Betsson reports record second quarter results

Finance News

Betsson has reported a record second quarter, group revenue was SEK 1,751.6 (1,532.8) million, an increase of 14%. Significant contributions to growth include an increase in sportsbook revenue of 125%. Operating income (EBIT) was SEK 383.4 (217.7) million, an increase of 76%, the EBIT margin was 21.9%.

The second quarter is proof of the strength of our business model. We have achieved an all time high profit based on our scalability and geographic spread, we have strong growth in Latin America, and we have strengthened our B2B-offering through the agreements that have been entered with Strive Platform Limited and Masterpiece Gaming.

During large international sporting events such as the CONMEBOL Copa América in football and the Euro 2020 the group have offered entertaining, competitive, and secure products. The ability to take advantage of these big sporting events is connected to the constant development of functions in the sportsbook to improve customer experience. We have also increased the exposure of Betsson’s brand, especially in selected countries in Latin America, which has attracted new customers in the region. The successes connected to both CONMEBOL Copa América and the Euro 2020 also paving the way for next year’s World Cup in football. Important reasons behind us being able to reach an all time high profit are the strong sportsbook activity, primarily driven by the football tournaments, high sportsbook margins, and positive gross margin effect as a result of a larger share of total revenue coming from the sportsbook.

The strength in our business model is coming from a stable and adaptable technology platform enabling economies of scale as our business grows and local knowledge of each market that enables us to quickly adjust our offerings based on changing customer behaviors. CEO Pontus Lindwall.