Betsson reports sound third quarter

Swedish online gambling group Betsson AB reported another solid set of results in its third quarter interim this week with highlights including :
– Revenues SEK 385.1 (Q3/2009: 316.7) million
– Gross Profit SEK 301.6 (Q3/2009: 253) million
– Operating income SEK 80.7 (Q3/2009: 79.4) million
– Cash SEK 377.3 (Q3/2009: 220.9) million
– Active customers 255 700 (Q3/2009: 220 009)
– Registered customers 2 833 900 (Q3/2009: 1 916 700)
– Customer deposits SEK 913.6 (Q3/2009: 823.6) million
Gross turnover on Sportsbook operations in the third quarter was particularly rewarding reaching SEK 1 215 700 (Q3/2009: 634.9) million of which live betting comprised 60 percent (Q3/2009 : 30.6 percent) with margins at 8.6 percent this quarter compared with Q3/2009’s 7.2 percent.
Pontus Lindwell, Betsson’s president and ceo said, ”The activity level in the different gaming solutions has never been greater. Live betting in Sportsbook is particularly strong, with strong growth on all key markets which is joyous. Large short term operational receivables together with large currency fluctuations during the major part of the quarter increased currency exposure in the short term. This contributed to high cost for currency revaluations. This exposure is now significantly lower.”
The company also reported on the nine months year to date advising that revenues increased by 22 percent to SEK 1 118 900 million with operating income well up at SEK 252.9 million (2009: SEK 223.4 million).  Year to date income before tax amounted to SEK 253.8 million, an increase of 13%.

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