First quarter profit boost for Betsson Group
Betsson Group has reported a 12 per cent increase in group revenue to SEK 1,592.8 (1,417.5) million during the first quarter of the year.
Casino revenue increased by 16%. Sportsbook revenue increased by 2% and the sportsbook margin was 7.2% (8.5%).
Operating income (EBIT) was SEK 276.1 (260.6) million, an increase of 6%, the EBIT margin was 17.3% (18.4%). Net income was SEK 240.1 (229.5) million.Operating cash flow was SEK 327.7 (321.9 ) million. Active customers increased by 39% to 948,109 (680,938).
CEO Pontus Lindwal comments: 2021 began with a quarter that showed growth compared to the same period last year. On several markets, such as Italy, Baltics, Peru and Chile, we continue to deliver strong growth and good profitability.
This is very encouraging, however, we are not fully satisfied as we have experienced difficulties in a few other markets, for various reasons. As previously communicated, revenues from the German market have decreased significantly, due to the restrictions introduced and the fact that we closed several brands in connection with this. In Norway it´s still diffcult finding efficient payment solutions, but with its own proprietary payment platform, Betsson manages the situation.
Operations in the Netherlands continue as before, pending the start of the licensing process for foreign operators. We are pleased by the continued favorable development in the CEECA and ROW regions, thanks to successful brand launches and continuous improvements in the product offering.
Thanks to a broad and diversified product portfolio with many brands in several markets, Betsson can deliver results to continue to create growth. The slightly lower operating margin is a result of ongoing strategic investments to ensure long-term growth and create shareholder value.