Bets up but profits down for Fortuna Group

ral European betting and gaming operator Fortuna Group has announced a 69.1% year-on-year rise in the amount of bets during the first nine months of 2017.In its latest financial report, the company announced the total amount staked was €1.3bn during the nine month period ending on 30 September, with total gross win also increasing year-on-year by 54.1% to €185.3m during the same period.Fortuna attributed this increase to growth in online, particularly in fixed-odds betting in the countries where it operates, through online casinos in the Czech Republic and partially by the consolidation of Hattrick Sports Group and Fortuna Romania.Total EBITDA during the period jumped 77.9% year-on-year to €28.3m; however total net profits dropped by 18% during the same time, falling to €7.9m.Per Widerström, CEO of Fortuna Entertainment Group: “The solid reported financial results for the first nine months of 2017 reflect our growth strategy with investments into operational excellence, new platforms and regional expansion. Thanks to that, we recorded a substantial growth in all reported key indicators.“Our Amounts Staked increased by 69.1% year-on-year to €1.3bn, Gross Win amounted to €185.3m and EBITDA reached €28.3m, a year-on-year increase of 54.1% and 77.9% respectively. If we adjust for one-off costs related to M&A and integration, the EBITDA increased 105.6% year-on-year. We also would like to confirm our original guidance for markets for the rest of 2017 and the increased guidance if we include the acquisitions.”