Connect with us
Atlaslive is a robust, scalable, and reliable igaming platform that supports the growth of our partners’ business by ensuring 99.9 percent uptime, one of the best in the industry.

Latest News

Betsson: Strong third quarter operating income while experiencing continued market challenges

Published

on

Betsson: Strong third quarter operating income while experiencing continued market challengesReading Time: 4 minutes

 

QUARTER JULY – SEPTEMBER 2019

Group revenue was SEK 1,275.2 (1,426.8) million, a decrease of 11 percent, reported and organic.
Casino revenue declined by 12 percent while Sportsbook revenue declined by 7 percent. Excluding the football world cup effect, Sportsbook revenue was in line with the same quarter last year. The Sportsbook margin was 7.8 (7.4) percent.
Operating income (EBIT) was SEK 212.5 (340.2) million and the variance was mainly due to decreased revenue. The EBIT margin was 16.7 (23.8) percent.
Operating cash flow amounted to SEK 307.0 (400.8) million.
PERIOD JANUARY – SEPTEMBER 2019

Group revenue was SEK 3,883.5 (3,983.2) million, a reported and organic decrease of 3 percent.
Operating income (EBIT) was SEK 664.6 (852.3) million, a decrease of 22 percent.
Net income was SEK 582.7 (764.5) million, corresponding to SEK 4.21 (5.52) per share.
Operating cash flow amounted to SEK 912.6 (984.0) million.
THIRD QUARTER

Revenue for the third quarter was SEK 1,275 million, a decrease compared to the third quarter last year, which comprised positive effects from the world cup. The revenue was however in line with the previous quarter. Continued weak trends in Sweden and the Netherlands is compensated by favorable trends in most markets where Betsson’s subsidiaries operate. The Sportsbook’s margin at 7.8 percent is on par with the previous quarter. The third quarter operating profit (EBIT) amounted to SEK 213 million, which is an increase of 8 percent compared to the second quarter. Despite increased costs for gaming tax and more expensive payment solutions on certain markets the EBIT margin was 16.7 percent, thanks to continued healthy cost control, which is also in line with the previous quarter.

CEO COMMENTS:

Betsson reports strong operating income under continued challenging market conditions

“Like the previous quarter, the third quarter has continued to pose challenges for us, as well as for several other companies in the gaming industry. We have seen the merger between two major global operators, a development that is in line with what we expect to happen in an industry with many players. We expect this development to continue and also affect the Swedish market to a greater extent than we have seen so far after the Swedish re-regulation. The regulated markets now also face major challenges regarding the degree of channelisation, which is one of the most important prerequisites for high consumer protection.

Betsson’s ambition is to outgrow the market in the long term, organically and through acquisitions. Although I am not happy with the development during the last two quarters, we are well prepared, through the initiatives we have taken, when the right business opportunity realizes. During the quarter, financing was secured in the form of a bond of SEK 1 billion, with a framework of up to SEK 2.5 billion, which puts us in a good position for growth through acquisitions. In addition to the financial strength, Betsson’s experience in creating, maintaining and steering a cost-effective organisation with focus on technology are valuable prerequisites for Betsson’s growth and profitability.

In terms of developments in Betsson’s different markets, it has continued to be challenging both in Sweden and in the Netherlands. As the conditions in Sweden have not been right for large marketing investments, activities have been reduced and reallocated them to other markets where they provide better returns. However, we are certain the Swedish market will improve, and we stick to our long-term ambition to increase our share in this re-regulated market. During the third quarter we have, among other things, extended the agreement with SHL and we are proud to support Swedish ice-hockey.

Both revenue and operating profit are affected when significant markets develop negatively at the same time. Therefore, our geographical spread is valuable, and we see positive development in several of Betsson’s other markets, both locally regulated and non-locally regulated. We have seen favorable trends in other Western European countries but also in Central & Eastern Europe and Central Asia (CEECA). The geographical and product-wide distribution gives us the opportunity to be sustainable in our strategic initiatives to run a profitable business with growth and good margins in regulated markets as well as in markets that will be regulated. We also see opportunities to increase the geographical spread further to mitigate the impact from temporary downturns in individual markets.

Betsson continue to invest in development of the product offering. It is gratifying to see the performance of the in-house developed Sportsbook, which should make it an attractive third-party product. The ambition is to offer the Sportsbook to external customers during next year. We also focus on the development of our other technology, which enables both rapid market adaptations and cost-effective growth, and we continue to invest in the infrastructure that gives customers a fun, safe and secure experience.”

 

ABOUT BETSSON:

Betsson AB (publ) is a holding company that invests in and manages fast-growing companies within online gaming. The company is one of the largest in online gaming in Europe and has the ambition to outgrow the market, organically and through acquisitions. This should be done in a profitable and sustainable manner, primarily in locally regulated markets. Betsson AB is listed on Nasdaq Stockholm Large Cap (BETS).

Betsson’s operational subsidiaries’ vision is to deliver the best customer experience in the industry. They offer casino, sportsbook and other games via gaming licences in twelve countries in Europe and Central Asia. The business model is to offer gaming under multiple brands, including Betsson, Betsafe, NordicBet and Casinoeuro. The brands are operated on a proprietary platform, which is the core of the offer and the customer experience.

Being a responsible operator in relation to customers, suppliers, authorities, investors and other stakeholders is a cornerstone of the Betsson’s business. Betsson is a member of the
European Gaming and Betting Association (EGBA), ESSA (Sports Betting Integrity) and
G4 (The Global Gambling Guidance Group).

Learn more about the Group on www.betssonab.com


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: Betsson: Strong third quarter operating income while experiencing continued market challenges

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Latest News

Soft2Bet’s Betinia shortlisted in five categories of the EGR Marketing and Innovation Awards

Published

on

Reading Time: < 1 minute

 

Nominations in five categories of the EGR Marketing and Innovation Awards is further recognition of Soft2Bet’s cutting-edge gamification solutions and innovative approach.

Soft2Bet, a leading provider of iGaming turnkey solutions, is delighted to announce that Betinia, its renowned brand in Denmark and Sweden, has been shortlisted in five categories of the EGR Marketing and Innovation Awards 2024.

The nominations are recognition of the incredible work that has been achieved by the Betinia team in two of Europe’s most competitive and regulated markets.

Betinia’s shortlisting in the following categories:

  • Best Native App,
  • CRM Campaign,
  • Innovation in Sports Betting,
  • Innovation of The Year,
  • Responsible Gambling Marketing Campaign of the Year, demonstrates how it has grown into being one of the most innovative and progressive operators in the industry.

Soft2Bet was recognised in February when its Motivational Engineering Gaming Application (MEGA) gamification solution won the Innovation of the Year at the EGR Nordics Awards and it is delighted to see its achievements gain further recognition with these shortlist nominations.

Oksana Tsyhankova, CMO of Soft2Bet, commented: “Being shortlisted in five categories is a great achievement and huge credit goes to our technical, product and marketing teams. Betinia’s success in two of Europe’s most competitive and regulated markets is also highly satisfying because it showcases our B2C expertise in driving engagement, retention and revenues.”

The post Soft2Bet’s Betinia shortlisted in five categories of the EGR Marketing and Innovation Awards appeared first on European Gaming Industry News.

Continue Reading

Latest News

Swintt journeys back through the sands of time in Egypt King Book Hunt

Published

on

Reading Time: 2 minutes

Calling all treasure hunters, thrill seekers and intrepid explorers with a thirst for the unknown – this month, popular premium casino software provider, Swintt, is inviting you back on an epic journey through the sands of time in its action-packed slot, Egypt King Book Hunt.

Set to a backdrop of a long-forgotten temple where mystic relics abound, Egypt King Book Hunt is the third instalment of the popular SwinttPremium series and this time combines simple gameplay and classic graphics and sound with the studio’s much-loved “Book” free spins feature.

Activated whenever three or more of the iconic ‘Book’ symbols appear anywhere on the reels, players will first be prompted to leaf through the pages of an ancient tome until one icon is chosen at random to be the game’s lucky symbol, after which a series of 10 free spins will get underway.

During these bonus games, any instances of the lucky symbol that complete a payline will expand to fill their entire reel – and what’s more, payouts will be awarded for all winning combos regardless of whether the symbols are adjacent or not. On top of that, further free spins can be won for landing additional book symbols and players can even opt to buy into the feature directly.

With Egypt King Book Hunt being available to play with 5 or 10 fixed paylines, players will be able to customise their experience to the level of variance that they’re most comfortable with and they’ll also have the chance to try and double any winnings they collect in an optional risk feature.

David Mann, Chief Executive Officer at Swintt, said: “The fact that the pyramids have stood for thousands of years is testament to them being a design classic – and we feel our Premium slots fall into much the same category! Combining iconic graphics and sound, intuitive gameplay and popular ‘Book’ free spins, we’re sure Egypt King Book Hunt will be a great addition.”

The post Swintt journeys back through the sands of time in Egypt King Book Hunt appeared first on European Gaming Industry News.

Continue Reading

Latest News

MrQ’s affordability and AML check completion rate soars to 55% with ClearStake integration

Published

on

Reading Time: 2 minutes

MrQ.com, the UK’s fastest growing online casino, has seen a dramatic increase in the number of players willing to submit financial data for affordability and source of funds checks after implementing ClearStake’s industry tailored smart financial data request solution.

Through the integration of ClearStake, MrQ enables its players to quickly, easily and securely share data via their banking app in under 30 seconds, rather than having to manually supply physical documents.

55% of MrQ’s players are now seamlessly submitting their financial data, laying rest to the long-held market belief that players are unwilling or unable to share the financial data required for affordability and AML checks.

The adoption of ClearStake was part of a larger review by MrQ of its processes, designed to solve issues surrounding the cumbersome process of manually requesting and analysing documents which had historically seen poor uptake from players.

ClearStake has also enabled MrQ to reduce affordability and AML case review times by 46% through seamless follow up requests and reliable data verified directly from the bank, in contrast to requesting physical documents which are prone to fraud, error and unreliable OCR extraction.

MrQ’s remarkable results will no doubt give comfort to other operators who need to navigate the challenges of an increasing number of checks as the UKGC sets to fulfil the recommendations of the white paper.

Savvas Fellas, Founder & CEO at MrQ.com, said: “At MrQ.com we are committed to our mission of offering ‘value-entertainment’. In today’s regulatory landscape this goes hand-in-hand with the security and wellbeing of our players without negatively impacting their entertainment experience or worse, discouraging them to seek their entertainment from within the regulated space.

“We are constantly looking into new ways of navigating our regulatory obligations by embracing new and up and coming technology services. We share ClearStake’s vision on the utilisation of open banking technology and leveraging this to keep our learning curve ahead of those around us.

“ClearStake offers MrQ a strong route towards achieving seamless affordability and AML checks. ClearStake’s feature-rich platform, player-centric design and speed of integration made them the clear supplier of choice, and we look forward to furthering the capability of the technology around thresholds like Standard Due Diligence and our Enhanced Due Diligence checks.”

Martin Burt, Founder of ClearStake, said: “We are delighted to be working with such a forward-thinking market leader who share our vision of how new technology can transform an industry.

“This partnership with MrQ demonstrates that ClearStake’s technology is trusted by the industry’s leading brands and is a fantastic testament to the strength of our product.

“We are thrilled with the results to date which unequivocally demonstrate players’ willingness to share data when required. Furthermore, we are excited by the opportunity to fully automate once resource intensive compliance processes and continuing to delight both players and operators alike.”

The post MrQ’s affordability and AML check completion rate soars to 55% with ClearStake integration appeared first on European Gaming Industry News.

Continue Reading

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.