Snaitech online revenues up 23% on back of Cogemat integration

The recently rebranded Snaitech has posted a 23% increase in full-year digital revenues as the Italian firm continues to feel the benefits of its 2015 merger with Cogemat.

Total online revenues for the 12 months ended 31 December 2016 were €50.2m, up on the pro-forma figure of €41m recorded in 2015.

Online turnover growth came in at 24%, with sportsbook performing the stronger with stakes up 41% to €323m while gaming saw an increase of 19% to €920m.

Snaitech partly attributed the improved numbers to the combination of Snai and Cogemat and the Euro 2016 tournament, and expected further improvement in 2017 having only kicked off the integration of the Cogemat business in November.

The firm revealed digital turnover in Q1 2017 was up 26% on the comparative period last year.

Despite the growth, digital remained a relatively small part of the wider Snaitech business, which accrued revenues of €898m in 2016, a 42% year-on-year rise, an increase which in large part was down to a 57% increase in retail gaming machines to €656.3m.

While no online-only figure was given, EBITDA across the group increased 12% on a pro-forma basis to €128.3m.

Among the five objectives set out within the report for its 2017-19 business plan was a focus on omni-channel, which has proven successful in Italy for the likes of Eurobet.

“Focus on developing the online business through the introduction of new products, an improvement of services and the cross-selling activities performed on the retail channel,” the report read.

The Snaitech name, which was voted through by board members last month, brings together the legacy Snai and Cogemat firms, with the latter having a Cogetech division.