Stockholm-listed online gambling group Betsson AB, has this morning published its Q3 trading update (period ending 30 September), reporting robust growth achieved alongside a number of operational efficiencies implemented through its ‘back on track’ corporate recovery plan.
Updating the market, Betsson records group Q3 revenues of SEK 1,427 million (Q3 2017: SEK 1,181m), detailing growth and strong player activity across all its operating regions.
“The increased revenue is achieved by a combination of product improvements and more efficient marketing spend. In the third quarter, re-allocation of marketing investments between different markets, and also in the mix of traditional marketing and affiliate marketing, made it possible to efficiently grow revenue” Details Betsson AB Group CEO Pontus Lindwall in the corporate update.
Led by enhanced operational efficiencies, at a product level Betsson records a number of KPI gains as its casino division grew by 22% and sportsbook revenue grew by 23% maintaining a sportsbook margin of 7.4%.
Closing Q3 2018 trading, Betsson governance declares an operating income of EBIT SEK 340 million (€32 million), representing a 57% increase on corresponding Q3 2017’s SEK 216 million (€20 million).
Year-to-date, Betsson governance is confident of delivering on its full-year 2018 expectations, as the company reports group revenues of SEK 3,983.2 million (YTD 2017: 3,460 m), combined with a group operating EBIT of SEK 852 million (YTD 2017: 663.8 m).
Moving forward, Betsson governance looks forward to the re-regulation of the Swedish gambling market, in which the Stockholm enterprise will promote sustainability and the development of sports programmes and grassroots initiatives
During the trading period, Betsson secured its biggest corporate sponsorship commitment to date, becoming the official lead sponsor of the SHL – Swedish Hockey League.
“We expect marketing investments to increase as online gaming licences are introduced in Sweden. Betsson was one of the first to apply for online gaming licences in Sweden” Pontus Lindwall further detailed.
“We continue to execute on the “back on track” plan which includes a number of product and technology improvements, additional efficiencies and focus on core markets. The fourth quarter has begun with daily revenues higher than the average daily revenue for the full fourth quarter last year.”
As reported previously, Betsson governance continues to restructure its executive leadership team, with the company seeking a new Chief Financial Officer following the departure of Kaaren Hilsen this September.
Betsson AB – Q3 2018 Performance Overview