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Nordic market adjustments and Dutch declines have seen Betsson AB governance report a 5% year-on-year revenue decline for the second quarter of 2019.
Group revenue for the second quarter amounted to SEK1,277.7m (approx. €120.0m), a decrease of 5 per cent year-on-year, as strong sports betting revenue growth of 14 per cent failed to offset a 10 per cent decline in casino revenue.
In its home market of Sweden, Betsson has seen one of its licences revoked by regulator Spelinspektionen, while the group has seen further Nordic woes as Norwegian regulator Lottstift implements strict “payment blocking orders” on unlicensed gambling operators. This saw revenue from the Nordic region fall 17 per cent to SEK519.3m.
Looking at revenue by product, casino came in at SEK917.8m, down 10 per cent year-on-year, accounting for 72 per cent of total revenue. Mobile’s contribution rose 3 per cent to SEK631.1m.
Sportsbook revenue, meanwhile, was up 14 per cent to SEK341.0m, accounting for 27 per cent of the group total, of which SEK261.5m came from the mobile channel.
“Betsson’s long-term strategy and focus is clear and is not affected by temporary downturns in individual markets. We have a good financial position and a high degree of proprietary technology, which make us strongly positioned in the industry,” said Betsson AB Chief Executive Pontus Lindwall.
“I am confident in my view of Betsson’s capacity and in our strategic opportunities to pursue long-term profitable business with growth and good margins in regulated markets. We also have a geographical spread that compensates for temporary downturns in individual markets,” he added.
