Gaming operations group Betsson has announced that their second quarter 2019 financial results, noting that revenues dipped 5% for the period.
Key financial indicators for the quarter ending June 30th, 2019 were:
- Revenues of SEK1.3 billion, down 5% from last year, largely due to issues with the newly launched Swedish Market
- Western European network down 12% to SEK392.2 million
- Central and Eastern Europe, and Central Asia revenues of SEK284.2 million, up 33%
- Casino revenues of SEK917.8 million, down 10% but making up 72% of revenues.
- Mobile casino betting up 3% to SEK631.1 million
- Sportsbetting revenues up 14% to SEK341 million, making up 27% of revenues.
- Sportsbetting turnover of SEK6.2 billion
- Cost of services up 11% to SEK418.8 million
- Gross profit of SEK858.9 million, down from SEK968 million last year
Commenting on the performance Betsson CEO Pontus Lindwall said, "I am confident in my view of Betsson's capacity and in our strategic opportunities to pursue long-term profitable business with growth and good margins in regulated markets. We also have a geographical spread that compensates for temporary downturns in individual markets.
"During 2018, we took several measures to absorb higher gaming taxes amongst other things and we could quickly show the results of these measures. We have a strong, competent and efficient organisation as well as an efficient cost structure. Our proprietary technology enables rapid market adaptations and cost-effective growth.
"Naturally, the results are affected when several changes in significant markets take place simultaneously, but this does not affect our belief that Betsson is strongly positioned in the industry."