Betsson’s Sportsbook Boosts Revenue in Q1
Recently appointed as president and chief executive of Betsson, Ulrik Bengtsson has paid tribute to the operator’s sportsbook’s continuous success after the firm achieved a year-on-year revenue increase during the three months up to March 31st.
In the first quarter, revenue totalled SEK 1 billion (€109 million/$123.1 million), representing an 18% increase on the SEK 847.4 million posted during last year’s corresponding period, but due to exchange rate fluctuations, it was burdened by SEK 44.7 million.
Betsson’s sportsbook business posted 27% year-on-year organic revenue growth, with SEK 6.7 billion of turnover coming in, up from last year’s SEK 6.1 billion.
Operating income also went up to SEK 250.1 million from SEK 238 million, while income before tax increased to SEK 246.9 million from SEK 236.4 million.
Net income, in addition, expanded to SEK 234 million from SEK 224.1 million, which corresponded to SEK 1.69 per share, rising from last year’s SEK 1.62 in the same period.
Bengtsson, who began his new role with the firm in February, said that “Organic growth continues to be strong; this is the eighth consecutive quarter where growth in constant currency has exceeded market growth in our core markets.
“Betsson’s consumer brands are doing particularly well, with organic growth in constant currency of 21%, and sportsbook is growing, despite low historical margins, with organic growth of 27 per cent in constant currency. The underlying activity continues to be strong, with growth of 45% in active customers, which during the quarter was 538,077.
“The “old” Betsson has now been fully migrated to the shared technical platform, which further strengthens the possibilities for good growth.”
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