Betsson chief hails growth impact

Betsson chief hails growth impact

Tuesday, October 28, 2014 Totally Gaming

Magnus Silfverberg, the group chief executive of Betsson, has hailed the company’s growth strategy as a key driver behind the online gaming company’s record quarterly results.

As reported yesterday (Monday) by TotallyGaming.com, Betsson registered its best-ever quarterly performance on the back of record revenues in the three months through to the end of September 2014.

The company has traditionally focused on the Nordic markets, but the acquisition of Dutch iGaming service Oranje Casino and Kroon Casino at the end of 2013 has boosted Betsson’s results in 2014, according to Silfverberg.

"Our acquisitions have contributed greatly to growth and also profit whilst spreading our geographical outlook,” he told TotallyGaming.com.

"We have been very Nordic-centric, but now we are more balanced. In the Netherlands the market is likely to re-regulate in the next year, and that will give us a much larger share of profit coming from regulated markets."

Revenue during the third quarter rocketed to SEK782.1m (€85.1m/$108m) – 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.

"We are very satisfied with these financial results,” Silfverberg added.

"It is a great sign of strength to deliver 16-per-cent organic growth year-on-year and 11-per-cent profit growth year-on-year."

Latest
No alternative text provided

Ambitious 2020 target for M&A hungry Catena Media

SportPesa and Microgame combine for Italian expansion

No alternative text provided

Gambling.com eyes aggressive growth with Fredrik Burvall appointment

No alternative text provided

Eurobet expands virtual football portfolio

Gaming Products & Services Directory

The essential directory for the gaming industry