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Mixed first-quarter financials for Betsson

Online gambling operator saw operating income for the first three months of 2013 fall by 7.4 percent year-on-year to $24.4 million despite a 19 percent rise in revenues.

Monday 29th April 2013

Online gambling operator Betsson AB has released its interim financial results for the first quarter of the year showing that revenues for the three-month period had increased by 19 percent year-on-year to SEK638.7 million ($97.1 million). February saw Stockholm-based Betsson spend SEK286 million ($45.21 million) in order to purchase the, and domains from fellow online gambling operator Cherry AB and it revealed that this helped its gross profits for the quarter rise by over 17 percent year-on-year to SEK540.1 million ($82.1 million) of which SEK164 million ($24.9 million) came from sportsbetting, which represented a boost of 52.1 percent when compared with the same period in 2012. However, the news was not all good as Betsson stated that its operating income for the three-month period fell by 7.4 percent year-on-year to SEK161.1 million ($24.4 million) while its casino gross profit came in ‘lower than expected’ at SEK325.4 million ($49.4 million) due to ‘lower activity after the fall out of a pooled record high jackpot by end of January at a competitor site’. Betsson also declared that net income for the quarter dropped by 6.4 percent year-on-year to SEK151.9 million ($23.1 million) despite customer deposits from all of its solutions rising by almost 44 percent when compared with the first three months of 2012 to SEK2.113 billion ($321.3 million). “Betsson continues to prepare for the re-regulations by investing in marketing and in more cost effective operations,” said Magnus Silfverberg, President and Chief Executive Officer for Betsson. “Due to previous investments in among other things mobile solutions, we have seen organic growth in both business-to-business gross profit of 16 percent and in sportsbook turnover of 26 percent. “Meanwhile, the company has full focus on increasing the growth in casino, for instance through further mobile development. Altogether, Betsson sees good growth opportunities both in the short and long-term and plans to maintain its position as one of the world’s most influential gaming operators.”

Source: OnlineCasinoNews

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