Italian betting and gaming operator Snaitech Spa enjoyed double-digit online growth that helped offset retail gaming declines in the first quarter of 2018.
Figures released Tuesday show Snai’s overall revenue falling 1.7% year-on-year to €223.5m in the three months ending March 31, while earnings shot up 34% to €38.1m and net income quadrupled to €9.06m.
The revenue decline was blamed on increased taxes on Snai’s core retail gaming machine business, while the earnings gain was credited to favorable sports betting results and a strong performance by Snai’s online operations.
Snai is Italy’s second-largest gaming machine operator with a 14.5% market share, operating nearly 50k amusement with prizes (AWP) machines and nearly 10,100 video lottery terminals (VLT). Overall gaming machine revenue was down 9.7% to €153.5m as the AWP segment saw its turnover decline 2.3% while VLT turnover was down 2.2%.