Fortuna Q3 profits up 25% YoY
The Central European-focused firm posts EBITDA of 8.7m as Q3 online sports betting gross win increases 35%
Fortuna Entertainment Group has reported a 25% rise in Q3 2015 profits after the operator recorded strong double-digit revenue growth from its online sports betting division.
The Central and Eastern European-focused firm yesterday announced EBITDA for the three months ended 30 September 2015 was 8.7m (£6.1m), up from 7m (£5m) during the corresponding period last year.
The increase in profits was largely driven by a 35% year-on-year rise in gross win from the operator’s online sportsbook, boosted by higher average sports betting margins for the quarter despite the cancellation of the online handling fee in Slovakia.
Total amounts staked, including those from the operator’s retail business, increased 28% year-on-year to 158.4m (£111.9m) in the three-month period.
“The main driver of our performance was expansion of internet and mobile sports betting in all Fortuna’s markets,” Per Widerstrom, Fortuna Entertainment Group CEO, said.
The results follow the news of Fortuna’s plans to enter the Romanian online gambling market after it signed an agreement to license its brand to the sports betting and gaming operators Bet Active Concept and Bet Zone.
Fortuna’s retail and online sports betting operation gives it a market leading position in Poland and a number two position in both Czech Republic and Poland.