Gaming company Mybet has said that it expects to be granted a German federal sports betting licence after recently lodging a formal licence application.
Despite its confidence that it satisfied the minimum requirements of the application, the company also believed that there were requirements in the bidding process that were misleading and contradictory, which was likely to have resulted in misinterpretations. Mybet said one example of this was that according to media reports in March, the Hesse Ministry (where the application was lodged) of the Interior “held initial hearings involving initially only 14 companies”.
The company also said it was not involved in the first wave of hearings but they were hopeful that the Ministry will hold further hearings. This confidence comes after a lawsuit that was brought to the Hesse Administrative Court to involve more applicants in the hearings was successful. A Mybet representative said due to the success of the lawsuit, the company “still firmly expects to be granted one of the nationwide licences.”
Mybet’s confidence came after the company recorded total gross revenues of €20 million in the first quarter of 2012, up eight per cent from €18.5 million at the corresponding point in 2012. This came despite the loss of income from the lottery operations that Mybet sold off last year, which the company said was offset by increased poker, as well as casino and sports betting, revenues.
First quarter revenues for Mybet’s poker and casino services increased by 39 per cent to €6.6 million, which highlights a substantial shift’s in the company’s focus. The ‘Casino and Poker’ area of the company experienced the largest growth of all of Mybet’s business areas, far exceeding the second highest growth area, ‘Sports Betting’, which experienced just under 14 per cent growth.
The number of registrations to the company also increased by 52,000 during the first quarter, which has put the total number of registrations at Mybet to 1.1 million.
Mybet said that its forecasts and expectations for the year as a whole is positive, with consolidated revenue forecast to reach between €80.0 and €87.0 million. The company also declared that its primary goal in the second quarter is to further improve profitability while maintaining strong growth in its core business areas, of which poker is a part.