Profits for online sports betting and gaming provider Interwetten increased four-fold in 2013 and the company is forecasting solid growth for 2014
Interwetten spokesman Werner Becher reported close to €700m turnover from bets and an increase in revenue of seven per cent from €36.7m to €39.3m during the 2013 financial year to December 31.
The strong performance is in spite of a range of potentially damaging developments in the year, including the 2012 introduction of a five-per-cent tax on turnover in sports betting in Germany, regulatory constraints in Spain and a forced market exit in Greece. Profits for the year rose to 15 per cent (EBITDA).
Becher said: “Management and all members of the team are very happy about the recognition voiced by the shareholders and the board with respect to our fantastic annual results.
“Key data proves that we leave competition behind thanks to everybody’s clear focus on our strategy with precisely defined targets and milestones.”
Interwetten is predicting a continuation of this trend and further improvement for 2014, with an expected EBITDA margin of 16 per cent and a net-income margin of at least 12 per cent.
