SNAI report flagging 9M financials

Italian operator SNAI reported a mixed performance in terms of its nine months to September 30, 2014 period saying strong results from VLTs and the introduction of virtual sports betting partially offset a decrease in revenues from horse race betting.

Key financial highlights for the first nine months of the year ending September 30, 2014 include:

– Revenues amounting to Euro 393.9 million, up 11.8 percent

– EBITDA at Euro 81.2 million, up 25.9 percent

– Net financial position of Euro -424 million

– Sports betting stakes amounted to Euro 551.6 million, down 7 percent compared to 9M/2013. Of these, Euro 99.8 million originated from SNAI’s online channel.

– Net revenue for sports based games, including pool betting, amounted to Euro 103.8 million (9M/2013: Euro 103.6 million)

– Horse race wagers amounted to Euro 183.7 million (9M/2013: Euro 252.8 million), a decrease of 27.3 percent.

– Horse race revenues amounted to Euro 16.8 million (9M/2013: Euro 21.4 million), a decrease of Euro 4.6 million.

– Revenues from online skill and casino games amounted to Euro 15.1 million (9M/2013: Euro 18.9 million).

– Virtual sports betting stakes rose significantly to Euro 262 million (9M/2013: Euro 33.4 million).