SBC News Voice of the Sports Betting Industry
Casino operator Cherry AB reported increased corporate revenues of SEK90 million (£7.6millon) up 29% on Q3 2013 SEK 69 million.
The operator noted that its improved performance had been driven by growth in its online casino vertical , as active players grew by 33% and player deposits increased 55% during the period ending 30 September.
The improved performance has helped the operator reduce losses for the quarter to SEK4.7 million (£400,000). Cherry AB have reported yearly online revenues of SEK 239.8 million (£20.5 million) up 25% on 2013 SEK191.3 million (£16.2 million).
The operator has managed to curve losses to SEK14 million (£1.18 million) for the year, a reduction of 11% on 2013 figures (SEK 15.2 million)
The improved performance, has led to Cherry AB targeting profits in its Q4 2014 corporate results.
Cherry AB Chief Executive Officer Emil Sunvisson commented on performance
“The third quarter continued strong growth in sales, and new records set across all business areas. Cherry’s investments in new growth areas within online gaming present great opportunities, as well as significant challenges”
“Cherry continues to grow within online gaming through our long-term commitment to build strong brands, and improve the user experience on our gaming sites. We are particularly pleased for our players that we have had an unusually high number of lucky big winners during the third quarter. While this has impacted upon turnover and earnings, it has contributed positively by increasing brand satisfaction and loyalty among our customer base. In addition, the quarter saw substantial marketing efforts and customer acquisition bonus related expenses, which has influenced the figures. The fourth quarter has started strongly.
Sunvisson further addressed Cherry AB’s stance with regards to legalised online gambling in the Swedish market.
“We look forward to a gaming market that is open for everyone with the utmost importance placed on transparency and responsibility”
“We want to end the outdated monopoly in the market. We want to create additional jobs in Sweden and we want to compete in fair and equal market conditions” Sunvisson added
