SBC News Voice of the Sports Betting Industry
Betting Promotion Sweden AB has published its interim financial results for the 2nd quarter of 2013. The sports betting solution specialist has announced that betting turnover on its sports betting solution product has dropped 25% year on year to €127.86m.
Batting Promotion revealed from its head office in Malmo Sweden that turnover from betting had decreased by 22.3% year-on-year to €282.65m. The decrease in gaming turnover had an impact on the companies net turnover which decreased 30%, Betting Promotion published a six month net turnover of €776,000. Betting Promotion further published that the net turnover after trading fees diminished by 40% year-on-year to €502,000 while net income dropped into the red to the tune of €424,000 after last year reporting an excess of €15,000.
A company statement issued the following on company performance “The board of Betting Promotion is of the view that the company has not been able to deliver satisfactory results for some time,For this reason, the new company chairman, Peter Astrom, will act as executive chairman and work together with management and staff to make a review of the business. The company’s two products, trading and bookmaking, will be subject to an analysis and a new business plan will be established.”
Jonas Ornstein, CEO for Betting Promotion commented “I am looking forward to working with Peter Astrom to achieve positive operating results,”
Betting Promotion stated that second-quarter earnings were ‘well below budget’ as its trading margin came in at 0.3%, which it described as ‘the bottom limit’ of its predictions. For bookmaking alone, the Swedish firm’s margin was said to be ‘in line with expectations’ although with ‘very low volumes’.
