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Betsson Financials Up in Third Quarter

Internet gaming group Betsson has released their third quarter 2017 financials, with revenues up for the period. Despite this, the company's CEO said he's not pleased with the group's performance.

Key financial indicators for the third quarter ending September 30th, 2017 were:

  • Revenue of SEK 1.18 billion ($144.5 million), up 11% from last year
  • Casino revenue of SEK 871.1 million, up 19% from last year
  • Sportsbook revenues of SEK 275.1 million, down 8% from last year
  • Gross profits up 6% to SEK 859 million
  • Active customers up 20% to 619 million
  • Deposits up 16% to SEK 4.1 billion
  • Operating income down 21% to SEK 216 million
  • Net income down 26% to SEK 187 million

Speaking about the company's performance Betsson CEO Pontus Lindwall said, "Despite a good finish to the quarter, we are not satisfied with the overall growth in the quarter and Betsson has taken action to improve performance. Moreover, NetPlay, which Betsson acquired in April 2017, has not developed as well as planned and measures have been taken to get the business back on track. The group is committed to continue to develop the product offerings and to achieve good returns on marketing spend in order to further capture growth."

"I took over as CEO of Betsson AB in September and I can conclude that the product offering has probably never been better, but also acknowledge that there is room for further improvements in the operations and changes are being made."

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lvblck
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21 October 2017 - 5:00pm
#1

Gambling industry is at a very high point right now so I am not surprised to see Betsson doing so well.

bgsharpe
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25 October 2017 - 7:55am
#2
Quote:

Sportsbook revenues of SEK 275.1 million, down 8% from last year

That's the number they should be concerned about, I know it's not a huge drop but still...maybe they are concentrated of other sectors of their business and as a whole the numbers are staggering.

lvblck
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26 October 2017 - 7:13am
#3
sharpe wrote:

That's the number they should be concerned about, I know it's not a huge drop but still...maybe they are concentrated of other sectors of their business and as a whole the numbers are staggering.

Yeah I agree- even a small decrease in revenue nowadays means they should do more work to improve it and make more appealing.

krcoolsongss
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26 October 2017 - 12:03pm
#4

Wow, quarterly bumbers are very nice. Operating And Net Incomes are down, but it seems to be by the recent takeovers.

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