online casino revenue showing “positive trend” in COVID-19 update

By Owain Flanders has released a trading update amid the COVID-19 pandemic outlining the group’s current performance and cost-saving measures.

Revenue for January and February totalled €2.4m ($2.7m), down 27% year-on-year, while adjusted EBITDA was €390,000, a fall of 67%.

The group expects the cancellation and postponement of sporting events to have "a meaningful negative impact" on revenue, with sports betting revenue accounting for less than 20% of total revenue during the two months.

Online casino is the group’s largest segment and has been "displaying a positive trend" during the situation.

The group has implemented cost-reduction measures to counter the negative impact of the virus, which it estimates will result in ongoing quarterly savings of €150,000, in addition to a temporary measure in Q2 which should save approximately €300,000.

The Group saw total revenue of €17.3m for the FY 2019, a rise of 6% year-on-year, while adjusted EBITDA was €3.6m, down 39%. CEO Charles Gillespie said overall growth in 2019 was "weighed down" by the UK and Swedish markets, while in all other markets the group saw organic growth of 112%.


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