Croatian Lottery gross profit in 2015 up 89.2%

Croatian Lottery gross profit in 2015 up 89.2%

The Croatian Lottery, or Hrvatske Lutrije, achieved a record profit in 2015.

Quoting unaudited financial results, the Poslovni dnevnik reported that Croatian Lottery’s gross profit last year increased by as much as 89.2 percent to reach 41.7 million kuna, compared to the 22 million kuna posted in 2014.

The state lottery attributed the record profit growth to “the implementation of new projects and implemented restructuring measures and business optimization.”

Revenues, on the other hand, fell by 1.5 percent at 476.7 million kuna due to “lower revenue from gambling bets” after the government started taxing state lottery winnings, prompting players to turn to internationally licensed lottery operators.

Meanwhile, strategic business lottery games posted a 2 percent jump in revenue at 324.3 million kuna. According to the Croatian Lottery, the growth was due to the increase in revenues of Eurojackpot games and the redesign of Games TV Bingo and Lotto 7/39 game, which introduced the “golden balls” draw that allows lottery players to double their gains.

“The past year will be remembered by the whole series of important projects we’ve undertaken, which enabled the achievement of operating profit (EBITDA) of 59.6 million [kuna],” said Croatian Lottery CEO Danijel Feric. “We realized iCasino projects and live betting on the internet, redesigned lotto and bingo, restructured segment casinos and slot machine clubs… These are just some of the major projects we have realized or will be realized in 2016.”