Betsson Q2 casino growth drives 20% overall revenue rise
Betsson saw revenue of SEK 1.53bn ($170.8m) for the second quarter of 2020, a rise of 20% year-on-year.
This revenue increase was driven by growth in the Swedish operator’s casino segment. Casino revenue saw an increase of 40% from 2019.
In contrast, the operator’s sportsbook revenue decreased by 34% due to the COVID-19 pandemic and the cancellation of sports.
Operating income was SEK 217.7m, up 11%, while operating cash flow fell by 12%, to SEK 343.9m.
During the quarter, Betsson completed its acquisition of Gaming Innovation Group’s (GiG) B2C vertical. The deal was agreed in February for an initial fee of €31m ($33.6m). Betsson agreed to maintain the B2C brands on GiG’s own platform for a minimum of 30 months, paying a platform fee.
The operator also made its first entry into US online sports betting with a deal in Colorado. The operator signed an agreement with Dostal Alley Casino in the state and plans to launch its sportsbook in the first half of 2021.
Commenting on the results, Pontus Lindwall, CEO and president of Betsson AB, said: “The immediate outlook is naturally uncertain, however Betsson is in good shape and we are in it for the long term.
“Our proprietary technology is a strategic advantage, our diversification in markets, verticals and brands makes us resilient to market fluctuations and our financials are rock solid.”
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