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SPORTS MARGINS EASE AT BETSSON
The normally buoyant sports betting margins at Swedish online gambling group Betsson recorded a first half 2.6 percentage point decline in the six months to June 30 2009, dropping from 10.5 percent to 7.9 percent.
Management blamed a run of sports results that favoured the player rather than the operator for the decline, which was also apparent in the quarterly numbers, where a 9.8 percent margin slipped to 4.7 percent.
Betsson chief executive Pontus Lindwall remained optimistic, however, commenting that customer action and deposits had never been higher than in the second quarter, indicating solid growth.
H1 2009 revenues were up 29 percent to SEK 600 million ($80 million), from SEK 464.7 million in H1 2008, and on a quarterly basis were up 20 percent to SEK 284.6 million (Q2 2008: SEK236.9 million).
There was a slight one percent increase in pre-tax profit to SEK 62 million over the quarter and a 22 percent rise to SEK145 million over the first half of the year.
Deposits by the punters grew by 32 percent during the second quarter and gross sportsbook turnover rose 73 percent to SEK 644.8 million (Q2 2008: SEK373.2 million).
The Malta-based scratch card games developer Neo Games has signed an agreement with Betsson which will see the integration of this style of instant win games on the Betsson platform, management revealed. Betsson will launch a white label platform in partnership with Nordic Entertainment to exploit the format.
70 percent of total gross profit for Q2 2009 came from casino operations, up 10 percent on the same period last year. Poker saw a decline, from 19 percent last year to 14.2 percent this time, and sportsbetting contributed 11.5 percent of gross profits, nicely up on the 7.5 percent recorded in the Q2 2008.
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Interwetten 2016 Earnings Results -
Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform
EU Online Gambling Tax Harmoney Dead -
Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.
Jack Lam Facing Big Fines in the Philippines -
It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.
PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
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