Mybet online staking down 3.8% in Q2
German operator's online struggles continue but surge in mobile revenues suggests a potential recovery
Mybet’s ongoing struggle continued in Q2 as the firm reported a 3.8% year-on-year decline in online staking.
Total online stakes for the three months ended 30 June were 24.8m, but there were reasons for optimism as the firm reported a surge in mobile uptake, with Q2 revenues from the channel up by 387%.
The firm will also be encouraged by a substantial increase in average monthly spend of online players, which rose 23% year-on-year to 422 while online hold for the quarter was down a more modest 2.1% to 3.7m.
However, total numbers of active players continued to decline to an average of 21,235 per month for the first six months of 2015, compared to 24,637 in 2014 – a decrease of 13.8%.
The firm is currently undergoing a complete product overhaul, which includes a new platform provided by Amelco, an expansion of its mobile offering and a major rebranding, but will unlikely reap the benefits of the investment before 2016.
“Long-term, mybet must become sustainably profitable. The steps that this requires will demand a great deal of the company over the next 12 months,” the firm said in the report.
“The investment necessitated by the project will weigh on 2015 earnings. In our assessment, the measures will result in a sustained improvement in profit from 2016,” it added.
The improvements will be led by Zeno Ossko, who replaced Sven Ivo Brinck after he stood down as mybet CEO at the start of the month.