Record Third Quarter For Betsson
Published: Friday, November 09, 2007 Online-Casinos.com
RECORD THIRD QUARTER FOR BETSSON
147 percent growth in revenues reported
Record results have been published for the third quarter of 2007 by Swedish betting group Betsson, showing continued growth and impressive revenues and profits.
The group's net sales increased by 147 percent to SEK 177.2 million (2006 Q3: SEK 71.7 million) whilst operating profit grew five-fold to SEK 53.7 million (2006: SEK 10.4 million).
Nordic business delivered a healthy contribution, up 25 percent on Quarter 2 this year.
The pleasing trend is likely to continue as Betsson's Italian, Spanish and Greek language sites hit their stride and Casino Euro and sportsbook investments pay off.
The company's nine month results to end September exhibit similar upscale performance with net sales rising by 139 percent to SEK 488.9 million (2006: SEK204.8 million) and operating profits soaring to SEK 146.4 million compared to a negative SEK 3.9 million last year.
Income after taxes for continuing operations amounted to SEK 136.3 million.
On the negative side, the impact of a Turkish ban saw a 4 percent decrease in active customers to a shade over 90 000.
Quarter 4 trading looks promising with the likelihood of increased gaming revenues and activity levels compared to Q3. Betsson.com has launched "Betsson Trader", a unique financial betting product, and a new locally customiseable frontpage with increased functionalities and improved look and feel
The company's CasinoEuro.com and CherryCasino.com have launched a sequence of new casino games, and substantially more Livebetting markets have been added.
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