Betsson Revenues up 14 percent

Written On  5/4/11 By Recentpoker.com staff writer  Lenny Wasman :

Revenues up 14 percent
 
The Swedish online gambling group Betsson has posted a strong Q1-2011 result, noting that revenues are up 14 percent to $69.52 million.
 
Operating income for the quarter grew by 57 percent year-on-year to reach $21.95 million while pre-tax income came in at $22.08 million, – a rise of over 57 percent when compared to the first three months of 2010.
 
Net income was up 45 percent year-on-year, reaching $20.92 million and gross gaming win on all of its gaming solutions, including business-to-business activity, showed an improvement of 25 percent.
 
Gross turnover from Betsson’s live sportsbook came in at $186.49 million for the quarter, an
increase of 191 percent year-on-year.
 
The group's cash and equivalents were at $89.28 million at the end of the quarter, and the company remains free from interest-bearing liabilities.
 
Pontus Lindwall, president and chief executive of the company said: “During the quarter, Betsson implemented a complete third-party solution, which includes a world-class sportsbook.
 
“In addition to the business-to-business technological advances, the activity in Betsson's different gaming solutions has been high.”