Online Gambling Increase in Eastern Europe

Published Sunday, August 31, 2014 - Online-Casinos.com
Online Gambling Increase in Eastern Europe

The summer has traditionally been a profitable time for online gambling operators because people that are taking time off have more time to play. Then there is the huge number of sporting events and races staged in the warm weather that all offer some sort of punt. The profits realized by the operators during the world cup were enough to add to what is estimated to be €25.9 billion ($35.5 billion) in revenue.

One such firm that saw significant revenue growth was in the Czech Republic. Online gambling services operator Fortuna Entertainment Group saw earnings grow by 16.4% to €15m in the first half of 2014 while net profit rose 19% to €9m.

The 2014 FIFA World Cup saw a turnover increase 20.8% to €333.2m in the six months ending June 30. Gross win from online betting rose 32.5% to €32.3m while retail gross win rose a mere 1.8% to €29.9m. Sports betting made up all but €48k of Fortuna Entertainment Group earnings, with a small portion generated by lottery revenue.

Fortuna’s sports betting operation in the Czech jurisdiction generated more than half of group turnover. Gross win from online betting in the country was twice the sum earned from all of its retail betting shops. Online win in Slovakia gained on the retail setting while gross win online turned over double-digit returns. In the Polish sector the retail sector accounted for most of Fortuna’s gross win although online activity grew at a higher rate than the retail.

In other parts of the Eastern European jurisdictions online and terrestrial casino operator Olympic Entertainment Group reported revenue up 9.1% to €37.2m in the three months ending June 30 and net profit increased by 6.5% to €5.8m. Olympic Entertainment Group’s other areas including Estonia, Lithuania, Italy, Lithuania, Slovakia, and Italy all reportedly had an increase in revenue generated by online gambling.

 

 

 

 

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