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Italy – SNAI stumbles on third quarter results

Italian sportsbetting operator Sindacato Nazionale Agenzie Ippiche (SNAI) has reported a 3.6 per cent drop in revenue in the third quarter of 2013.

SNAI earned revenue of €99.4m during the latest quarter, a fall from the €103.1m reported for the same period last year. Its revenues for the first nine months of 2013 have reached €352.4m, representing a four per cent decline on the €366.9m earned during the first nine months of 2012.

EBIDTA (earnings before interest, tax, depreciation and amortisation) saw a huge increase during the third quarter, improving from €3.6m to €15.4m year-on-year. EBITDA for the first nine months of 2013 is now up to €64.5m from €37.9m in the corresponding period last year.