Betsson AB has seen its revenues rise 12% during the first half of 2018, as the Swedish online gaming specialist has been buoyed by the World Cup and growth in Western Europe.
Revenue totalled $286m between January and June 2018, compared to $255m during the same period last year, as the company has continued to follow their “back-on-track plan”.
Pontus Lindwall, CEO Betsson AB, said: “Revenue for the second quarter 2018 was SEK 1,346.4 ($150.65m), an increase of 14% compared to the same quarter 2017. The organic growth was 11% for the quarter. The increased revenue is mainly related to continued growth in Western Europe and increased activity during the FIFA World Cup."
This growth was predominately driven by the casino and sportsbook division of the group, which both increased by 16% and 17% respectively during the second quarter.
Operating income shot up by 45% during the second quarter thanks to the increased revenues, which in turn saw net income and earnings per share both rise by an impressive 46%.
In the month of June, $43.98m alone was distributed to shareholders. And these shareholders have even more to get excited about as the H1 report only covered the first half of the World Cup as the tournament ended on the 19 July.
It’s estimated that 3.7% of Q2 revenue was generated by the event.
Despite the great results, Betsson AB acknowledges that they “still have a lot more to do”. The company went through a tough period in 2017 which led to a corporate restructuring in January 2018, where over 160 jobs were cut in order to “streamline” the company.