Fortuna Entertainment Group’s First Half Results Confirm Strong Position
Group sees continued growth, expands to other markets
PRAGUE/AMSTERDAM (24 August 2010) – The first half-year results of Fortuna Entertainment Group (Fortuna) show that the leading Central European fixed-odds betting operator continues to grow successfully. Fortuna, present on the markets of Poland, the Czech Republic, Slovakia and Hungary, saw its total bets received figure (Amounts Staked) for the reporting period reach almost EUR 192 million, according to interim financial statements. This represents a year-on-year increase of about 12 percent.
“The completed period confirms our readiness to react quickly to any new opportunity presenting itself in the market, as demonstrated by our successful growth in online betting. For the next period, we consider Poland in particular to be a market with very good potential, and it is a place where we intend to further develop both a network of physical outlets and (if the legislation allows) the online betting platform,” said Fortuna Entertainment Group CEO Jiří Bunda.
The total volume of bets received by the Group (Amounts Staked) in the first six months of the year was EUR 192 million, an increase of 12 percent in comparison to the EUR 171 million received in the same period of the previous year. Gross Win reached EUR 45.4 million (10 percent increase), compared to EUR 41.1 million in the previous six-month period. EBITDA increased 11 percent to EUR 11.61 million compared to EUR10.48 million in the same period of 2009.
The good half-year results were driven in particular by the ever-increasing contribution of the online betting business launched by Fortuna in the Slovak and Czech markets and made accessible via mobile phones and smart phones. The positive figures were also achieved through further development of “Live betting” (real-time bets placed during particular games or events) and the focus on the development and efficiency of the betting shops network in all current markets.
Through its subsidiary FortunaWin, which is licensed in Malta, Fortuna also introduced internet betting in Hungary, in June. Fortuna is convinced that the positive experiences with the internet betting roll-out in the various Central and Eastern European markets might significantly contribute to the current discussion about the internet betting regulatory framework in Poland. The promising development of online betting has been well documented by the Czech and Slovak operations of Fortuna.
The further expansion of the Group’s network of outlets will be based primarily on partnerships with successful local businesses, such as sport bars. In upcoming months, Fortuna will closely monitor legislative developments in Poland, where the future of online betting is still a subject of debate. Fortuna will also continue developing its partnerships with leading sport teams in all the countries in which it operates.
The total Amounts Staked received by FORTUNA ČR increased in the first half of the year by 20.2 percent to EUR 100.5 million, as opposed to EUR 83.6 million in the same period of 2009. “Just as in recent years, we have strengthened our market position during the first half of 2010,” FORTUNA ČR CEO Martin Todt commented. “The main driver for our good results in the Czech Republic is the online betting segment, which continues to grow significantly, and also our focus on a targeted development of the betting shops network, especially through partnership with local business,” he adds. The Czech branch of FORTUNA currently holds approximately one third of the sport betting market in the Czech Republic.
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