Betsson celebrates record quarter

Betsson celebrates record quarter

Monday, October 27, 2014 Totally Gaming

Swedish iGaming group Betsson registered its best ever quarterly performance on the back of record revenues in the three months until the end of September 2014.

Revenue during the third quarter rocketed to SEK782.1 million (€85.1 million/$108 million) – a significant increase year-on-year from SEK603.4m.

Operating profit also surged by more than one-third to SEK207.2m, about SEK5m more than analysts’ expectations, with income before tax leaping to SEK204.1m from SEK149.7m. On Monday, Betsson’s share price had improved by nearly two per cent to SEK256.5 by the close of trading on the Stockholm stock exchange.

Betsson cited improved player activity and engagement as well as continued expansion in new markets, with the company having recently acquired Dutch iGaming service Oranje Casino and Kroon Casino.

“In terms of stock market value, Betsson is now the largest pure online company on Nasdaq Stockholm,” Betsson chief executive and president Magnus Silfverberg said.

“Thanks to Betsson’s strategies regarding multi-brand and a common technical platform, Betsson is in the third quarter able to deliver an organic growth of 16 per cent as well as an organic growth, adjusted for one-off costs, in EBIT of 11 per cent.

“Furthermore, the company continues to deliver strong growth within mobile gaming, with the share of revenue from mobile solutions now at 23 per cent.

"With an EBIT margin of 26.5 per cent, Betsson has strengthened its position as the market’s most profitable online gaming company.”

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