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Strategic product Investments reap H1 2017 rewards for Betsson AB

first_img Related Articles Share Share StumbleUpon SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Submit LeoVegas hits back at Swedish regulations despite Q2 successes August 13, 2020 GiG lauds its ‘B2B makeover’ delivering Q2 growth August 11, 2020 Stockholm-listed European online gambling group Betsson AB has detailed a strong six month opening to 2017, driven by ‘organic growth’ in its Scandinavian and Western markets, as the company continues to support its operations with strategic product investments.Presenting its H1 2017 trading update (period ending 30 June), Betsson would detail all ‘core metric gains’ on corresponding 2016 period performance, as combined H1 2017 group revenues surpassed the SEK 2.2 billion mark.Driven by strong revenue gains in its online casino portfolio (division up 26% ), Betsson would report H1 2017 operating profits of SEK 447 million (£41 million) up 10% on H1 2016’s corresponding SEK 408 million.Closing its H1 2017 performance, Betsson governance would declare a period group net income of SEK 400 million (£37 million), up 5% on H1 2016’s SEK 380 million.Detailing corporate highlights, Betsson governance noted that the company had recorded ‘all time highs’ within its Nordic market performance which saw a combined revenue increase of 28%.Updating investors Betsson governance stated that its strong H1 2017 opening, had been aided by strategic investments undertaken in 2016 focusing on improving digital functionality, player cash-out and aligning the overall framework of Betsson multi-brand assets.A Pleased Ulrik Bengtsson CEO of Betsson AB commented on H1 2017 performance“The revenue growth in the second quarter was 26 percent, with an organic growth of 15 percent. Betsson continues to gain market share, both in in the highly competitive Nordic region and in Western Europe. The continuous product development is clearly paying off as both casino and sportsbook have developed strongly. Operating Income (EBIT) grew by 31 percent.”“Operating income shows strong growth, despite increased betting duties, a continuing currency headwind and increased marketing expenses, again showing the scalability of the business model over time. It is also a good indication of the stability and balance of the business. Betsson is larger and a significantly more well-balanced business with higher growth rates, compared with a year ago. “Betsson AB H1 2017 – Performance Overviewlast_img read more