Optimal profits up 54% after "highly successful" World Cup
H1 revenues up 34% to US$159.1m as NETELLER owner continues to focus on the emerging North American market
Optimal Payments said H1 EBITDA increased 54% year-on-year to US$39m off the back of a “highly successful” World Cup and continued growth in its North American business, in results for the six months ended 30 June 2014 announced this morning.
The payment solutions provider said the World Cup had helped boost revenues by 34% to $159.1m compared with the same period last year, leading to a $2.5m increase in EBITDA, which was up 54% to $39m during the period.
Growth was also driven by its expanding US business, with Optimal saying it was “extremely well positioned” to leverage off new US markets regulating egaming after launching its NETELLER offering in the US back in March.
“Our US NETELLER release is gaining traction and is extremely well positioned to leverage off new US markets regulating and re-opening the doors for US-based online gaming,” Optimal Payments CEO Joel Leonoff, said.
During the period, Optimal announced it had acquired California-based payment solution providers Meritus Payment Solutions and Global Merchant Advisors (GMA) for a total of $225m in cash and shares, with both takeovers completing in July.
Leonoff said the acquisitions “strengthened” Optimal’s position in the US market and provided the company with a “springboard for strong North America growth” having also established a US headquarters during the period.
Total revenues from NETBANX were $117.5m with continued growth coming from Asian markets. It’s NETELLER offering generated $41.4m during the period, driven by an increase in member signups and conversions.
In July Optimal announced it had signed a landmark deal to become the official sponsor of Premier League team Crystal Palace for the next two football seasons as it looks to grow its brand visibility in Asia.