Sports Betting Drives Betsson Profits to New High
The Swedish gambling operator Betsson AB (STO: BETS-B) has released an interim report for Q2 2021 and announced an all-time high profit for the quarter.
The report showed that the group’s first-quarter momentum continued into the second, with revenues for the three months to June 30 growing to $210.2 million, a 14% increase year-on-year, and organic growth of 24%.
The growth was largely driven by the operator’s sportsbook, which saw an increase of 125% and with an operating margin of 8.5%, up from 6.9% in the same quarter last year, this more than compensated for the 5% decrease in online casino revenue.
During large international sporting events such as the CONMEBOL Copa América in football and the Euro 2020, the group has offered entertaining, competitive, and secure products…We have also increased the exposure of Betsson’s brand, especially in selected countries in Latin America, which has attracted new customers in the region.
The group’s operating income, earnings before interest and tax (EBIT) in the quarter was $46 million, up 76% from last year, and the EBIT margin was 21.9%, up 14.2% from the same quarter last year.
Lindwall explained that the strength of Betsson’s business model comes from “a stable and adaptable technology platform enabling economies of scale as our business grows and local knowledge of each market that enables us to quickly adjust our offerings based on changing customer behaviors.”
The company had a net income of $40.5 million in Q2, 75% more than last year. When this is diluted per share of capital, the income was $0.30, up from $0.17 in 2020. The operating cash flow also increased year-on-year, it grew to $68.5 million, up from $41.3 million, and the number of active customers rose by 25% to 1,027,635 in Q2.
During the second quarter, the company also gained market share in Sweden, the Baltics, and Croatia, and it entered the Latin American market, where it is already the market leader in Peru and Brazil, and it is the official regional sponsor of CONMEBOL Copa América.
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