Betsson Group sees group Q1 revenue climb, but only by 12%

By Gambling Insider

Swedish gambling operator Betsson Group has reported Q1 group revenue of SEK 1.59bn ($190.2m), a 12% increase from the previous year’s SEK 1.41bn.

Casino revenue also increased by 16%, while sportsbook revenue went up by 2% with a sportsbook margin of 7.2%.

Meanwhile, operating income (EBIT) rose to SEK 276.1m, an improvement of 6%, and the EBIT margin was reduced slightly to 17.3%. Net income for Betsson sits at SEK 240.1m, which increases the share price slightly to SEK 1.76 per share.

Last quarter, Betsson expanded into new markets through acquisitions and licences, so its number of active customers increased by 39% to 948,109.

The company says its Croatian operations reported high levels of activity, while Betsson strengthened its position in Latin America.

Betsson has also been allowed to enter the ever-growing US market, with the company saying it is adapting its sportsbook for the US market, it will be integrated on a new Player Account Management (PAM) before the launch in Colorado.

However, fellow Swedish firms such as Kambi, Evolution and Kindred Group have reported far higher growth levels for Q1.

This suggests Betsson has perhaps lagged slightly by comparison.

CEO of Betsson AB, Pontus Lindwall, pointed to some of the struggles the company endured despite a positive quarter overall: “2021 began with a quarter that showed growth compared to the same period last year. On several markets, such as Italy, Baltics, Peru and Chile, we continue to deliver strong growth and good profitability. This is very encouraging; however, we are not fully satisfied as we have experienced difficulties in a few other markets.

“Revenues from the German market have decreased significantly, due to the restrictions introduced and the fact that we closed several brands in connection with this. In Norway, its still difficult finding efficient payment solutions, but with its own proprietary payment platform, Betsson manages the situation.”

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