Betsson revenue increased 14%
Revenue for the second quarter 2018 was SEK 1,346.4 (1,177.5) million, an increase of 14 percent compared to the same quarter 2017. The organic growth was 11 percent for the quarter.
The increased revenue is mainly related to continued growth in Western Europe and increased activity during the FIFA World Cup. Casino revenue increased by 16 percent and reached over 1 billion SEK in revenue in a quarter for the first time.
The Sportsbook revenue increased by 17 percent with a sportsbook margin slightly below the eight quarter rolling average. Operational income (EBIT) for the quarter was SEK 300.7 (206.9) million, an increase of 45 percent compared to the same quarter in 2017.
The improved earnings are mainly a result of high activity during the World Cup, product improvements and efficiencies. Operating expenses increased by 4 percent compared to the 14 percent revenue growth.
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. 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.
At the core of everything is our company culture and organisation. Betsson is as good as its employees and it has been a pleasure to see the enthusiasm and hard work of the Betssonites during the World Cup.
The third quarter has begun with daily revenues higher than the average daily revenue for the full third quarter last year. The revenue increase is to a large extent a result of activity related to the FIFA World Cup that ended on 15 July 2018 and should not be regarded as guidance for the full third quarter.
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, said Pontus Lindwall
CEO Betsson AB.