Strong first-half results for Betsson

Stockholm-based Betsson completed its acquisition of gaming firm NordicBet from owner Nordic Gaming Group in April for us$ 78.8 million and revealed that its first-half operating income had grown by almost 21 % year-on-year to us$ 40.8 million while income before tax amounted to us$ 40.5 million, which represented a 19.4 percent improvement when compared with the same period in 2011.

All of this saw Betsson declare that its net income for the six-month period reached us$ 38.5 million, which was an improvement of 19.7 percent year-on-year.

For the second quarter, Betsson stated that its revenues amounted to us$ 69.9 million, which was equivalent to a rise of 44 percent when compared with the same period in 2011, while its operating income improved seven percent to us$ 15.7 million.

Betsson declared that income for the second quarter had been negatively impacted by ‘non-recurring costs’ relating to the acquisition and distribution of shares amounting to just over us$ 1.4 million while the margin after free bets for its sportsbook came in at 4.6 percent, which it said represented the ‘lowest ever in one quarter and is explained by an extra strong seasonal pattern’.

“Betsson is strengthening its position as a sportsbook operator through a broader sportsbook offering with even more mobile solutions,” said Magnus Silfverberg, the firm’s President and CEO. “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.”