Betsson Posts Second Quarter Growth

Wednesday August 06, 2008

Swedish online gambling group Betsson Malta Ltd has released its financial results for the second quarter showing that revenues increased 63 percent to $38.76 while operating income increased 29 percent to $9.83 million.

Betsson recently opened its first betting shop in Stockholm along with a new version of its sportsbook at Betsson and announced that income before taxes amounted to $10.04 million while it made $9.35 million after tax.

"The second quarter is normally weaker than the first quarter," said Pontus Lindwall, Chief Executive Officer for Betsson.

"By the offers to customers that we have developed and implemented, we have succeeded to maintain and even increase activities during the second quarter, which makes the quarter our strongest so far."

Betsson also recently launched in Serbia and the Netherlands but it is Scandinavia that remains the firm's largest market with 59 percent of gross profits while the remainder of Europe accounted for 41 percent.

Betsson Casino reported a 102 percent increase in gross profits but this great result was overshadowed by the 274 percent increase from its Betsson Sportsbook while Betsson Poker decreased 25 percent compared with the same quarter last year. The firm's casino activities now account for 60 percent of its gross profits followed by poker at 19 percent and its sportsbook with 18 percent.