Betsson reports quarterly success

Stockholm-based online gambling group Betsson AB has released its interim financial results for the second quarter of 2010 showing a 29 percent year-on-year rise in revenues to $49.1 million.

Betsson AB revealed in May that its revenues for the first quarter of the year had increased by 17 percent year-on-year to $51.2 million following a decision to extend an agreement with Net Entertainment AB for the use of the online gambling software provider’s CasinoModule gaming solution.

For the second quarter, the Swedish firm stated that operating income rose by 43 percent over the same period last year to $11.9 million while income before tax grew by over 30 percent to approximately twelve million dollars

Betsson recently launched an online casino at CasinoEuro.com and revealed that its total income for the period totalled $11.4 million, which was a 29 percent increase over the same period in 2009, while it held approximately $31.4 million more cash than at the end of the same period last year at $70.6 million and ‘continues to have no interest-bearing liabilities’.

“There are two important trends in the gaming industry today,” said Pontus Lindwall, President and Chief Executive Officer for Betsson.

“One is that live betting in sports is increasing and, second, that operators are focusing on joint online gaming solutions with other companies. Betsson is well positioned as regards to these trends with a history of successful cooperation and one of the strongest growing live betting operations in sports.”

Betsson stated that the gross turnover for its sportsbook grew by 91 percent year-on-year to $168.2 million while returns from its live betting operation increased by 207 percent over the same period in 2009 to $95.4 million.