Enlabs revenues up 44% in Q2 as CEO hails “best quarter ever”
OptiBet-operator benefits from launch of new products is Latvia and Estonia
Online gaming firm Enlabs has posted a 44% year-on-year rise in gambling revenues for the second quarter of 2019, with revenues hitting €8.6m (£7.9m).
The firm, which was formerly known as Nordic Leisure, runs the OptiBet sportsbook and casino as well as several affiliate sites including BestBet.
Total deposits rose by 58% YoY during the quarter to €27.9m, with the number of active customers increasing by 10% YoY to 37,753 during the same period.
Adjusted EBITDA rose to €2.87m during the quarter, with an adjusted EBITDA margin of 30.5%. EBITDA rose to €2.51m, with an increased EBITDA margin of 26.7%.
Revenues from Enlabs media business fell from a Q2 2018 high of €0.66m to €0.53m during this quarter.
Enlabs CEO Robert Andersson hailed the company’s performance as its “best quarter so far”, despite Q2 historically being the weakest period of the year for the operator..
“It feels reassuring that we have 94% sustainable revenue from regulated markets where gambling tax is a natural part of the business,” Andersson said. “Given that the sporting events, which often give rise to the activity, shone with their absence, July was a really good month for us.
It has been a busy quarter for Enlabs, with the firm launching its first sportsbook offering in Lithuania through its Optibet brand and launching online poker on the Optibet platform within the Estonian and Latvian markets.
In addition, Enlabs also launched its flagship affiliate product, BestBet, within the US state of New Jersey.
However, in May, Enlabs subsidiary BestBet Limited received a UKGC penalty of £230,972 for failings in its anti-money laundering and corporate social responsibility policies.
Enlabs has licences in Malta, Estonia, Latvia, Lithuania and Curacao with revenues from regulated markets accounting for 94% of the total revenue of the business during the quarter.
The business also holds a Swedish licence but has not actively entered the Swedish market due to what Enlabs CEO Robert Andersson called the “volatility” of the sector.