Betsson boosted by sportsbook as revenue rises in Q1

Ulrik Bengtsson, who was recently appointed president and chief executive of Betsson, has paid tribute to the ongoing success of the operator’s sportsbook after the firm achieved a year-on-year increase in revenue during the three months to March 31.

Revenue in the first quarter totalled SEK 1 billion (€109 million/$123.1 million), which represents an increase of 18% on the SEK 847.4 million posted during the corresponding period last year, but was burdened by SEK 44.7 million due to exchange rate fluctuations.

Betsson’s sportsbook business posted organic revenue growth of 27% year-on-year, with turnover coming in at SEK 6.7 billion, up from SEK 6.1 billion last year.

Operating income was also up from SEK 238 million to SEK 250.1 million, while income before tax increased from SEK 236.4 million to SEK 248.9 million.

In addition, net income expanded from SEK 224.1 million to SEK 234 million, which corresponded to SEK 1.69 per share, up from SEK 1.62 in the same period last year.

“Organic growth continues to be strong; this is the eighth consecutive quarter where growth in constant currency has exceeded market growth in our core markets,” said Bengtsson, who began his new role with the firm in February.

“Betsson's consumer brands are doing particularly well, with organic growth in constant currency of 21%, and sportsbook is growing, despite low historical margins, with organic growth of 27 per cent in constant currency.

“The underlying activity continues to be strong, with growth of 45% in active customers, which during the quarter was 538,077.

“The “old” Betsson has now been fully migrated to the shared technical platform, which further strengthens the possibilities for good growth.”

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