Profits Coming Home, Betsson Betting on Bumper Q2
Spurred on by two international football championships, Sweden’s major league online gaming provider Betsson AB is predicting big Q2 financial profits.
Soccer’s Copa América and Euro 2020 have combined to drive estimated operating profit to between SEK375-385 million for the second quarter (around £32m/US$44m/€37m), the firm has said in a financial update, compared to SEK217.7 million in Q2 last year (£18.34m/US$25.29m/€21.32m).
Group revenues over the quarter are expected to amount to SEK1.73-1.75 billion (around £146m/US$200m/€171m).
Q2 also saw a 25 per cent rise in customer activity, year-on-year, driven by increased sportsbook action. Sports betting turnover zoomed by around 73 per cent compared to Q2 2020.
In further positive news for the company, a Swedish Administrative Court has overturned a SEK20 million fine imposed on Betsson by the Swedish Gambling Authority.
And Q2’s sporting surge—with Betsson as an official sponsor of the Copa América– has also helped the Scandinavian playmaker ride out fiduciary and regulatory issues with Swedish and Norwegian controllers.
“Based on the Betsson business model, and its proprietary sportsbook, Betsson has been able to reap on these events [Copa América, Euro 2020],” said a company spokesperson.
“As a result of the strong sportsbook activity, high sportsbook margin and a favourable product mix, the firm has also delivered its strongest quarter ever in terms of EBIT.”
Full Betsson Q2 results will be available in an interim report to be published later this month.