pean sports betting operator MyBet holdings SE has revealed a 29% drop in its year-on-year revenue for the first quarter of 2017.

In its first quarterly statement of the year, the company posted group revenues of €8.9m, down from €12.5m in Q1 2016.

The company attributed this decline to poor returns from its online sales, contributing to a 48.2% revenue drop in its online casino segment and a 19.9% revenue drop in online sports betting revenue.

An additionally higher than normal proportion of winning bets reported by bettors also contributed in a drop in year-on-year revenue for the group of €2.2m in betting payouts.

Problems with network infrastructure and software caused numerous complaints and caused the firm to relaunch its online platform in March, however this was too late to prevent the reported poor revenue figures.

Mybet suspended the operation of its casino segment in Greece after authorities made changes to financial legislation, which forced it to either close or be non-compliant with new rules. To date the company has still not been able agree a settlement with regulators which would allow it to resume casino activities in Greece.

In a statement accompanying the figures Markus Peuler, MyBet CEO said: "In the first quarter the existing trend in the development of the business basically continued, since we have put our new platform into operation by the end of the quarter.

"However the sports results and the high number of won bets by customers connected with them formed an additional burden which we had never experienced this way during the last years. But in total the quarter clearly shows why we did not forecast a large growth in revenue for the financial year 2017 despite the new platform. We firstly have to break the downward trend."