Betsson attributes Q2’s all-time highest profit to scalability and geographic spread

Betsson AB has released its interim financial report for the second quarter of 2021, in which it recorded an all-time highest profit and expanded its market share in several key markets.

The group recorded a revenue of SEK1.75 billion (€170 million), an increase of 14 per cent and an organic increase of 24 per cent.

Its casino revenue decreased slightly, by five per cent, but Sportbook revenue erupted by 125 per cent, where the margin stood at 8.5 per cent.

Betsson’s net income stood at SEK337 million (€33 million), as the number of active customers using the company’s offerings increased 25 per cent to hit 1,027,635.

Celebrating the results, Betsson CEO Pontus Lindwall commented: “The second quarter is proof of the strength of our business model”.

Mr Lindwall attributed the unprecedented profits to the company’s “stable and scalable business model”, saying, “we have strong growth in Latin America, where we have strengthened our B2B offering through the agreements that have been entered with Strive Platform Limited and Masterpiece Gaming.”

Reflecting on developments during the year, the CEO stated the group was able to offer “entertaining, competitive, and secure products” to customers during large international sporting events, including both the CONMEBOL Copa América and the Euro 2020 in football.

“The ability to take advantage of these big sporting events is connected to the constant development of functions in the sportsbook to improve customer experience”, he said.

Mr Lindwall also discussed developments in the company’s B2B business, where he found the aforementioned investment in Strive, along with the agreement entered into Masterpiece Gaming Limited had an impact, showing the company has a competitive and attractive sportsbook.

Betsson expects investments in the US market to continue in the coming quarters and years.

The launch of the company’s B2C offering through Betsafe in Colorado has, however, been slightly postponed, due to the company’s choice to use Strive instead of a pre-certified platform. It is now expected to come in the first quarter of 2022.

Despite the postponement, the advantages of being able to launch our offering on a modern platform are expected to outweigh the fact that we must postpone our launch.