Mobile growth sees mybet digital stakes rise 12%

Mybet reported a 12.3% year-on-year increase in online staking to €28.8m in Q1, as the firm’s new digital strategy begins to pick up pace.

A full breakdown of the firm’s digital results will not be available until later today, but talking to eGaming Review, CFO Markus Peuler revealed online hold remained almost unchanged at €4.3m despite the rise in revenues, primarily due to a low margin driven by punter-friendly results.

“We are happy with the stakes, but below the line isn’t quite what we would like to see, which is why we are initiating changes,” Peuler said.

Mybet announced this week that it would overhaul its sportsbook in partnership with trading platform and services provider Amelco.

“Over the past years we haven’t been good at improving the platform. We thought about doing it ourselves, but we want to be quick to the market and we’ve been screening a few B2B partners,” Peuler said.

“Amelco proved to be the quickest with the best benefits for us, so that’s we’ve we decided to go with them,” he added.

Peuler said that firm plans to scale its online and mobile offering once the new platform is in place, but was encouraged by strong mobile growth, which accounted for 13.8% of online staking compared to around 1% a year ago.

“We saw a large increase on the mobile section,” Peuler said. “We aren’t even advertising the mobile website but it is performing well. It proves to us that mobile is the future. We will continue to build on that and we have a few things in the pipeline,” he added.

A new native application, which is expected to launch in Q2, will be accompanied by a small brand relaunch ahead of a major marketing push during the second half of the year.

The firm is also exploring new markets following its withdrawal from Spain and Italy in recent months due to rising regulatory costs.

Peuler said the firm is enjoying success in Ghana and is looking at new partners and markets in Africa which he described as a “huge opportunity”.