Betsson Performs Well In First Quarter

BETSSON PERFORMS WELL IN FIRST QUARTER

27th April, 2012 at 07:03:28
Source: http://www.azonlinecasinos.com

Strong sportsbook development delivers the goods

The Betsson online gambling group published its Q1-2012 numbers Friday, underlining the results of its emphasis on sports book development, which delivered first quarter growth up 48 percent, according to Magnus Silfverberg, President and CEO of the Swedish company.

Betsson's sportsbook push also trebled year-on-year growth, he revealed, adding that the company continues to experience stable growth and strong profitability

Betsson is strengthening its position prior to the European Championship in football through another acquisition which adds more Sportsbook players.," Silfverberg reported.

"This adds to a Sportsbook already undergoing strong development, shown by the first quarter growth of 48% in total gross turnover.

Highlights of the report included:

* First quarter operating income increased by 32% to SEK 174.1 (131.8) million

* Revenues amounted to SEK 536.1 (417.4) million, equivalent to an increase of 28 percent

* Operating margin came in at 32.5 (31.6) percent

* Income before tax was SEK 171.0 (132.6) million

* Liquid funds amounted to SEK 588.4 (535.8) million

* Active players were up at 405,000 (Q1-2011 335,500

* B2B Sports operations produced gross turnover of SEK 998.6 million (Q1-2011 SEK 640,8 million) and gross profit at SEK 63.2 million.

* B2C Sports operations delivered gross turnover of SEK 645.5 million (Q1-2011 SEK 146.7 million) and gross profit at 44.6 million on a 6.9% margin.

Operational highlights included:

* Betsson paid the final supplementary purchase price of Euro 12.5 million to Betsafe's former shareholders during the quarter, by providing 608,817 newly issued Class B shares in Betsson

* Betsson launched four new gaming sites on the newly regulated Danish market during the quarter

* The company signed a share transfer agreement to acquire Nordic Gaming Group

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