Full-year revenue, profit growth for Betsson

Betsson has announced a year-on-year increase in revenue and profit for the 12 months to December 31, 2017.

Revenue amounted to SEK4.72bn (€476.8m/$584.9m), up 12% on the previous year, while gross profit climbed 11% from SEK3.08bn to SEK3.42bn.

Operating income was down 7% year-on-year to SEK882.2m, while net income also dropped 10% to SEK786.5m.

Deposits across the company’s casino and sportsbooks operations increased by 13% to SEK16.31bn, but earnings per share dropped 10% to SEK5.68.

Pontus Lindwall, chief executive of Betsson, said: “We have identified and started to implement a number of improvements on both the product and the marketing side.

“The launch of the new front-end system for casino and sportsbook on desktop and apps should be completed during 2018.

“Betsson will focus marketing spend on key markets with the ambition to achieve a higher return on investment; as an example, we have scaled back on marketing volumes for the UK.

“During the first quarter 2018, Betsson restructured the operations; the new flatter organisation will enable the Company to work more efficiently.”

Lindwall’s comments come after the Times of Malta newspaper last month said that Betsson could cut its employee head-count by up to 160 members of staff, 130 of whom are based in Malta.

Related article: Betsson to shed 160 employees – report