Betsson reports revenue rise in improved Q3 results

By Tom Lewis
Swedish operator Betsson has posted its financial results for the three months ending 30 September 2016, reporting a 9% climb in net revenue over the same period in 2015, rising to SEK1.06bn.

This increase was driven in part by a year-on-year rise of 11% in casino revenue, to SEK731.8m, while sports betting revenue climbed 9%, to a total of SEK300.2m.

Dismissing the challenges faced in a disappointing second quarter as “largely temporary”, Betsson also posted a 2.9% increase in net income, rising from SEK247m to SEK254.1m.

The number of active players also saw a slight rise, growing from 492,000 to 515,000, while customer deposits grew by 8.8% to SEK3.5bn.

Regarding the operator’s outlook for Q4, the company stated: “Revenue in the beginning of the fourth quarter was in line with the strong revenue of the fourth quarter 2015”.

Betsson also reported a 12% rise in its year-to-date performance, recording revenue of SEK2.99bn compared to SEK2.6bn for 2015.

Betsson CEO Ulrik Bengtsson said: “The strong performance in the third quarter shows that the challenges we had in the second quarter were of a temporary nature.

“The investments in Betsson’s casino and sportsbook products have driven the revenue growth during the quarter where for example the Nordic region grew by 22 percent.

“Investments in these products will continue in the coming quarters. The scalability of the business model enabled the operating margin to return to historically strong levels."

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