Group revenue for Betsson of Sweden in the second quarter of 2020 was SEK1.53bn, an increase of 20 per cent with an organic increase of 12 per cent.
Casino revenue increased by 40 per cent. Sportsbook revenue decreased by 34 per cent and the sportsbook margin was 6.9 per cent (7.8 per cent). Operating income was SEK217.7m. The EBIT margin was 14.2 per cent (15.4 per cent). Operating cash flow was SEK343.9m.
The acquisition of GiG’s B2C vertical was completed and there were new market entries into Colorado (US) and Kenya. CEO Pontus Lindwall commented: "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."
