Sports betting brings mybet double-digit revenue growth
German-based operator anticipates further growth of 15-25% in 2013.
Strong growth from sports betting helped mybet record 14% record year-on-year revenue growth during 2012, the Schleswig-Holstein licensed operator announced in its annual results.
The Kiel-based operator saw double-digit growth from casino and poker (up 26.7% to 21.7m) and horse betting (up 17.3% to 5.7m), although the disposal of the operator’s German-language lottery business saw lottery revenue decline 54.4% year-on-year for the financial year ended 31 December 2012.
This was accompanied by a 34.5% year-on-year rise in sports betting revenues to 33.8m, with the vertical representing just under 49% of overall group revenues after an increase in the number of online registrations (up 186,000 to 1,048,000), the number of online customers, and the average amounts staked by active customers. Overall sports betting amounts staked for the operator rose 45.2% year-on-year to 90.5m.
Chief executive Matthias Dahms described the company as “outstandingly well equipped to respond to the further development of the market,” and said he anticipated revenues growing by as much as 25% in FY 2013 at between 80-87m compared to the 2012 total of 69.2m.
“The clear positioning in the sports betting, casino and poker product segments as well as the focus on the liberalising German market and on high-growth countries in Continental Europe offer very good opportunities for the mybet Group to develop successfully,” Dahms said.
The full-year results are the first since mybet rebranded from its previous identity of Jaxx SE in March 2012, while the period also saw the operator named as one of the first egaming licensees in its home state of Schleswig-Holstein.
Germany’s egaming future remains undecided, with concerns over the country’s State Treaty culminating in a number of questions being referred to the Court of Justice of the European Union in January.
The operator noted in a statement that, assuming licences are awarded this year based on the State Treaty, it expects to be among the licensees although it noted legal disputes are “to be expected” and no ruling is expected before 2014.
“The Schleswig-Holstein licences for sports betting, casino and poker will thus become even more important – and valuable,” the operator said in a statement.
“Mybet will use this phase [between now and the aforementioned German ruling] to further consolidate and extend its position in the most important European market in strategic terms,” it added.