mybet First Quarter Sales Down 29%

Internet casino brand mybet has released their 2014 financial results, noting that sales were down 29% from the first quarter of last year.

Sales for the period were €8.9 million, down 29% from the same time last year. EBITDA was at -€2.84 million, which was worse than the €803,000 posted last year. Online casino numbers were also down significantly, with a 48.2% drop in the quarter, while sportsbetting revenues were down 19.9%. mybet claims that a number of big player wins caused the losses for the period.

mybet CEO Markus Peuler spoke about the numbers, noting: "There was also positive news to report in and after the first quarter of 2017; we were finally able to launch our new product platform on 21 March 2017. With an increase of 8.4% in retail bets, we are still on stable growth path with our betting shops."

"The development of our B2B business is also highly stable, but the biggest piece of good news in recent weeks was the end of the legal despite with West Deutsche Lotterie GmbH & Co. OHG after around ten years."

"A historic chapter in the history of the mybet Group has therefore come to an end in highly satisfactory fashion with a settlement of €11.8m."

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.