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Betsson Revenues Soar in Third Quarter

Swedish betting operator Betsson has published its third quarter 2014 financial results, noting revenues that were up 33% over the same period last year.

Key financial indicators for the third quarter ending September 30th, 2014 were:

  • Revenue increased by 30 percent to SEK 782.1 (603.4) million - the highest quarterly figure yet;

  • Organic growth of 16 percent in the quarter;

  • Operating income of SEK 207.2 (152.2) million, an increase of 36 percent;

  • Income before tax at SEK 204.1 (149.7) million;

  • Net income of SEK 193.4 (140.9) million, corresponding to SEK 4.20 (3.25) per share.

  • New company record for customer deposits SEK 2,737.3 (2,027.1) million, an increase of 35 percent;

  • Non-recurring expenses of SEK 9 million attributed to personnel expenses, and SEK 3.8 million in Other external expenses, both the result of restructuring initiatives.

  • Oranje and Kroon online casino brands contributed SEK 83.9 million to the Group's quarterly revenues and SEK 47.9 million to net income;

  • Betting on the FIFA World Cup generated 1.5 percent of the Group's revenues in the third quarter.

Year to date financials were:

  • Revenue up by 22 percent to SEK 2,220.4 (1,821.3) million;

  • Operating income at SEK 568.7 (451.1) million;

  • Income before tax of SEK 558.2 (447.2) million;

  • Net income of SEK 527.6 (421.1) million, corresponding to SEK 11.62 (9.74) per share.

Betsson CEO Magnus Silfverberg commented on his company's performance, noting: "In terms of stock market value, Betsson is now the largest pure online company on Nasdaq Stockholm."

"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 percent as well as an organic growth, adjusted for one-off costs, in EBIT of 11 percent."

"Furthermore, the company continues to deliver strong growth within mobile gaming, with the share of revenue from mobile solutions now at 23 percent. With an EBIT margin of 26.5 percent, Betsson has strengthened its position as the market's most profitable online gaming company."

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