Betsson hails casino performance as revenue rises in Q1

Betsson has cited growth within its casino division as one of the main reasons behind a year-on-year increase in revenue during the three months to March 31.

Revenue in the first quarter amounted to SEK1.1 billion (€114.8 million/$125.3 million), up 10.2% on the corresponding period last year.

While casino revenue in the quarter jumped 23% to SEK822.9 million, Betsson suffered a decline in sportsbook revenue, which fell 15% to SEK250.3 million.

Gross profit increased 8% year-on-year to SEK806.3 million, although earnings before interest and tax fell 4% to SEK240.9 million, with a slightly lower margin of 22%.

Net income was also down by 8% to SEK214.4 million, while earnings per share for the period came in at SEK1.55.

Ulrik Bengtsson, chief executive of Betsson, said: “Casino continues to develop well with growth of 23%; total revenue increased by more than 10%, compared to the same period previous year, of which most was organic growth.

“As we indicated before, region Western Europe is back to a healthy growth; the region grew by 15.6% compared to the same period previous year.

“The second quarter is normally seasonally weak; the quarter has started with higher revenues than the daily average for the second quarter last year, but lower than the daily average revenue for the first quarter 2017.”

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