Betsson attributes Q1 revenue growth to operations outside Nordics
Betsson reported a 10% year-on-year growth in group revenue to SEK 1.3bn ($136m) for Q1, with organic growth of 8%.
The operator attributes the revenue growth to operations in Western Europe and in Central and Eastern Europe and Central Asia (CEECA).
In Western Europe, revenue totalled at SEK 430.8m, a 10% increase. Revenue from CEECA amounted to SEK 248.2m, up 15%.
Revenue from the Nordics was SEK 580.6m, an increase of 2%, with 1% organic growth. In an interview with Gambling Insider conducted ahead of the re-regulation of the Swedish market, Betsson CEO Pontus Lindwall expressed an ambition for the operator to be a “cornerstone” of that market.
Now, with the first quarter of the year wrapped up, Lindwall said: “The market has experienced a challenging start. However, we believe it is too early to draw any long-term conclusions.
“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.”
He added there are ongoing discussions regarding market volume and content in Sweden, but it remains an important market in the long-term future.
Group operating income was SEK 255.2m, an increase of 21%, and operating margin was 19.2%.
Casino revenue grew 10% to SEK 1bn, while sportsbook revenue amounted to SEK 297.8m, up 13%.
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