BETSSON shows profit growth in early 2021
- BETSSON's revenue increased by 16% to $ 191.3 million.
- At the same time, Sportsbook's profit also increased by 2%, and the margin was 7.2% (8.5%).
- Operating profit showed figures of $33.05 million.
- The success of the company is also an increase in active customers by 39%, so there are now about 948, 109 of them.
The CEO noted that such growth is provided due to the geographical distribution of the company's work.
The growth was noticed from the very beginning of the quarter and it did not stop until the last month. If we compare this quarter with the same one last year, we can definitely say that this year has started better. Moreover, the increase in indicators is still continuing in the markets of the Baltic States, Peru, Chile, and Italy. In these regions, the company increases its profit. However, the company's executives are not completely satisfied with the results of the quarter, as the company experienced difficulties in several markets.
As it was noted, the German market declined significantly due to the new restrictions, so several of the company's brands were closed. No more efficient solutions with payment systems have been found in Norway, so Betsson is currently using its own system in the country. In the Netherlands, the company is awaiting licensing from the authorities, as it is a foreign operator.
With a large diversified product portfolio that contains a large number of brands in many markets, the company was able to achieve growth.
Lower operating margins are associated with continued strategic investments. The company invests for long-term growth and to create shareholder value.
Betsson has been actively expanding in various markets with acquisitions and new gaming licenses in the past quarter. At the moment, all the attention of the company's management is focused on the markets of Croatia, which is showing good results. Contract signings continue in Latin America, and soon an office will open in Bogota (Colubmia), which will be the first regulated market in the region. Betsson is also strengthening its position in Brazil and is preparing for regulation, which is planned very soon.
Sportsbook is currently adapting for the American market. First, they want to offer it in the state of Colorado. Betssons sportsbook in the US is going to be integrated into TG Lab's PAM before the launch.