Further Growth At Betsson In Q2-2014

FURTHER GROWTH AT BETSSON IN Q2-2014

18th July, 2014 at 11:35:40
Source: http://www.azonlinecasinos.com

Revenues up 30% as Oranje and Kroon online casinos deliver.

The Swedish online gambling group Betsson has posted another strong set of quarterly results, reporting that in Q2-2014 revenues soared 30% to SEK 752.3 million (Euro 81.5 million) through organic growth and the success of recent online casino acquisitions Oranje and Kroon.

The company said that sportsbetting had also experienced strong growth, due mainly to wagering on the recently concluded World Cup, which was responsible for 4% of the quarter's revenue.

High points included:

* Organic growth of 15% during Q2

* Gross profit up at SEK 629.7 million (Q2-2013 SEK 482.7 million)

* Operating income at SEK 190.4 million (Q2-2013 SEK 137.8 million)

* Sportsbook turnover at SEK 827 million, a record for the company

* World Cup football final accounted for SEK 38 million of total turnover, almost three times of the average amount wagered per match in the preliminary stages

* Second quarter financial gains mean that Betsson's H1-2014 revenues are now over SEK 1.4 billion, with gross profit around SEK 1.2 billion and operating income close to SEK 361.5 million.

Magnus Silfverberg, president and chief executive officer of Betsson, said that the outstanding growth underscored the continuing success of Betsson's strategic initiatives.

The World Cup has exceeded our expectations and the strong customer intake together with the high reactivation of existing customers bodes well for the future, he said.

In related news, Betsson announced the relaunch of the former Harry's Casino under a new branding more suitable for use in the imminent point-of-consumption online gambling market in the UK, scheduled for implementation later this year.

Rebranded Mr Smith Casino, the revamped site will continue to be operated by Betsson's Malta subsidiary BML Group.

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