German online lottery broker Tipp24 AG has announced its results for the third quarter of the year showing an 8.4 percent rise in revenues to $14.65 million alongside a 5.1 percent increase in billings to $105.99 million.
The Hamburg-based firm revealed that the unresolved legal situation surrounding the German State Treaty on Gaming continued to play a dominant role for the first nine months of the fiscal year. However, it announced that it had made more moderate progress in the period than in previous years.
Tipp24 revealed that revenues from Germany rose 8.3 percent to $12.96 million while those from elsewhere grew 9.9 percent to $1.68 million. In addition, billings from Germany also increased 4.9 percent to reach $98.97 million while those from non-German markets rocketed by 8.6 percent to reach $6.95 million.
For the first nine months of the year, Tipp24 stated that revenues, consisting mainly of commissions and additional fees, rose by 15.8 percent to $42.31 million while there was year-on-year growth in earnings before interest and tax of 20.3 percent to $8.07 million. However, the number of new registered customers grew by just 95,000 compared with the 220,000 seen last year due to a lack of attractive jackpots and a more difficult registration process for new customers brought in by the German legislation at the beginning of the year.
“Although the Federal Constitutional Court’s recent non-acceptance decision was a blow to us, we still believe that the State Treaty on Gaming contravenes higher-ranking European Union law, especially with regard to the general Internet ban,” said Jens Schumann, Chairman of the Executive Board for Tipp24.
“The verdict of Berlin’s Administrative Court confirming this is still valid. We, therefore, continue to believe that our appeals for temporary legal protection from Germany’s administrative courts will be successful.”