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Spiffbet Reports 397.4% Revenue Rise in 2021

Spiffbet, the Swedish gambling operator, has reported revenues of SEK95.4 million (€8.9 million) in its full-year 2021 results, almost five times the amount reported in 2020. It represents an increase of 397.4%, from SEK18.2 million in 2020.

In regard to the year ahead, the Spelinspektionen-licensed operator said that it is set to place greater emphasis on Rhino Gaming, its gaming distribution platform that it acquired in June 2021. It also said that it will be adapting its operations to comply with regulatory changes in different European markets and will place a greater focus on B2B services.

The company’s other operating income was SEK2 million, bringing total revenue to SEK97.4m. Spiffbet had expenses of SEK142.2 million, triple the amount of the year before. Of this, SEK89.2 million were direct costs, up SEK79.6 million year-on-year. Other external costs came to SEK23.2m, a 44.1% increase. Depreciation expenses were SEK16.9 million and staff costs were SEK12.6 million. Other expenses totaled SEK122,000.

After expenses, the company’s operating income for the year was SEK44.7 million. After interest costs, the before tax figure was SEK45.2 million, up SEK14.5 million from 2020. After tax provisions, the total loss of 2021 came to SEK41.9 million.

Henrik Svensson Spiffbet CEO

The beginning of 2021 was focused on growing and building up critical mass in the casino business and in accordance with that we conducted some further acquisitions, wherein Manisol was the largest. Mid-2021 was when the first part of the construction of our casino business was completed, and we had thus completely changed pace from gaming development to casino operation. After that our focus shifted to working with the organic development of the business, where we introduced Rhino Gaming.

Henrik SvenssonSpiffbet CEO

Svensson explained that Q4 had higher revenue than Q3 despite the fact that the quarter began with the closure of The Netherlands, which increased competition. He added, “In terms of results, the quarter was affected negatively by the fact that we implemented larger marketing campaigns during the first half of Q4 while competition for customers was high.”

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