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Betsson AB reports its financial performance for Q1
Despite the decrease in Western European casino revenue, Betsson AB had good performance in a number of fields during Q1.
According to the Stockholm-listed iGaming group, Bettson had 8% growth in revenue, which is over 170 million euro, combined with a 5% increase in mass income.
Earnings before Interest, Taxes, Depreciation, and Amortization was 33.4 million euro, a 7% year-on-year decline on the previous year’s figure of €35.8 million. Betsson saw growth in costs from 75.1 million to 83.5 million euros.
They also reported a record breaking 56.4 million euro income from sportsbooks, which is 33% more from last year’s total income.
Specifically online betting brought 80% of sportsbooks income, which mainly came from different football leagues. For example, UEFA’s Champion League and Europa League, and partly from the World Cup.
Betsson’s chief executive officer Pontus Lindwall commented:
“Our income grew by 8%, which means that new aims for sportsbooks income were reached.”
Later he added that with their team’s hard work they had a chance to report growth in their profit.
The casino was not as good as the sportsbook. Profit fell to 111 million euros by 4.6%, as for sports betting and the mobile phone they had 87.1 million euros, which is 78% of the casino’s income.
The problems with casino were mainly because of the changes happening in Germany.
Reflecting broader market concerns, at the moment Betsson is in the process of waiting in Holland, because of the new license changes having ceased operations according to KSA’s “cooling off team” pending a license application.
Obstacles in Holland and Germany had a significant effect on Betsson’s operations around Western Europe, when income from the region fell by from 39.3 million to 22.2 million euros.
Meanwhile CEECA’s profit was balanced. Despite the 0.2% decrease, the company is excited about Greece’s growth, while Lithuania had “the highest rate ever” by Georgian casino profit drop.
The most profit in Europe came from the Scandinavians, where the success of the aforementioned sportsbook led to a 12.5% growth.
Importantly, the high level of activity, especially in sportsbooks, were caused by certain sporting events, for example World Cup, release of online gambling in Buenos Aires, they led to a gross profit in Latin America by 174%.
Finally, income from other sides of the world was 3.7 million euros, which is 19.3% more than last year’s 3.1 million euros. It all came mainly from Canada.
“This summer we are planning to mark our place in North America by working under a new license in Ontario, Canada. By collaborating with Big Boss Casino, we want to launch in Mexico. We also submitted an application to work in Holland.”
stated P. Lindwall.
Betsson plans to spread in different places, mostly in America.
Because of the recent events in Ukraine and Belarus supporting Russia, Bettson left Belarus and was forced to move its team from Ukraine to Hungary and Malta. In the words of Lindwall this year Betsson is off to a good start.