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Betsson AB has reported a 5% year-on-year revenue decline for Q2 2019.
Betsson details a “period of operational adjustments,” in which the company has to accommodate new regulatory enforcements across the markets of Sweden, Norway and the Netherlands.
In Sweden, Betsson has seen one of its licences revoked by regulator Spelinspektionen, while the group has seen further Nordic woes as Norwegian regulator Lottstift implements strict “payment blocking orders” on “unlicensed” gambling operators.
Betsson governance has undertaken significant adjustments related to its Dutch market activities, seeking to meet KSA provisional regulatory requirements in order to obtain its future Netherlands regulated online gambling license.
Year-to-date, Betsson maintains a stable revenue performance at SEK 2.6 billion, however, the group-wide adjustments see its YTD operating EBIT reduced to SEK 452 million, representing a 12% decline on 2018’s SEK 512 million.
“Betsson’s long-term strategy and focus is clear and is not affected by temporary downturns in individual markets. We have a good financial position and a high degree of proprietary technology, which make us strongly positioned in the industry. I am confident in my view of Betsson’s capacity and in our strategic opportunities to pursue long-term profitable business with growth and good margins in regulated markets. We also have a geographical spread that compensates for temporary downturns in individual markets,” Betsson AB Chief Executive Pontus Lindwall said.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Tough Regulatory Dynamics Disrupt the Q2 Results of Betsson
