Jaxx proposes name change

Kiel-based Jaxx revealed that gross revenues for 2011 came in at 190.2 million euros, which represented a rise of over 23 percent year-on-year and was at the top end of the previously forecast range of 170 million euros to 200 million euros, while earnings before interest and tax improved by 5.4 million euros over the twelve months from a loss of 3.8 million eurosin 2010 to a profit of 6 million euros this year.

Whereas 2010 had ended with Jaxx reporting a net loss of 4.2 million euros, the German firm declared that 2011 concluded with a profit of 1.5 million euros while earnings per share ‘rose correspondingly’. The company attributed the turnaround to its mybet sportsbetting brand, which brought in 41 percent of its total revenues and grew 18 percent year-on-year to bring in 25.1 million euros.

“Growth was hampered by a weak bookmaking margin in the first half of 2011, which led to a noticeable drop in the margin over the year as a whole from 19.2 percent to 17.2 percent,” read a statement from Jaxx.

“The revenue increase in the sportsbetting segment is attributable to a sharp increase in the number of users and significantly higher per capita revenue. The number of registrations rose from 724,000 to 862,000 over the year and the average betting stake per active customer increased from 188 euros to 298 euros.”

Jaxx stated that 2011 revenues from casino and poker games climbed by 32.9 percent year-on-year to 17.1 million euros ‘again generated mainly with mybet products’ while those from its lottery business remained static at 13.7 million euros.

To better focus on its range of sportsbetting, casino and poker products and grow business, Jaxx announced that it will make a formal proposal to shareholders on May 24 suggesting that its name be changed to mybet Holding SE. “The 2012 financial year will see the Jaxx acquire an even sharper profile,” read the statement from Jaxx.

“Along with the planned sale of lottery operations in German-speaking countries, business will become even more strongly focused on sportsbetting, casino and poker products under the mybet brand. The rights to the Jaxx brand are also up for sale. The ordinary shareholders meeting of Jaxx convened for May 24, 2012, will, therefore, be asked among other things to pass a resolution on the renaming of the parent company as mybet Holding SE,” concluded the statement.