Betsson Financials Impress in First Quarter

Online betting group Betsson has posted their first quarter financials, impressing with higher revenue amounts a day after fellow Swedish group NetEnt posted impressive numbers.

Financial indicators for the period ending March 31st, 2018 were:

• Group revenues of SEK1.21 billion, up 10% from last year
• Casino revenue of SEK922.8 million, up 12% from last year
• Sportsbook revenue of SEK263.5 million, up 5% from last year
• Gross profit 7% to SEK864.3 million
• Operating income down 12% to SEK211.4 million with a margin of 17.5%
• Net income down 12% to SEK214.4 million
• Earnings per share down 12% to SEK1.36

Commenting on the results Betsson CEO Pontus Lindwall said, "The growth was mainly from casino, where we saw continued growth in Western Europe. Sportsbook in the Nordics grew by 22%, but the region Central and Eastern Europe and Central Asia declined mainly due to currency effects.

"Increased marketing spend, currency effects and contribution from acquired companies had a negative impact on earnings.

"Marketing spend was focused on markets where we see growth opportunities, meaning that Betsson increased spend in Spain where Betsson.es recently launched sportsbook whilst marketing spend in the UK was pulled back.

"The second quarter has begun with revenues slightly lower than average daily revenue for the second quarter last year.

"The weaker start is due to a decline in an acquired company and a weaker than average sportsbook margin in the beginning of the quarter."

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