Q1 2011 GOOD FOR BETSSON
04th May, 2011 at 03:22:38
Revenues up 14 percent
The Swedish online gambling group Betsson has posted a strong Q1-2011 result, noting that revenues are up 14% to $69.52 million.
Operating income for the quarter grew by 57% year-on-year to reach $21.95 million while pre-tax income came in at $22.08 million, - a rise of over 57% when compared to the first three months of 2010.
Net income was up 45% year-on-year, reaching $20.92 million and gross gaming win on all of its gaming solutions, including business-to-business activity, showed an improvement of 25 percent.
Gross turnover from Betsson's live sportsbook came in at $186.49 million for the quarter, an
increase of 191% year-on-year.
The group's cash and equivalents were at $89.28 million at the end of the quarter, and the company remains free from interest-bearing liabilities.
Pontus Lindwall, president and chief executive of the company said: During the quarter, Betsson implemented a complete third-party solution, which includes a world-class sportsbook.
In addition to the business-to-business technological advances, the activity in Betsson's different gaming solutions has been high.
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