Swedish online betting firm Betsson AB has released its latest round of quarterly financial results, noting strong growth in revenues despite the weak online poker market.
Key financial indicators for the period ending June 30th, 2013 were:
Revenues amounting to SEK 579.2 million (Q2/2012: SEK 486.2 million), up 19%.
Operating income of SEK 137.8 million (Q2/2012: SEK 109.5 million), an increase of 26%.
Gross profit in the Sportsbook including all gaming solutions of SEK 3,447.6 million (Q2/2012: SEK 2,744.8 million), up 26%.
Income before tax of SEK 137.5 million (Q2/2012: SEK 110.9 million), an increase of 24%.
Net income of SEK 128.3 million (Q2/2012: SEK 105.4 million), corresponding to SEK 2.95 (Q2/2012: SEK 2.54) per share.
Deposits in all of Betsson’s gaming solutions amounted to SEK 2,017.8 million (Q2/2012: SEK 1,509.5 million), equivalent to an increase of 34%.
Total customer deposits of SEK 1,445.9 million (Q2/2012: SEK 1,097.8 million) was deposited. Deposits in all of Betsson’s gaming solutions amounted to SEK
Number of registered customers was 6.4 million (Q2/2012: 5.4 million).
First half performance numbers were:
An increase in revenues of 19% to SEK 1,217.9 million (H1/2012: SEK 1,022.2 million).
Operating income of SEK 298.9 million (H1/2012: SEK 283.5 million).
Income before taxes amounting to SEK 297.5 million (H1/2012: SEK 281.9 million).
Net income of SEK 280.2 million (H1/2012: SEK 267.7 million), corresponding to SEK 6.49 (H1/2012: SEK 6.41) per share.
Commenting on the results, Betsson President and CEO Magnus Silfverberg said, ”Betsson continues to make investments in order to optimize its operations. During the second quarter a successful migration of Betsson.com to the common platform was executed. After this, the majority of Betsson's revenues are generated on the new platform. This has strengthened the mobile offering and enables an advanced further development of the gaming experience as well as cost-efficient operations. At the same time Betsson delivers stable organic growth and one of the market’s strongest profit margins.”