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Fortuna’s results for the first six months of 2011

Fortuna Entertainment Group NV, an iGaming online sportsbook operator revealed their preliminary financial results for the first six months of 2011 which saw a 19.1% rise in consolidated net profits to €8.6 million when compared to last year’s figure.

“High volumes of accepted bets, strict operating costs management and significantly lower finance costs” helped getting these results according to Fortuna, the leading fixed-odds betting operator in Eastern and Central Europe.

Fortuna also reported that it had accepted €209 million in bets over the first half of 2011, a 9.1% increase on last year while the key driver for this was the online wagering from the Czech Republic and Slovakia.

A 5.5% rise in Gross wins for the first six months to €47.9 million was reported by Fortuna while online activities increased by 39.6% to €14.6 million over last year. But, Fortuna also reported a fall in gross wins from its retail betting establishments of 6% to €32.8 million. This was mainly caused by the lack of football tournaments.

Jiri Bunda, Fortuna’s Chief Executive Officer stated that “in the first half of 2011, our earnings continued to grow primarily supported by the strong performance of online sportsbetting.”

“While our total volumes of accepted bets were impacted by a lack of attractive sports events, we managed to grow our business in all revenue parameters. Our excellent results follow our chosen strategy of two main distribution channels where retail shops serve not just as sales points but also provide online betting support.

“During the first half of the year we have been able to report additionally some revenues from sale of the instant scratch tickets, which are part of the new Czech lottery business.

“For the rest of the year, we will fully focus on meeting targets set in the lottery project, which is our key growth initiative, as well as delivering planned results in the traditional sportsbetting segment.”

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