‘Signs of improvement’ for Betsson in first half

Betsson has reported widespread financial growth for the first half of 2018, but warned that it will “still take time” until it can report sustainable improvements.

Group revenue amounted to SEK2.56bn (€248.1m/$288.4m) in the six months to June 30, up 12% on the same period last year.

The company was boosted by a positive performance during the second quarter, a period that included the early stages of the World Cup football tournament.

Sportsbook revenue climbed 17% year-on-year in Q2, while casino revenue was also up 16%.

This activity pushed net income for the first half to SEK459.4m, but Betsson chief executive Pontus Lindwall said that there is still work to be done as the company continues to follow its ‘back-on-track’ plan.

Lindwall said the World Cup played a major role in the overall revenue increase in the six-month period and this growth “should not be regarded as guidance for the full third quarter”.

“There has been progress in some areas during the quarter, for example better efficiency and product upgrades, but we still have a lot more to do,” Lindwall said.

“We continue to systematically follow our back-on-track plan, which is a long list of actions that are built around four main areas: growth in core markets, product and technology, efficiencies, and M&A activities temporarily on hold.

“We continue to work hard with the ambition to make Betsson’s product offering more competitive and the marketing efforts more efficient.

“However, it will still take time until we see sustainable improvements.”

Lindwall also noted that he expects Betsson to secure a new licence for the re-regulation of the Swedish market.

Sweden will open the licence application process on August 1 and recently urged companies interested in gaining a licence to put forward their proposal as early as possible.

“For a company with Swedish roots, this is a very exciting process and we are on our toes to ensure we are ready to go when the new laws come into effect from January 1, 2019,” Lindwall said.