Casino News: German online lottery prohibition gives bad impact on JAXX AG

German online lottery prohibition gives bad impact on JAXX AG

 November 15, 2009, 11:48 am (9 years ago)
The agreement between German states prohibiting online lottery operations keeps on having a deeply hostile influence on German lottery service supplier Jaxx AG as the group having hard times to relocate itself as a betting rather than a lotteries company.

Financial outcomes for the past 9 months indicate a loss of Euro 3.863 million together with a Euro 1.156 million shortfall for the 3rd quarter ‘09.
On the other hand, total income went up to Euro 88.9 million YTD, mostly because of a 25.6 % increase in sportsbetting incomes.

Incomes for the 3rd quarter of 2009 summed up to Euro 29.4 million, showing annual growth of 2.8 %, with 70 % of income for the 1st 9 months generating from sportsbetting, 16 % from lotteries and 14 % from horserace wagering.

Yet, EBITDA for the 9-month period was Euro 2.3 million, dropping 58.7 % annually, with decrease and amortization declining dropped by 8 % to Euro 5.9 million compared to the same period in 2008 as an outcome of JAXX’s exit from the German group business.
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