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MyBet Sees Significant Rise in Size of Bets Last Quarter

MyBet Sees Significant Rise in Size of Bets Last Quarter

MyBet has announced that it saw a significant increase in the amount wagered by its customers over the three month period to September 30.

Overall revenue in the third quarter was €16.7 million, just 6.7% lower than the same period for the last year. Revenues dropped in both the sports betting arm and the casino and poker arm. However, there was a significant rise in revenue from horse betting with the figure up 41% to €2.7 million.

Earnings before interest, tax, depreciation and amortisation were up from a loss of €2.2 million last year to €45,000 this year and adjusted earnings also increased. Thanks to these results revenue this year is at €53 million, up 1.3% on the €52.3 million from last year. The company is now hoping that this success will continue as they roll out new products and a new platform.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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