betsson not satisfied despite 11 quarterly growth

betsson not satisfied despite 11 quarterly growth

by 20.10.2017 0 comments

Gaming operator Betsson recorded growth of 11% compared to the same quarter last year, but CEO Pontus Lindwall has described the overall growth for the period as unsatisfactory.

Lindwall also pointed to the lack of development from NetPlay, a UK interactive gaming operator acquired by Betsson back in April, as cause for concern, and noted that measures are in place to remedy this.

There was also a 21% decline in operating income (EBIT), brought on primarily from negative currency impacts, increased betting duties and negative contribution from recent acquisitions.

Yet despite the shortcomings highlighted in the CEO’s message, there are several positives that the Swedish firm can take from the report – chiefly a significant revenue increase of 63% in Western Europe, with a 31% organic growth.

Customer activity also witnessed notable growth across the board during the quarter, with a 16% increase in customer deposits and a 31% increase in registered customers.

Overall figures for the year so far (January to September) have thrown up mixed results.

Group revenue grew by 15% and casino revenue grew by 23%, but there was a drop in EBIT, pre-tax profit and operating cash flow.

Lindwall added: “Betsson has made significant investments in the product offering and we have seen a positive impact in customer activity and mobile casino revenues.

“The roll-out of the new mobile Sportsbook will continue in the fourth quarter, which should put the company in a favourable position for the football World Cup in 2018.

“Betsson plans to launch the front-end framework OBG for Casino and Sportsbook on apps and desktop during 2018.”

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