mybet further reduces 2016 revenue forecasts

Following its Q3 ‘preliminary’ trading update, the governance of Frankfurt Xetra-listed mybet Holdings SE has informed investors that it will further reduce its full-year 2016 corporate revenue forecasts to between $43-46 million.

Issuing a short corporate statement, mybet governance detailed that the operator had continued to witness a ‘negative trend in revenues from previous quarters’. mybet would declare that its previous FY revenue range of €59-62 million was no longer ‘a realistic target’.

In its H1 2016 corporate update, mybet reported a 16% group revenue decline to €24 million, noting severe declines in active player numbers on its sports betting and online casino verticals.

The European sports betting operator continues to be hindered by the delayed integration of its new digital platform, which company governance states will drive the firm’s performance turnaround.

A rough 2016 has seen the embattled operator depart with its CEO Zeno Ossko in July. Chief Financial Officer Markus Peuler has taken on the combined leadership responsibilities of CEO and CFO on an interim basis.

Despite its revenue downgrade, mybet governance stated that EBIT full-year targets remained unchanged at a low-seven figure forecast.