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Fortuna Improved Results Come with Drawbacks

11 Mar 2017

Fortuna-GroupFortuna Entertainment is a quickly growing Eastern European gambling operator and this is verified by their improvement on revenue on 2016 against 2015. Releasing their full-year 2016 financial results, Fortuna governance revealed that group wagering had reached €1 billion mark. That means 150 million more than in 2015, but for sure the revenue would have been even bigger if it wasn’t for the taxes in Czech Republic. The operator provides its services in the markets of the Czech Republic, Poland, Slovakia, Romania and Croatia.

A Bumpy Road to the Top

The future for Fortuna seems to be great, after all the completed the acquisition of Hattrick Sports Group, in order to make their presence in Romania and Croatia even stronger, while they also created new B2B channels for Spain and Germany.

Per Widerström, who is the CEO of Fortuna Entertainment Group, commented on the results: «We are pleased to report on strong growth in total Amounts Staked for the full year 2016. Fortuna accepted total bets in the amount of EUR 1,039.6 million, which is 22.6% more than last year. The Amounts Staked grew double digits in all our key markets, primarily driven by the online betting growth and in particular mobile sports betting while Retail grew single digit. Our EBITDA was impacted by the increase in the betting tax rate in the Czech Republic, unfavourable sports results in 2016 and by planned increase of operating costs to support growth opportunities of the company.».

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