Interwetten Asserts Profitability: Good 2016 GrowthPublished October 30, 2016 by Lee R
Q3 has some encouraging figures from another internet gaming provider.
Online casino and sportsbook operator Interwetten’s strong performance for the quarter and year to date stands as yet another testament to the increasingly robust online gambling market.
Increased Growth Areas
Interwetten has shown increased growth in sports betting and casino and games businesses where revenue has increased year-on-year for the quarter ending September 30.
A total figure of €16.9 million ($18.4 million) for Q3 represents a 23% jump on the corresponding period from last year.
Sports betting revenue turned in a 9% jump year-on-year, with casino and gaming further contributing a whopping increase of 42%.
The strong third-quarter showings all around pushed cumulative revenue for the year to €49.9 million for the first nine months, for a substantial 27% jump from the same point last year.
Net Profit Robust
Net profit for the three-quarters is now at €9.6 million, 18% ahead of last year, with further earnings before interest, tax, depreciation and amortisation having increased 18% year-on-year to €11.1 million.
Speaking on behalf of the board of directors, Interwetten spokesman Werner Becher, predicted that the Q3-KPIs have the company on pace to meet internal targets and surpass the €1 billion turnover threshold.
Looking ahead, Becher indicates focus on increasing marketing investment spend in existing core markets of Greece and Spain as well as German-speaking countries, along with establishing a significant TV presence.
The adaptations are taking place according to the organisational strengths as well as resources identified in these target markets. In a world where global markets are opening up on a continual basis, Interwetten is showing a positive ability to sustain expansion through strategic networks and targeted expansion.
The appearance of new names in the public eye is always a good sign for iGaming, as more iGaming providers become market forces to sustain global as well as domestic markets and regulation models.