Snai debts widen despite online progress
Operator claims 10% market share of dot.it slots market in period since launch.
Italian operator Snai has seen positive signs from its online arm despite witnessing its debts widen over the course of the year ended 31 December 2012.
Debts rose 4.3% to 369.6m due to a variety of factors, while the group saw its pre-tax loss increase by 25% to 56.5m, and revenues across online and land-based arms fall by 7.9% year-on-year to 514.4m.
This was due in part to a nationwide decline in the horse racing sector – where a 40-day strike in 2012 impacted on figures from a vertical where Snai’s market share exceeds 30% – and the decision in April last year to temporarily shut down its VLT network provided by Barcrest, which was followed by regulatory authority AAMS revoking the Snai-Barcrest VLT licence in September.
However there were positives to be taken from Snai’s AAMS-licensed online operations, with digital amounts wagered witnessing double-digit year-on-year growth and overall amounts wagered across online and land-based activities rising 16.7% compared to FY 2011.
Snai said in a statement: “The online digital segment also constitutes an important element for development the potential of the Snai brand in the channel that is registering the highest growth.”
The period also saw the rollout of Snai’s sports betting app for mobile and tablet devices, with the offering – developed by Probability-owned business Playyoo – described by Snai as having been “met with a positive response in terms of both downloads and wagers”.
Snai has also seen positive signs from the Italian online slots market, following the issue of the first authorisations by the country’s regulator in December, claiming an estimated market share in excess of 10% for the product.
The operator noted: “2013 will also be focused on growth in the product range with a view to attracting new users and facilitating a broader accessibility to gaming for everyone, through a special focus on the mobile channel.”
The results are the last to be released by Snai before chairman Giorgio Sandi takes over as chief executive next month. Sandi will replace Stefano Bortoli, who tendered his resignation this month and will now turn his attention to “Evaluating new personal prospects.”