Betsson posts sparkling second quarter results

Betsson AB has released a record set of second quarter results, highlighting:

* Revenue up by 14 percent to SEK 860.6 (752.3) million – the highest quarterly revenue figure yet;
* Operating income of SEK 213.8 (190.4) million, an increase of 12 percent;
* Operating margin of 24.8 (25.3) percent;
* Income before tax of SEK 212.3 (187.5) million;
* Operating income encumbered with SEK 4.8 million in acquisition-related expenses;
* Net income of SEK 201.6 (176.6) million, corresponding to SEK 1.46 (1.28) per share;
* Customer deposits reached SEK 3,116.6 (2,613.4) million, an increase of 19 percent;
* Gross turnover in Sportsbook amounted to SEK 5,385.7 (4,140.4) million, a growth of 30 percent;
* Mobile revenue amounted to SEK 286.0 (129.5) million, an increase of 121 percent. Mobile revenue constituted 33 (17) percent of total revenue in the quarter;
* The Triobet brand was migrated to the shared technical platform Techsson;
* A sportsbook was launched during the quarter for the KroonCasino brand;
* On 29 June, Betsson signed an agreement to acquire the Georgian gaming operator Europe-Bet;
* President and CEO Magnus Silfverberg is leaving the company after 6 years.

For the half-year, the company reported:

* Revenue up by 19 percent to SEK 1,708.0 (1,438.3) million;
* Operating income at SEK 451.8 (361.5) million;
* Income before tax at SEK 448.7 (354.1) million;
* Net income of SEK 425.7 (334.3) million, corresponding to SEK 3.08 (2.47) per share.

Outgoing Betsson president and CEO Magnus Silfverberg commented:

“After four years as the President and CEO of Betsson, it feels great to finish with the best quarter ever. In spite of high comparative figures, Betsson has achieved strong organic growth in revenues, deposits, gross turnover in Sportsbook and net income.

“With above-market growth and additional acquisitions, the company has achieved a leading position in a number of countries. This reduces the company’s operational risk and creates a foundation for sustainable growth. Thanks to cost awareness and the one single platform strategy, Betsson has the highest profitability in the industry.”

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