Swedish operator Betsson achieved first-quarter revenue of $ 190.2 million, an increase of 12% over last year. Casino earnings also grew 16%, while sports betting revenue rose 2% with a 7.2% margin.
Meanwhile, operating revenue (EBIT) increased by 6%. Betsson’s net profit was $ 28 million, which slightly raised the share price.
In the last quarter, Betsson expanded its business to new markets thanks to acquisitions and licenses. Thus, the number of active customers was increased by 39% and reached 948,109 players. The company says its operations in Croatia have reported high levels of activity. The brand also managed to strengthen its position in Latin America.
In addition, Betsson has been authorized to enter the United States, with the company saying that it is adapting its sports betting to this fast-growing market. The group also announced that a new Player Account Manager (PAM) will be integrated prior to launch in the state of Colorado.
However, other Swedish companies, such as Kambi, Evolution and Kindred Group, reported much higher growth rates in the first quarter. This suggests that Betsson may have been slightly behind in comparison.
Betsson CEO explained challenges faced earlier this year
Betsson’s CEO, Pontus Lindwall, pointed out some of the challenges the company faced despite a positive quarter. “The year 2021 started with a quarter that showed growth compared to the same period last year,” said Lindwall.
He continued: “In several markets, such as Italy, the Baltic States, Peru and Chile, we continue to show strong growth and good profitability. This is very encouraging, however, we are not entirely satisfied. Because we face difficulties in some other markets ”.
The CEO of Betsson also pointed out that “the revenues of the German market have decreased significantly, due to the restrictions introduced and the fact that we have closed several brands. In Norway, it is still difficult to find efficient payment solutions, but with our proprietary payment platform, Betsson is able to manage the situation ”.
