared with 2012. Gross win from retail betting in 2013 amounted to Euro 57.8 million, and gross win from lottery was Euro 7.6 million.
Total EBITDA grew by 20.8 percent to Euro 26.7 million
Fortuna chief executive Radim Haluza said in his report:
"I am very pleased with Fortuna's sales performance driven by a strong growth in online sports betting in all markets.
"Fortuna delivered top line turnover of over Euro 567 million, which is 21.2 percent ahead of last year and EBITDA of Euro 26.7 million, 20.8 percent more than in 2012.
"Our key strategy to focus on internet and mobile betting and offer broad live content to our clients has paid off. We hope that we will be able to take advantage of this year's major sporting events such as the Winter Olympics and World Cup in Brazil in order to retain a strong momentum."
Haluza said that Fortuna's online business continues to grow rapidly, hand in hand with the increase in broadband penetration affording access to the company's website.
"Over the last two years, Fortuna has undergone a transformation from a retail betting operator to a multi-regional online business, Haluza said. "During 2013, it has completed several investments and innovations of its trading platforms, mobile applications and CRM system.
"As a result of that, Fortuna managed to increase the number of registered players by 26 percent over the last year, while the number of clients betting live increased by 57 percent.
"The fastest growing channel in 2013 was mobile. Total number of customers preferring this channel has increased by more than 300 percent.
"On the product side Fortuna has expanded its live offer by signing a deal with Bwin.Party. Bwin Feed provides live sports betting data including odds, fixtures, results, scoreboards and events calendars in multiple languages to online and land-based B2B clients, enabling Fortuna to offer its customers an extensive sportsbook and supporting content."
Online Casino News Courtesy of Infopowa