Betsson has published its financial report for the third quarter of 2021 in which it highlights that the income from sports betting increased by 24%, while the income of the casino decreased by 2%.
As reported by Betsson, Group revenue was SEK 1,733.3 (1,676.7) million, an increase of 3%. Organic increase of 8%.
Other data highlighted by the group are:
- Operating income (EBIT) was SEK 323.6 (329.1) million, a decrease of 1.7%, the EBIT margin was 18.7% (19.6%).
- Net income was SEK 287.4 (290.6) million, corresponding to SEK 2.22 (2.22) per share.
- Operating cash flow was SEK 423.5 (494.6) million.
- Active customers increased by 7% to 986,429 (920,045).
Pontus Lindwall, CEO of Betsson, took stock of the results and explained: “The further increase in revenue is explained by the successes with our sportsbook in combination with good results in the ending rounds of the EURO 2020 and CONMEBOL Copa América and the return of the domestic football leagues from mid-August”. Along these lines, he highlighted that the “increase in revenue has also benefited from successes in new markets such as LatAm, Croatia and Greece”.
Regarding the change in the Dutch legal framework, he recalled that “Betsson decided to temporarily stop accepting Dutch customers on international websites in order to create good conditions for the upcoming licensing process. Betsson continues to have strong faith in the Dutch market and an ambition to be able to conduct business in the future in accordance with the new regulations”.
Referring to investments in the US market, Lindwall underlines that it is planned to launch its B2C offerings in Colorado during the first quarter of 2022. This quarter has been an intense period to secure everything from meeting the authorities' reporting requirements to adapting the platform and technology so that the US-adapted sportsbook can enter a testing and certification process.
Finally, the CEO of Betsson emphasizes the acquisition of companies as an important part of its expansion process. Such is the case of Inkabet, a fast-growing sportsbook and casino business aimed at the western region of South America.
We must also highlight the purchase of 28% of the shares of Slapshot Media Inc, a Canadian start-up, which will allow it to create a solid position in the Canadian market before the next regulation in Ontario.
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