The Bet’s On Sweden, Betsson Posts Spectacular Q3
Mirroring its nation’s much-admired, steady-as-she-storms, response to the Coronavirus Covid-19 pandemic, Sweden’s Betsson gambling group has posted what can only be described as spectacular Q3 financials.
The Stockholm-listed online gaming business has recorded third-quarter revenues of SEK 1.67bn (£146m/US$191m/€161m) — up 31 per cent over the corresponding period last year.
Driving performance, the company noted, was a massive 46 per cent increase in active customers across its online gambling brands to over 920,000 punters.
“It is pleasing to see that a large part of the customers who discovered the attraction of online gambling during the lockdown have continued gambling on digital devices even though many land-based casinos have opened again,” said Pontus Lindwall, Betsson’s President and CEO.
Betsson recorded double-digit revenue growth across all its key operating regions: Nordics grew 17 per cent, Western Europe 23 per cent, CIS markets 40 per cent and the handle in the rest-of-the-world grew by 124 per cent.
“The [year has] been defined by extraordinary challenges for everyone,” said Lindwall. “Despite this, Betsson has expanded into new markets and developed new products and features.”
And in words that must encourage the iGaming and online betting community everywhere, he stressed: “The online gambling industry has more clearly than ever demonstrated its resilience to market fluctuations during the pandemic when compared to many other sectors.
“Betsson has a unique position in being more resilient than the sector average due to the Company’s diversified product and brand portfolio, global footprint and strong finances.”
A breakdown of verticals shows that Betsson’s casino units delivered a 39 per cent increase in revenues to SEK1.3bn (£114m/US$149m/€125m), accounting for 77 per cent of group revenues.
Casino growth was powered by robust growth in mobile games, which generated SEK984m (£86m/US$112.5m/€95m).
As elsewhere, the company benefited from the return of live sporting action. Sportsbook units, for example, recorded revenues of SEK352m (£31m/US$40.2m/€34m), up 12 per cent on Q3 2019.
The group’s year-to-date operating EBITDA stands at SEK807m (£71m/US$92m/€78m), with a net income increase of 22 per cent to SEK713m (£62.5m/US$81.5m/€68.7m).