Scandinavian focussed online gaming company Betsson AB has reported a year on year casino revenue increase of 26% in the first six months of 2017.
In a statement to investors, the company reported that casino revenue had increased from SEK 1 352,3m in Jan-Jun 2016 to SEK1,669,5m in the same period of 2017.
Betsson’s year-on-year revenue grew by 18%, rising from SEK 1 935,5m in the first six months of 2016 to SEK 2,279,4m for the first six months of 2017, while the company’s gross profits jumped 15% from SEK 1 440,4m to SEK 1 657,4m.
However it hasn’t all been wine and roses for the Nordic operator, with sportsbook revenue and turnover dropping by 8% and 2% respectively. Additionally the company’s cash flow dropped 17% following significant investment in its mobile casino operation.
Announcing the company’s results online, Betsson CEO Ulrik Bengtsson commented: "The revenue growth in the second quarter was 26 percent, with an organic growth of 15 percent. Betsson continues to gain market share, both in the highly competitive Nordic region and in Western Europe.
The continuous product development is clearly paying off as both casino and sportsbook have developed strongly. Operating Income (EBIT) grew by 31 percent. Operating income shows strong growth, despite increased betting duties, a continuing currency headwind and increased marketing expenses, again showing the scalability of the business model over time.
It is also a good indication of the stability and balance of the business. Betsson is larger and a significantly more well-balanced business with higher growth rates, compared with a year ago. “