Betsson posts record revenue jump in second quarter
Betsson expects revenues to amount to SEK 1,735-1,755 million delivering its strongest quarter in terms of EBIT, which is higher than current consensus, fueled by a strong sportsbook activity as a result of the Copa América and the Euro 2020 tournaments.
The quarter saw an increase in active customer numbers of around 25 per cent compared to the same quarter last year, driven by an increased sportsbook activity.
The sportsbook turnover increased by circa 73 per cent compared with Q2 2020. The sportsbook margin was approximately 8.5 per cent for the quarter, compared to the eight-quarter rolling average margin of around 7.4 per cent. The higher sport book margin is to a large extent explained by favorable outcomes in the initial phases of the two football tournaments. The strong sportsbook revenue contribution has also been strengthened by Betsson being an official sponsor of the CONMEBOL Copa América. Based on the Betsson business model and its proprietary sportsbook Betsson has been able to reap on these events.
As a result of the high sportsbook activity, high sportsbook margin and the product mix (positive impact from higher share of total revenue coming from sportsbook), EBIT will be at an all-time high level, in the range of SEK 375-385 million (Q2 2020: SEK 217.7 million), representing a growth of 72-77 per cent year on year and 36-39 per cent quarter on quarter.