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Betsson First Q Earnings
4/27/10 - The Swedish online gambling operator Betsson AB has posted positive quarter 1/2010 results, reporting a 17 percent rise in revenues to : SEK 367.7 (Q1 2009 - SEK315.5) million.
Other highlights of the company's first quarter include:
* Over SEK 1 billion in gross turnover was achieved in sports betting operations, a substantial increase of 89 percent
* Operating income increased to SEK 84.2 (82.4) million, an increase of 2 percent
* Operating income has been charged with a cost of SEK 9.2 (revenue 5.6) million regarding currency revaluation of balance sheet items
* The effect from capitalisations and amortisations of capitalised development cost declined to SEK 600 000 (7.8) million
* Income before tax rose to SEK 84.6 (83.0) million
* Income for the period totalled SEK 80.2 (78.8) million
* Cash by the end of the period stood at SEK 520.4 million, well up from Q1 2009's SEK 436.8 million and the group has no interest-bearing liabilities
* Customer deposits increased by 31 percent to SEK 964.9 (735.6) million
* Betsson has broadened both online poker and casino offerings
CEO Pontus Lindwall attributed the positive quarter to the marketing philosophy of his company: "We give the players what they want," he said. "Betsson´s investments in the sportsbook [sector] have proved to be successful. The sportsbook increase [in turnover] was up 89 percent despite the highly competitive nature of the Swedish market. This clearly shows that Betsson has gained market share.”
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