Snai online revenues falter
Casino and poker revenues slump 20% as operator targets supplier partnerships to boost online performance
Italian operator Snai is looking to strike commercial agreements with “significant industry players” after its online casino and poker business reported a 20% drop in revenues for the first nine months of the year.
Revenues from online skill games and casino were down year-on-year from 18.9 to 15.1m, prompting the operator admit its performance had fallen “below expectations”.
And online sportsbook wagers for the nine months ended 30 September reached 99.8m, down almost 4% on the 103.7m figure recorded in the corresponding period last year.
Snai said its online division was a significant short-term strategic focus with the firm looking to trigger growth through establishing “commercial agreements with significant industry players”, hinting that supplier deals are on the cards.
The slump in online came despite Snai reporting a 12% increase in total group revenues to 393.9m and a 26% increase in EBITDA for the period to 81.2m which sent the operator’s share price up almost 10% in morning trading.
Italy’s poker market has continued to struggle in the last few months and cash game stakes were 20% down year-on-year in September to 330m, more than half of which was taken by market leader PokerStars.
The country’s online casino and sports betting verticals have both reported growth in recent months, however an influx of new operators such as bet365 and the Gazzetta dello Sport-branded sportsbook has brought increased competition.