German online betting operator Mybet says its new software platform is performing well despite double-digit revenue declines in the first half of 2017.
On Tueday, Mybet released its H1 report card, which showed group revenue of €17.1m, a 28.5% decline from the same period last year. Earnings totaled €7m, although this was mainly due to the impact of the €11.8m settlement Mybet reached in May with Westdeutsche Lotterie Gmbh over the latter’s violation of German competition law.
Mybet CEO Markus Peuler called the H1 results “unsatisfying but not surprising,” given this year’s lack of a major football tournament and the company’s casino site being blocked in Greece. But Peuler claimed the “first changes in customer behavior on our new platform and in profitability we observed are very exciting.”
Mybet launched its new online platform in March, and the company says casino customer activity increased following the rollout. What’s more, despite both casino and sports revenue falling in H1, earnings in both verticals increased from Q1 to Q2. Mybet noted that the period in question was brief, and Q1 featured a plethora of punter-friendly sports results, but should these sequential trends continue, it would represent “a significant success for the company.”