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Betsson - Revenues up 14%

The Swedish online gambling group Betsson has posted a strong Q1-2011 result, noting that revenues are up 14% to $69.52 million.

Operating income for the quarter grew by 57% year-on-year to reach $21.95 million while pre-tax income came in at $22.08 million, - a rise of over 57% when compared to the first three months of 2010.

Net income was up 45% year-on-year, reaching $20.92 million and gross gaming win on all of its gaming solutions, including business-to-business activity, showed an improvement of 25%.

Gross turnover from Betsson’s live sportsbook came in at $186.49 million for the quarter, an

increase of 191% year-on-year.

The group's cash and equivalents were at $89.28 million at the end of the quarter, and the company remains free from interest-bearing liabilities.

Pontus Lindwall, president and chief executive of the company said: “During the quarter, Betsson implemented a complete third-party solution, which includes a world-class sportsbook.

“In addition to the business-to-business technological advances, the activity in Betsson's different gaming solutions has been high.”

Source: InfoPowa News

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