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German Tipp24 restores forecast after jackpot mistake
September 1, 2014 / 10:17 PM / 3 years ago

German Tipp24 restores forecast after jackpot mistake

FRANKFURT, Sept 1 (Reuters) - One day after unveiling a profit warning, German Internet lottery company Tipp24 reverted to its previous outlook, saying the report of a jackpot that prompted the warning had been mistaken.

Tipp24 said in a regulatory disclosure on Monday it once again expects revenues of 135 million to 145 million euros ($177 million-$190 million) and earnings before interest and tax (EBIT) of 15 million to 25 million euros in 2014, in line with guidance issued on Aug. 6.

On Sunday, it had issued a profit warning after MyLotto24 Limited, a fully consolidated minority shareholding of Tipp24, reported that a player has won a jackpot of approximately 44 million euros.

The management of MyLotto24 had withdrawn the report of the jackpot, Tipp24 said on Monday.

“MyLotto24 Limited has stated that the win had been reported mistakenly, which was discovered in the course of further routine checks,” Tipp24 said in a statement.

Shares in Tipp24, which is listed on Germany’s small-cap SDAX index, closed down 7.27 percent on Monday. (U.S. $1 = 0.7618 euro) (Reporting by Jonathan Gould, editing by G Crosse)

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