MaxBet, with 60 agencies, also registered a significant profit increase. While in 2009, MaxBet posted losses of EUR1.6 million, in 2013 the company reached net profit of EUR11.4 million. By comparison, the Romanian Lottery, the state-owned company, had net profit of EUR8.24 million amid revenue of EUR224 million, namely a net margin of just 3.6% in 2012, the last year for which there is public data in the case of the state-owned company.
MaxBet, with over 700 employees, is controlled through another company, Toptunes Limited, headquartered in Cyprus, and its manager in Romania is Gherghina Ionescu, 41, according to Trade Registry data.
MaxBet saw its revenue and profitability rise as it opened new agencies and relocated others in other spaces, depending on certain better positioning criteria, according to company representatives. “It’s been extensive and intensive growth, in line with a business development plan. It’s well-known that it takes 6-9 years for an agency to reach maturity, so that in recent years we’ve opened new agencies and relocated others, and increases in the company’s financial figures can be accounted for these business decisions,” specified the above-quoted sources.
According to data posted on the company’s website, MaxBet has over 60 agencies at present, most operating in Bucharest. The company, present in Romania since 2002, also operates in Russia, Ukraine, Belarus, Croatia, Italy.
Beside Max Bet SA, the company managing the medium-sized and large gambling halls, there is another entity, Max Bet Jocuri Electronice SRL, managing smaller gambling halls, with a lower number of slot machines.
In 2012, Max Bet Jocuri Electronice generated revenue of EUR7.6 million and net profit of EUR1.5 million (up 140% on the year).
Casinos, online and offline poker, slot machines, sports bet and the lottery last year made up an overall business that went beyond EUR1.3 billion, according to Business Magazin magazine and the black market is put at around EUR1 billion.
(English version by Catalina Apostoiu)