Betsson Revenue Soars 44% To $71m In Q2

Betsson Revenue Soars 44% To $71m In Q2Swedish online gambling company Betsson has released its second quarter 2012 results revealing a 44% increase in revenue to SEK 486.2 (US$71m) compared to the same period last year. Operating income, too, was up by 7% to SEK 109.5 million (US$16m).
Betsson offers online poker, online casino and sports betting as part of its service and another highlights of the Q2 financial results was a surge in the company’s gross profit for poker which increased 49% to SEK25.4 million (US$3.7m), up from SEK17.1 million (US$2.5m) in Q2 2011.
Overall, Betsson customers now number 5,087,000 active customers up from 3,359,000 a year earlier, while its registered customers has risen to a massive 54,180,000 compared to 32,295,000. Commenting on the impressive figures, Betsson CEO Magnus Silfverberg, said:
“Betsson is strengthening its position as a sportbooks operator through a broader sportsbook offering with even more mobile solutions. In addition, several technical development projects have been undertaken with the purpose of securing future growth and profitability. This, together with the highest activity level ever and the ATH in deposits, indicates a continued strong development for Betsson.”
The year as a whole has now seen Betsson’s revenue rise 35% to SEK 1,022.2 million (US$149m) with the company’s operating income reaching SEK 283.5 million (US41.25m) from SEK234.5 million (US$34.14) last year. Nevertheless, despite the solid results the market seemed unimpressed and Betsson shares are currently trading at 189.63, only slightly above its 52 week low of 182, and a way off its 52 week high of 232.25.
Betsson was founded in 2001, with he Betsson site being launched in May 2002. also holds the  Guinness World Record for the biggest ever online slots payout won by a young student for €11,736,375 ($15,844,900). At the time, Head of Huw Thomas, commented:
“Creating winners is what is all about. To be awarded a Guinness World Record is a great accolade for the site and surefire stamp of approval that we have the biggest online jackpots and guaranteed payouts – no matter how big they are!”

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