Betsson Revenues Up 30% To $108m In Q3

Betsson Revenues Up 30% To $108m In Q3Swedish online gambling company Betsson has released its third quarter results through to September 30th, revealing an impressive 30% rise in revenues to SEK 782.1m ($108m), whilst profits were also up by 36% to SEK 207.2m ($26.6m).
Accounting for much of the group’s gains was Betsson’s acquisition of two Dutch-facing casino brands, Oranje and Kroon, back in February, which contributed SEK 83.9 million to the Betsson’s Q3 revenues and SEK 47.9 million to the group’s net income. Without their additions, revenue growth would have been almost halved to 16%, and Betsson expects still further stellar growth from Oranje and Kroon in the future when the Holland launches its regulated online gambling market in early 2016.
Accounting for 76% of Betsson’s Q3 revenue was its B2C operations, with the Nordic market contributing 72.8% of profits, lower by 12% compared to the same quarter last year, and the non-Nordic EU markets almost doubling to 26%.
In Q3, casino then generated 28% more revenues at SEK 423.7m ($58.4m), giving it a 64.5% share of overall revenues; while poker revenues were down by 24% to SEK 16m ($2.2m), or 2.5% of company revenues; and sports was up by 3.5% to a 31.5% share.
Furthermore, mobile channels reached 23% of overall company revenues, an improvement of almost 33% over the second quarter, and now also accounting for a whopping 40% of sports betting turnover.
Following announcement of its results, Betsson shares are currently trading at 254.50, up 1% so far on the day, and near its historic 52 week high of 261.50. Commenting on the company’s Q3 performance, Betsson CEO Magnus Silfverberg, said the company was now “the largest pure online company on Nasdaq Stockholm,” and added:
“Furthermore, the company continues to deliver strong growth within mobile gaming, with the share of revenue from mobile solutions now at 23 percent. With an EBIT margin of 26.5 percent, Betsson has strengthened its position as the market’s most profitable online gaming company.”


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