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Betsson gaming company reported higher than expected revenue in the third quarter. The result was positive and better than expected. Compared with the previous year, profits have increased.
Sales amounted to SEK 1,426.8 million (1,180.6), compared with a consensus of 1,357 analysts at Factset.
All regions showed growth, but Western Europe and the Nordic countries experienced the strongest growth.
The fourth quarter began with daily revenues higher than average daily revenues for the entire fourth quarter of last year.
The general manager of the company, Pontus Lindwall, said in a comment that in the third quarter, the redistribution of marketing investments between different markets, as well as the combination of traditional marketing and affiliate marketing, allowed for more than 20,000 employees. effectively increase revenue.
"We anticipate that marketing investments will increase in the future when online gaming licenses are introduced in Sweden." Betsson was one of the first to apply for Swedish online gaming, said the CEO.
Lindwall also comments on the fines imposed in the Netherlands by the Corona subsidiary.
"Corona has appealed the fine: Betsson regards the Netherlands as a significant long-term market and has the ambition to channel Dutch customers to the licensed system when the market is regulated again", said the head of the company.
# The turnover in Kasino amounted to 1,066 million SEK (871).
# Mobile phone revenues amounted to SEK 953.8 million (672.4).
# Sports book revenue amounted to SEK 338.9 million (275.1).
Operating profit amounted to SEK 340.2 million (216) and operating profit at 295. The operating margin amounted to 23, 8% (18.3). The operating margin was 22.3% in the previous quarter.
The improved result is a result of Betsson's scalability and shows that product improvements and a focus on efficiency continue to yield higher profits, according to the company.
Profit before tax amounted to 330.7 million SEK (206.3), consensus of analysts 285.
Profit after tax was SEK 305.1 million (187), consensus of analysts 264.
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