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Betsson Ab Interim Report April – June 2020

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Group revenue was SEK 1,532.8 (1,277.7) million, an increase of 20% with an organic increase of 12%.
Casino revenue increased by 40%. Sportsbook revenue decreased by 34% and the sportsbook margin was 6.9% (7.8%).
Operating income (EBIT) was SEK 217.7 (196.9) million.
The EBIT margin was 14.2% (15.4%).
Operating cash flow was 343.9 (390.6) million.
SIGNIFICANT EVENTS AND OUTLOOK

Acquisition of GiG’s B2C vertical completed.
New market entries into Colorado (USA) and Kenya.
The AGM in June resolved on dividend paid to shareholders in July of SEK 2.88 per share, corresponding to SEK 393.6 million.
The daily average revenue in the third quarter 2020 until 16 July was 35% (23% organic) higher than the average daily revenue of the full third quarter 2019.

CEO COMMENT

“I am proud that Betsson has delivered all-time high revenues under the most challenging conditions.”

“The second quarter was strong and followed the positive trend from the start of the year despite market challenges during this extraordinary period. The global pandemic had immediate effect on the Company from March onwards. We responded quickly and decisively to make changes in the offer, and I am particularly pleased to see the strong performance in casino. Sports betting revenues continued to be impacted in the second quarter by the pandemic as expected, however benefited from the progressive return of football and other sporting events at the end of the quarter. Our business has remained financially robust and resilient to this impact, being both diversified and flexible.

Our key focus areas remain the health and safety of both our employees and the societies in which we operate. Early on, we proactively took actions to enable both a safe and effective working environment for the whole Group and to ensure delivery of products and services to customers with uninterrupted quality.

From March to date, we have seen many changes in habits of how people work, interact, shop and enjoy entertainment, many enabled by advancements in technology and the use of digital devices. We believe the ongoing transition from offline to online has been further accelerated as a consequence of the global lockdowns. This will benefit the strategic direction of our business both short and long term.

In the quarter, we continued executing our strategic priorities, pushing through projects in accordance with the strategic plan. Betsson successfully completed the acquisition of the B2C operation from GiG and remotely onboarded approximately 60 new colleagues. We signed an agreement with Dostal Alley Casino in Colorado to enter the high-potential US market. Initially, we will start with B2C sports betting in the state of Colorado, with the ambition to sell our proprietary sportsbook to B2B customers in the future. In this quarter, we have also taken the first steps into Kenya by partnering with local partners. After the quarter, we have taken further steps to strengthen our position in South America where Betsson has expanded its presence in the only regulated market by acquiring 70% of the Colombian based operator Colbet. This deal will give us access to the Colombian market for online sport betting and casino.

The majority of our employees have been working from home and in the true `One Betsson’ spirit, we have all continued striving towards creating the best user experiences. This has been delivered through the full dedication of the teams, enabled by the quality of both our technical infrastructure and digital content. I am enormously proud of and thankful to all our people for their continued hard work and commitment to keeping the business momentum.

During this pandemic, governments have been modelling a range of scenarios of potential impact, several governments took immediate temporary actions on our industry such as either suspending gambling both offline and online or implementing restrictions on marketing. In the beginning of the third quarter, when most countries had removed Corona-related restrictions, Sweden sadly enough implemented restrictions on online casino, without empirical evidence. This measure will unfortunately push even more consumers to play outside of the Swedish regulation.

The immediate outlook is naturally uncertain, however Betsson is in good shape and we are in it for the long term. Our proprietary technology is a strategic advantage, our diversification in markets, verticals and brands makes us resilient to market fluctuations and our financials are rock solid. This makes me optimistic about the prospects for Betsson.”


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 Ab Interim Report April – June 2020

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.

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Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity

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Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.

This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.

Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”

This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.

The post Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity appeared first on European Gaming Industry News.

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William Hill Announced as Official Betting Partner of Qipco Guineas Festival

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Leading bookmaker becomes official betting partner of first UK Classic meeting of 2024

William Hill has been announced as the new official betting partner of the Qipco Guineas Festival, the first UK Classic meeting of the season.

It’s the latest addition to William Hill’s spring racing roster, following sponsorship of The Lincoln Handicap at Doncaster, the Punchestown Champion Chase and its status as official betting partner of the Randox Grand National Festival.

The 2,000 and 1,000 Guineas headline the three-day meeting and the leading bookmaker will sponsor 15 races across the weekend with the Jockey Club Stakes, Palace House and Dahlia Stakes among the races now featuring the William Hill title.

Aidan O’Brien’s unbeaten superstar City of Troy is still all the rage for the 2,000 Guineas at 4/6 whereas Karl Burke’s Fallen Angel heads a competitive looking 1,000 Guineas market at 7/2.

“We’re delighted to become the official betting partner of the Qipco Guineas Festival, strengthening our relationship with The Jockey Club on the back of a fantastic Grand National Festival,” a spokesperson for William Hill, Lee Phelps, said. “It’s brilliant for William Hill to be associated directly with such a prestigious event at Newmarket, the home of the thoroughbred, for this season’s first two Classics. The company has a close connection with the history of the 2,000 Guineas as William Hill himself bred the 1949 winner, Nimbus, who then went on to win the Derby.

“We’re excited to be involved at racing’s key meetings and see the Qipco Guineas Festival as the perfect sponsorship as the British flat season kicks into gear.”

Newmarket – 2,000 Guineas: May 4, 2024

City Of Troy 4/6
Rosallion 4/1
Notable Speech 12/1
Henry Longfellow 12/1
Night Raider 16/1
Alyanaabi 16/1
Ancient Wisdom 16/1
Task Force 16/1
Ghostwriter 16/1
Iberian 20/1
BAR 25/1

Newmarket – 1,000 Guineas: May 5, 2024

Fallen Angel 7/2
Ylang Ylang 4/1
Dance Sequence 5/1
Ramatuelle 10/1
See The Fire 12/1
Content 12/1
One Look 14/1
Pretty Crystal 14/1
Buttons 20/1
Purple Lily 20/1
Porta Fortuna 20/1
Star Style 20/1
BAR 25/1

The post William Hill Announced as Official Betting Partner of Qipco Guineas Festival appeared first on European Gaming Industry News.

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Midjiwan Supports Reforestation Efforts With New Elyrion Tribe Skin In The Battle Of Polytopia

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Midjiwan, the award-winning independent studio behind The Battle of Polytopia, is celebrating Elyrion (∑∫ỹriȱŋ) Tribe Week with a brand-new Midnight (₼idŋighţ) skin and donations to support reforestation.

Tapping into the Elyrion Tribe’s nature magic abilities, every purchase of an Elyrion item in the game will plant one real-world tree from April 22-28 2024. Midjiwan has teamed up with The Canopy Project, an organisation that works with global partners to reforest areas in urgent need of rehabilitation, combining The Battle Of Polytopia’s themes with a desire to make real change in the world. Previous years of Elyrion Tribe Week have resulted in the planting of over 12,000 trees.

The Elyrion Tribe is a mysterious group of elves, dedicated to defending their woodland home with their unique magic and connection with nature. Players using the Elyrion tribe have the ability to enchant animals into Polytaurs and summon powerful Fire Dragons.

Christian Lövstedt, General Manager at Midjiwan, commented:

“This is a hugely exciting partnership, allowing players to support the planet and contribute to reforestation whilst also accessing brilliant new content to use in The Battle Of Polytopia.”

Alongside donating to The Canopy Project, The Battle Of Polytopia also boasts a brand-new skin for the Elyrion Tribe! The Midnight skin allows players to create graves, build crypts, and summon demons in dark forests, all in service of the mysterious Shard of D’Naeh.

The Midnight skin re-skins the entire Elyrion Tribe as the Midnight Cult. Everything the Elyrion Tribe is all about – nature, enchantment, and sanctuary – is turned on its head, corrupted into a dark, twisted dystopia of itself.

Midjiwan has already invested €250,000 in solar power projects in rural areas around Africa, and other charitable projects. The studio continues to seek opportunities to combine its in-game creativity with real-world benefits. The Battle of Polytopia is available on Nintendo Switch, the App Store, Google Play, PC, and Tesla cars.

The post Midjiwan Supports Reforestation Efforts With New Elyrion Tribe Skin In The Battle Of Polytopia appeared first on European Gaming Industry News.

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