Crazy Sports Group posts HK$62m profit following restructuring

Crazy Sports Group Limited has announced its interim results for the six months ending 30 June, revealing it has turned a profit of HK$62m and a net profit margin of 27.1%, compared with a net loss of HK$16.4m over the corresponding period last year.
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Crazy Sports Group Limited has announced its interim results for the six months ending 30 June, revealing it has turned a profit of HK$62m and a net profit margin of 27.1%, compared with a net loss of HK$16.4m over the corresponding period last year. 

The Hong Kong-registered digital sports entertainment community operator, which also conducts sports lottery terminal sales, posted revenue from operations increased by 58.0% year-on-year to HK$229m.

Total commission revenue from its sports lottery sales services totalled HK5.0m, representing nine-times growth from this time last year. The number of sports lottery retail points of sales ‘surpassed the 5,000 mark and covered 17 provinces and municipalities’ across Hong Kong. 

Throughout H1, Crazy Sports claim that the sports lottery business as a whole ‘achieved rapid development’. The Group saw ‘significant increases in the number of new channels sized up, in the number of sports lottery terminals installed in stores, and in the sale turnover of lottery tickets, respectively.’

CEO, Peng Xitao, said: “Since completion of the restructuring, we have focused on three major areas to enhance the unique and sustainable competitive edges of Crazy Sports. 

“We have increased the market share of Crazy Sports platform in the digital sports entertainment market. The total number of platform users and active users have both recorded growth, which greatly improved the competitiveness of the Group and took its businesses to the new horizon.”

“The 2022 World Cup in Qatar is just around the corner. With the continuous holding of mega sports events, the offline retail point of sales will attract ongoing user foot traffic and new lottery fans and redirect to our online platform, Crazy Red Insights will become a powerful engine driving the Group’s revenue growth.”