Betting firm Betsson has released their first quarter financial results, revealing that the group posted a profit for the first quarter, despite new tight regulations in their home market of Sweden.
Key financial indicators for the quarter ending March 31st, 2019 were:
- Revenues of SEK 1.33 billion, up 10% from last year
- Total casino revenues up 10% to SEK 1.012 billion
- Sportsbook revenues up 13% to SEK 297.8 million
- Sportsbetting turnover of SEK 6.34 billion
- Mobile devices accounted for 68% of revenue
- Cost of services up to SEK 431.5 million
- Operating expenses of SEK 643.9 million
- Marketing costs down to SEK 241.2 million
- Personnel costs fell to SEK 198.8 million
- Gross profits of SEK 899.1 million, up 4% from last year
- EBITDA up 22% to SEK 345.8 million
- Operating income up 21% to SEK 255.2 million
- Net income up 22% to SEK 229.3 million
Speaking about his company's performance Betsson CEO Pontus Lindwall said, "The (Swedish) market has experienced a challenging start, however we believe it is too early to draw any long-term conclusions," Lindwall said.
"During the first half of the first quarter, there were high costs for welcome bonuses to customers as well as a difference in the dynamics of the customer behaviour.
"During the second half of the quarter, the situation stabilised, primarily regarding customer volumes and number of new customers. In addition, there are ongoing discussions regarding rules for marketing volumes and content in Sweden."