Revenues rise 17% at Betsson

The Swedish online gambling operator Betsson AB has posted positive Quarter 1, 2010 results, reporting a 17% rise in revenues to : SEK 367.7 (Q1,2009 - SEK315.5) million. Other highlights of the company's first quarter include:

  • Over SEK 1 billion in gross turnover was achieved in sports betting operations, a substantial increase of 89%
  • Operating income increased to SEK 84.2 (82.4) million, an increase of 2%
  • Operating income has been charged with a cost of SEK 9.2 (revenue 5.6) million regarding currency revaluation of balance sheet items
  • The effect from capitalisations and amortisations of capitalised development cost declined to SEK 600,000 (7.8) million
  • Income before tax rose to SEK 84.6 (83.0) million
  • Income for the period totalled SEK 80.2 (78.8) million
  • Cash by the end of the period stood at SEK 520.4 million, well up from Q1, 2009's SEK 436.8 million and the group has no interest-bearing liabilities
  • Customer deposits increased by 31% to SEK 964.9 (735.6) million
  • Betsson has broadened both online poker and casino offerings

CEO Pontus Lindwall attributed the positive quarter to the marketing philosophy of his company: "We give the players what they want," he said. "Betsson´s investments in the sportsbook (sector) have proved to be successful. The sportsbook increase (in turnover) was up 89% despite the highly competitive nature of the Swedish market. This clearly shows that Betsson has gained market share."

Source: InfoPowa News

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