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Betsson posts 31% revenue rise for Q3

Betsson Group has seen its revenue rise by 31% year-on-year for Q3 2020, attributing the growth to an increased demand for digital entertainment during the coronavirus pandemic.

betssonabresults

The operator’s group revenue was up to SEK 1.67bn ($190.9m), which represented an organic increase of 27% compared to last year.

The overall increase was led by a rise in casino revenue, which was up by 39% to SEK 1.3bn, while sportsbook revenue improved by 12% up to SEK 352.6m.

An increase in online play during the pandemic saw mobile revenue of SEK 1.27bn account for 76% of the group’s total revenue.

Gross profit saw a healthy rise of 31% up to SEK 1.08bn, while EBITDA increased by 37% to SEK 416.6m.

Operating income grew by 55% to SEK 329.1m, while net income stood at SEK 290.6m, a 60% rise from 2019. Year-to-date, group revenue was up 19% compared to the same period in 2019, to SEK 4.63bn.

The number of active players over the period also grew, up 46% to 920,045. Other significant events for the operator during Q3 included Betsson acquiring 70% of Colombian operator Colbet, and obtaining an online casino license to launch in Croatia through its Rizk brand.

Betsson called the spike in online gambling a demonstration of the industry’s resilience and as a reason for Betsson’s increased quarterly growth, which saw its revenue rise by 20% for Q2.

Betsson AB president and CEO Pontus Lindwall, said: “The last two quarters have been defined by extraordinary challenges for everyone. Despite this, Betsson has both expanded into new markets and developed new products and features.”

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