Betsson revenues soar
News on 24 Jul 2012
News on 24 Jul 2012
The Swedish online betting group Betsson has reported a 44 percent increase in revenues to SEK 486.2 million for the second quarter of 2012, recording sportsbook growth despite the lowest margins yet at 4.6 percent.
Other highlights in the results included:
* Operating income up by 7 percent to SEK 109.5 million
* Active customers up at 5,087,000 from 3,359,000 in the same quarter last year
* Income has been negatively impacted by non-recurring costs amounting to SEK 10.0 (10.1) million, which refers to acquisitions and distribution of shares
* The Sportbook margin after free bets was 4.6 (5.9) percent, which represents the lowest ever in one quarter and is explained by an extra strong seasonal pattern
* Income before tax amounted to SEK 110.9 (103.3) million
* Net income totaled SEK 105.4 (97.9) million, corresponding to SEK 2.54 (2.47) per share
* Deposits in all of Betsson’s gaming operations amounted to SEK 1,505.1 (1,148.2) million, a new record for the company and an increase of 31 percent
* The acquisition of Nordic Gaming Group was completed with closing on June 20, 2012
* Due to the acquisition, by the end of the quarter Betsson had an external credit amounting to SEK 431.8 (50,0) million, and the liquid funds amounted to SEK 342.3 (195.6) million
* The first gaming solution under own licence on the Italian market was launched
Year to date numbers were similarly encouraging:
* Revenues increased by 35 percent to SEK 1,022.2 (755.6) million
* Operating income amounted to SEK 283.5 (234.5) million
* Income before tax amounted to SEK 281.9 (235.9) million
* Net income totaled SEK 267.7 (223.5) million, corresponding to SEK 6.41 (5.66) per share
”Betsson is strengthening its position as a sportbooks operator through a broader sportsbook offering with even more mobile solutions,” CEO and president Magnus Silfverberg reported.
“In addition, several technical development projects have been undertaken with the purpose of securing future growth and profitability. This, together with the highest activity level ever and the all time high in deposits, indicates a continued strong development for Betsson.”
