Betsson’s Chairman to Leave Amid Wave of Distrust

The Swedish iGaming giant Betsson Group has seen its chairman, Patrick Svensk, step down from his position and leave the company following a wave of distrust by Betsson shareholders. The reason behind Svensk’s decision is the critique of his handling of the recent departure of Pontus Lindwall, the company’s former CEO.

Lindwall’s leave from the company was announced a few days ago, with him feeling fulfilled with his achievements during his time as chief executive officer. Unlike Svensk, Lindwall will not immediately leave the company and will remain as a leader until a successor has been found.

Lindwall had first served as a CEO between 1998 and 2011 and was later re-elected in 2017. Lindwall’s mission during his second term as a chief executive was to operate the “Back on Track” recovery program and guide Betsson to success. In 2021 Betsson marked record-breaking progress, especially in the second quarter of the year, leading the company to announce that Lindwall has fulfilled his task.

“That task has now been completed,” Svensk said in the announcement of Lindwall’s leave, “We are grateful for all the good work Pontus Lindwall has done during these years and the strong foundation he has created for the future.”

Provided the above facts, Lindwall’s removal from the company sparked distrust in Svensk among many shareholders and led to the current events.

Because of the distrust, Svensk has resigned with immediate effect. He believes this is a very unfortunate turn of events and addressed the shareholders, apologizing for having disappointed them. He explained his past decisions as something he thought was the best for the company.

“I am proud of what we have achieved during these years and wish everyone at Betsson great luck in the future,” Svensk concluded.

Svensk became a chairman in 2017 after being a board of directors member for more than a decade beforehand. He will now be replaced as chairman by Johan Lundberg.

Lundberg is the founder of NFT Ventures as well as a board member of Ölands Bank, Loomis and Svolder. He became a Betsson board member in 2018. Lundberg spoke on the matter of Svensk’s resignation and “extended a warm thank you” because of the latter’s valuable contributions in the last 17 years.

As for the future of the company, Lundberg is looking forward to working with the rest of the board and recruiting Betsson’s next leader. The directors will seek someone who has the experience and talent to continue pushing the company forward.

Betsson Announces UK Brand Closures

Betsson is reducing its business presence in the UK further by reducing its licenses to only one after handing back three to the UK Gambling Commission.

The operator has been pulling back from the UK market since 2018 when it closed its offices and now with the remaining license will operate under the Rizk brand exclusively.

With just 3% of Betsson’s business coming from the UK market and with the company saying that with the cost of investments in technology, regulatory compliance and marketing it was prudent that review and downsize its operations in the UK.

B2C Brands such as Guts, Kaboo, Betsafe, Betsson, Casino Euro, Live Roulette, Racebets and Jackpot247 will all be removed from the UK markets.

Lotteriinspektionen publishes first licences for re-regulated Swedish market

Swedish gambling regulator – Lotteriinspektionen has this morning announced its first sixteen approved operators, which will be allowed to service Sweden’s re-regulated online gambling marketplace from 1 January 2019.

As anticipated, established Stockholm-listed enterprises’ Kindred Group Plc, Betsson AB and LeoVegas AB feature on Lotteriinspektionen approved list.

In a statement released this morning, Kindred Group confirmed that it had secured approval to operate the following domains; unibet.se, mariacasino.se, storspelare.se, bingo.se, igame.se

“Today is a historic day for Kindred. We have been pushing for a modern and sustainable gambling market in Sweden from the very start of Unibet in 1997, in which the focus is on consumer protection and harm minimisation”, commented Henrik Tjärnström, Group CEO of Kindred Plc

Meanwhile, Stockholm incumbent Betsson AB has moved to confirm that it will operate three brands, consisting of flagship Betsson and NordicBet (Sportsbook) and SverigeAutomaten (slots) establishing its new home market profile.

“It is good that Sweden opens up the gaming market for free competition in a controlled environment. We look forward to operating on our Swedish home market as a recognised operator on equal terms,” added Betsson CEO Pontus Lindwall.

State-owned gambling asset – Svenska Spel has been approved services for betting, lotteries and online casino is accompanied by national racing firm AB TRAV operating its atg.se domain.

European incumbents are represented by German bookmaker Interwetten Sports, alongside GVC Holdings’ bwin and partygaming (poker + bingo) domains securing licenses.

In addition, the first set of licensee instalments, feature a UK presence with leading online bookmaker bet365 securing its Lotteriinspektionen approval from sportsbook and gaming, joined by Sunderland online gaming group Tombola (bingo/games).

This November, Lotteriinspektionen executives provided a public stakeholder update, detailing the changes the regulatory body expects to undertake once Sweden’s re-regulated gambling framework is established.

Changes for Lotteriinspektionen include a rebrand to Spelinspektionen (translation – ‘The Gambling Inspectorate’), with the regulator expecting to increase its resources and capacities significantly.

“This is a historic day. I am very proud that the Lotteriinspektionen’s staff under severe pressure, with a whole new legislation, worked out the first license decisions,” said Camilla Rosenberg, director general of the Lotteriinspektionen.

Betsson invests in Rush Sports app

European sports betting operator Betsson AB has invested in the Swedish startup-company Rush Sports AB, which has developed the first true app for event-driven real-time betting – Rush Football. The founders of the company are also behind the successful apps Forza Football and Forza 90′.

Rush Football aims to be the first app to fully integrate a live score service with real-time betting, allowing users to follow matches and place bets based on match events; not just in a single app, but also in the same view.

“The investment in Rush Sports AB is part of Betsson’s investment strategy, in which Betsson continually evaluates opportunities to strengthen the company’s position in the market. We believe in this investment and look forward with enthusiasm on the development of Rush Sports AB and Rush Football” says Magnus Silfverberg President and CEO of Betsson AB.”

“We want to develop the best products within mobile sports betting” states Martin Lindau, CEO Rush Sports AB. “With help from Betsson, Rush Football has all the possibilities of becoming another success.”

Betsson acquires the Automaten brands

Betsson AB has today entered into an agreement to acquire the brands Sverigeautomaten.com, Norgesautomaten.com and Danmarksautomaten.com from Cherry, for a consideration of SEK 286 million, of which SEK 60 million constitutes an additional purchase price. In practice, the deal implies that Betsson AB’s subsidiary in Malta, which already today is responsible for the operation of the Automaten sites, now also takes over the brands and the responsibility for the external marketing of the brands. Simultaneously, Cherry acquires the brand Cherrycasino.com from Betsson AB’s Maltese subsidiary, for a consideration of SEK 1 million.

The initial net consideration of SEK 225 million will be paid by the delivery of 1,063,895 newly issued Betsson B shares. The additional purchase price will be paid in cash after 12 months.

The Automaten brands delivered revenues in 2012 of SEK 168.2 million, which already are included in Betsson’s total revenues. In total, the deal implies that Betsson, calculated on 2012 levels, makes a yearly saving of SEK 52.7 million in costs corresponding to the net effect of savings of revenue share to Cherry from the previous partner agreement and additional marketing spend to be carried out by Betsson. The deal is hence done on a level corresponding to an EBIT multiple of 5.4 and will give a positive EPS effect from the second quarter 2013.

”The deal is in line with our strategy to focus on B2C in our core markets in the Nordics. Our judgment is that the acquired brands will develop stronger internally because we can use the marketing power and scale advantages of the entire Betsson group.” says Magnus Silfverberg CEO of Betsson AB.

Betsson AB’s Core Business consists of owning and administering shareholdings in companies which, themselves or through partners, offer gaming to the end users via the internet. Betsson AB owns Betsson Malta which operates gaming to the end users either through their own websites or through partnerships. Betsson Malta offers Poker, Casino, Sportsbook, Scratch Cards, Bingo and Games. The customers come primarily from the Scandinavian countries and other parts of Europe. Betsson AB is listed on NASDAQ OMX Nordic Mid Cap List.

Microgaming heralds another win with Betsson move

The Microgaming Poker Network (MPN) has received another boost with the addition of Betsson.com to the network.

Betsson will offer its poker customers access to MPN alongside its existing offering on the Ongame Network, while its Euro Tables product powered by IGT Entraction will close down on November 20th as a result of IGT’s decision to close the network.

Microgaming said Wednesday that it has worked closely with Betsson and a number of other key operators in shaping the design and functionality of the new MPN lobby, with Betsson one of the first operators to go live with the improved interface.

“We are thrilled to have Betsson.com join the Microgaming Poker Network,” said Microgaming’s head of networked games, Lydia Melton. “The MPN has undergone a transformation this year, and we are delighted that our efforts have resulted in the signing of such major operators. We look forward to working closely with Betsson.com on the MPN and in the Network Management Board over the coming years.”

Henric Andersson, product director at Betsson Group, added: “The MPN is one of the world’s most established online poker networks; naturally we are delighted to be joining the MPN. At Betsson.com, we strive to create the finest gaming experience for our players and we are confident that by adding the MPN to our offering, we will deliver an exceptional experience to all of our poker players.”

Betsson completes Nordic Gaming Group acquisition

Sweden’s Betsson has completed the acquisition of Nordic Gaming Group (NGG) following receipt of necessary regulatory approvals.

Betsson has acquired all shares in NGG’s holding company Transvectio Ltd by payment of a consideration of approximately €65m, consisting partly of cash and partly of a new issue of 217,974 shares of series B shares.

An additional purchase price based on the development of the acquisition during 2012 may also become payable - which can be paid by Betsson in cash or in own shares - and is capped at a maximum of €20m.

Following authorisation from the company’s annual shareholders' meeting on May 11th, Betsson’s board of directors has resolved to issue no more than 217,974 new B Shares against subscription in kind.

As a result, the share capital of Betsson will increase by SEK435,948, from SEK84,002,418 to SEK84,438,366.

Trading in the new shares is expected to commence on NASDAQ OMX Stockholm on or about June 21st.

As a result of the issue in kind, the number of shares in Betsson will increase from 42,001,209 (5,420,000 shares of series A and 36 581 209 B Shares) to 42,219,183 (5,420,000 shares of series A and 36,799,183 B Shares). The number of votes in Betsson will increase from 90,781,209 to 90,999,183.

Betsson added that the acquisition has been partly financed through loan financing in the amount of approximately €55m. The facility will be repaid at an appropriate rate which considers the company's dividend policy.

The acquisition of Nordic Gaming Group, owner of the NordicBet, Tobet and Triobet brands, will strengthen Betsson’s Nordic operations, in particular within the sports betting segment where approximately 50 per cent of NGG’s revenues are generated by the sportsbook.

Belgium Adds To Online Poker Blacklist

The Belgium Gaming Commission has expanded its blacklist of companies which internet service providers in the country must block.

New additions to the list include bwin.com, betsson.com, bet-at-home.com, betclic.com, williamhill.com, stanjames.com, and betfair.com, all of which offer online poker.

These companies join the likes of 888.com, titanpoker.be, winamax.fr and everestpoker.be.

Belgian authorities claim the blacklist offer opportunities to legitimate operators who apply for licences while protecting players from ‘illegal’ sites which operate without a licence in the country.

Betsson to acquire Nordic Gaming Group

Betsson AB will acquire Nordic Gaming Group (NGG), a private gaming company based in Malta, owning the brands, NordicBet, Tobet and Triobet. NGG offers gaming in the form of sportsbook, casino and poker to, primarily, Nordic and Baltic customers. Through this acquisition, Betsson secures its position as the largest private alternative to the Nordic monopolies. This acquisition will not affect the previously communicated dividend proposal.

"Through this transaction, Betsson continues to strengthen its Nordic operations and its leading position amongst the private gaming company alternatives in the Nordic region. In addition, Betsson's brand portfolio is strengthened significantly within the betting segment, as NGG receives approximately fifty percent of its revenues from sportsbook", states Magnus Silfverberg, CEO and President of Betsson. In 2011, NGG increased its revenues by 37 percent. During the period 1 April 2011- 31 March 2012, revenues amounted to MEUR 50 and operating income (EBIT) to MEUR 111. At the beginning of 2012, the number of active depositing customers totaled 90,000 and the company has 185 employees. In addition to the income contributed by NGG, it is deemed that synergy effects will be achieved, for example, through the integration of technology platforms and of supplier agreements. As Betsson has a major recruitment need, management believes that the synergies will primarily result in a welcomed injection of qualified staff, which can be utilised within other parts of Betsson which are currently undergoing a strong expansion. Betsson is acquiring NGG from a number of individuals, including both the founders of the company, members of management and employees, as well as from external investors. At closing of the transaction, Betsson will pay a purchase price for the operations (enterprise value) totalling MEUR 65, of which MEUR 5 will be paid either in the form of Betsson shares at a historical 10 day average price or in cash, and the remaining MEUR 60 will be paid in cash. The purchase price is equivalent to 5.9 times EBIT during the last 12 months (1 April 2011 - 31 March 2012). In addition to the up-front purchase price, an additional purchase price, based on the development of NGG during 2012, may become payable by Betsson. Such additional purchase price, if any, will amount to a maximum of MEUR 20, which implies that the total maximum purchase price is MEUR 85. If the outcome of the acquisition results in the full additional purchase price becoming payable, the total purchase price is expected to correspond to approximately 6-7 times NGG's EBIT for 2012. Betsson is entitled to choose to pay any additional purchase price in cash or in Betsson B shares, based on the share price prevailing at the time of such payment. Completion of the transaction is conditional upon customary regulatory approvals.

Betsson has secured a two-year external financing of the transaction, amounting to MSEK 500, which at the current base rate results in an interest rate of approximately 4 percent. The facility will be fully utilized at closing and will be amortised at an appropriate rate which considers the company's dividend policy.

"For NGG, this is an attractive solution as the company can incorporate Betsson's global strength into its operations and it strengthens our possibilities to continue to grow rapidly and with good profitability in the Nordic region, the Baltics and Poland. The two companies have similar cultures, and we foresee a smooth integration, and we believe that we can quickly benefit from each other's strengths ", says Per Hellberg, CEO of NGG.

Betsson signs multi-year B2B deal with Arsenal FC

Marking the company’s first ever football partnership deal, Betsson Business Solutions has signed a three-year agreement with Premiership football club Arsenal FC, under which it will become the club’s official betting partner as well as launch a wide range of Arsenal-branded online gaming and betting services.

Under the agreement, which is the company’s first ever football partnership, Betsson’s B2B arm will provide both online and in-stadia betting services for Arsenal fans for the next three seasons.

Betsson has launched a newly created brand, GunnersGaming by Betsson, with in-stadia operations starting at Arsenal’s first Barclays Premier League match of the season against Liverpool tomorrow, as well as an online offering launched on Gunnersgaming.com

“We are delighted to be welcoming Betsson on board as an Official Partner of the Club, an experienced and trusted brand who will be delivering this innovative new venture,” said Vinai Venkatesham, Arsenal’s head of global partnerships. “Through designing a range of gaming products specifically for Arsenal fans, we intend to offer our supporters a valuable and unique experience that we hope will have no rival to our supporters.”

As well as providing fans with a fully Arsenal-branded experience, the site will also reward fans with exclusive offers and ‘money can’t buy’ Arsenal prizes. Fans can also redeem winning in-stadia bets, and take part in a range of betting and gaming products including casino, poker, sportsbook and other games.

“Betsson chose Arsenal Football Club not only because it is a huge international club with a very large fanbase, but also because its tradition of innovation matches perfectly with the ‘GunnersGaming by Betsson’ concept,” said Betsson Business Solutions’ managing director, David Björk. “Arsenal is one of the greatest football teams in the world and we’re looking forward to enjoying a long and successful partnership together.”

Arsenal’s full roster of partners now includes Emirates, Nike, Betsson, Carlsberg, Citroen, EA SPORTS, Lucozade, Indesit, O2 and Thomas Cook.

“Signing these kinds of B2B deals with a football club like Arsenal shows what a technically attractive partner Betsson is today,” said Betsson CEO and president Magnus Silfverberg. “This is also a good opportunity for Betsson to gain a part of the regulated UK market.”

Betsson acquires Betsafe

Betsson AB acquires Betsafe, a private gaming company based on Malta, offering sports betting, casino and poker to clients primarily in the Nordic countries. Through the acquisition, Betsson strengthens its platform in the Nordic region, which creates a strong base for future growth.

“This deal will fuel our growth. We strengthen our position in the Nordic region as well as our organization when merging two profitable companies, each of which has proven its ability to gain market share in a highly competitive market environment”, says Pontus Lindwall, CEO of Betsson.

In 2010, Betsafe increased its revenues with 119 per cent, and during the period 1 May 2010 – 30 April 2011, revenues amounted to EUR 33.4 million and operating profit (EBIT) amounted to EUR 6.9 million. During March 2011, the number of real money players amounted to 84,000 and the number of employees was 148. In addition to incremental earnings, Betsson believes that it will benefit from synergies that will materialize as the result of e.g. integration of platforms and supplier contracts.

Betsson acquires Betsafe from a number of private individuals, some of whom are founders and employees. Betsson pays an up-front purchase price of EUR 32.5 million, of which around half is payable in cash and the other half in Betsson B shares based on a historical 30 day average price of the Betsson share. The up-front purchase price consequently corresponds to 4.7 times EBIT during the last 12 months. In addition to the up-front purchase price, an additional purchase price, based on the development of the acquisition and the integration thereof during 2011, may become payable by Betsson. Such additional purchase price, if any, will amount to a maximum of EUR 27.5 million, which implies that the total maximum purchase price is EUR 60 million. If the outcome of the acquisition results in the full additional purchase price becoming payable, the total purchase price is expected to correspond to approximately 5-6 times Betsafe’s EBIT for 2011. Betsson is entitled to choose to pay any additional purchase price in cash or in Betsson B shares, based on the share price prevailing at the time of such payment. Completion of the transaction is conditional upon customary regulatory approvals.

Betsson intends to retain all staff of Betsafe as well as all the brands of both companies. Betsafe’s management, including the founders André and Christer Lavold and the CEO Henrik Persson, will become part of the Betsson operational management team in Malta.

”This is an attractive solution for Betsafe as we share views with Betsson on how to become successful on the global gaming market. Two strong cultures, with common values and goals, now join forces with the aim to further develop the business and eventually become one of the largest and most profitable players in the market” says Henrik Persson, CEO of Betsafe.

Betsson challenges Danish "black period"

Betsson is to delay its decision on whether to apply for a licence in Denmark until uncertainty has been removed over the Danish government’s proposed “black period”, requiring applicant operators to cease all activity in the market until approved.

Betsson AB chief executive Pontus Lindwall: “Betsson opposes strongly the proposed 'black period' and we have notified the [European] Commission that in our view such a rule is against EU law.”

The “black period” was inserted in the Danish draft law by the Danish parliament last June, ostensibly to protect the market share of monopoly incumbent Danske Spil against unregulated private operators. The draft law also contains provisions for IP and payments blocking against unlicensed operators.

Although the issuing of licences in Denmark has been delayed until 11 October, when the European Commission (EC) standstill period for review of the draft law ends, the Danish government could conceivably implement the “black period” from this date, should the EC not raise questions over this section of the bill. Operators which have so far confirmed their intention to apply for licences include Ladbrokes, Bet24 and Centrebet.

Lindwall added: “Further, we believe that the tax is in the high end of the spectra and with such a high tax rate it will be crucial to “protect” the market from unlicensed operators, which Betsson believes is technically very complex if not impossible.”

Thomas Petersen, chief operating officer of Bet24, which will be applying for a licence “even though the 20% and yearly fees are higher than we had hoped for”, also cited sanctions against non-licensees as a “crucial factor.”

Peterson said: “On this issue the Danish Gaming Authority still awaits the EU Commission. Though it is not beneficial for the Danish consumers, operators without a licence must be effectively blocked from the Danish market or else we will have to re-evaluate our position.”

Richardt Funch, Ladbrokes Nordic country manager for Denmark, pointed out that if the Danish government went ahead and introduced IP blocking and the black period, Danish punters could conceivably be left with no casino and no poker, “as Danske Spill don’t offer this.”

Lindwall at Betsson also said he saw “no reason” to keep certain products, including lottery, horse race bets, bingo, scratchcards and keno, within the sole remit of Danske Spil, as proposed under the law currently under review by the EC.

“Usually the Ministry of Finance argues about player protection, but I guess in this case they may as well admit straight out that they keep certain games local due to financial reasons. Which again is against EU law,” said Lindwall.

Norwegian Betsson Casino player wins €4.8m

A man in his forties from Norway has won over 4.8 million Euro on the online gaming site Betsson, with a stake of just 5€.

The win is the largest payout in Betsson's history, and one of the largest in online gaming ever. One can imagine how difficult it must be to describe how it feels to win this stunning amount.

Marius Andersen, Betsson Norway Country Manager: "The jackpot has built up over a long time, and it is always nice when a normal customer becomes a Betsson millionaire. The prize is the largest single win we have ever paid out, and shows that it is possible to win big even with small stakes"

The gamer from Norway hit the jackpot after betting €5 on Betsson's Arabian Nights online game. Jackpots have grown significantly in recent years as the number of online gamers has increased, and online games are increasingly competing with the national lotteries to fulfil the Europeans' dreams of becoming millionaires.

Betsson follows rivals into B2B space

Betsson has formed a business-to-business (B2B) division, the latest in a string of operators to do so.

The Swedish operator’s Betsson Business Solutions offshoot will offer both software solutions and support, and has appointed Jonas Konstantinov as managing director for the new company, who most recently served as an advisor at Scandinavian fashion website Nelly.com.

Before that Konstantinov has held roles as chief executive at Swedish digital television technology business Next Generation Broadcasting, as chief executive of Bulgarian TV broadcaster Diema Vision and as head of process at Scandinavian TV company Viasat Broadcasting.

Betsson follows rival operators into the B2B market including Bwin, which announced a new push on B2B via its OnGame Network this month; PartyGaming, which signed a B2B deal with Danish monopoly Danske Spil to supply online poker and casino this month in line with chief executive Jim Ryan’s view that B2B is a vital hedge against protectionism in newly regulated markets; Paddy Power, which launched B2B arm Airton Risk Management and signed a deal to supply France’s PMU with a sportsbook in November; and the 888 B2B arm Dragonfish, which launched in March 2009, which has won a string of B2B deals including with US casino giant Harrah’s in September.

Betsson president and chief executive Pontus Lindwall (pictured) said: “Betsson has proved to be at the forefront of online gaming. Now we would like to share our progress with partners to improve offerings and availability for the end users.”

Betsson Says Swedish Authorities Gambling with Taxpayers Money

Betsson has warned Swedish gaming authorities that they risk a claim for damages from the company, after the County Administrative Court of Södermanland rejected Betsson’s appeal of an injunction against its Swedish retail outlet, Shopsson.

The company said that it would appeal against the County Administrative Court’s ruling regarding the betting shop to the Administrative Court of Appeal, as it believes the shop complies with EC-law.

The shop in Stockholm has been in operation for six months and became the subject of enforcement action by the country’s Lottery Inspection for promoting the activities of Betsson.com, an entity classified as an illegal gambling provider under Swedish gaming law.

In July of this year the Lottery Inspection imposed a fine of SEK2.5 million on Shopsson to force it to end its advertising of Betsson.com.

In its ruling of November 7th, the County Administrative Court rejected both Betsson’s appeal of the Lottery Inspection’s injunction and the request to obtain a preliminary ruling from the European Court of Justice. The ruling flies in the face of earlier decisions by Swedish prosecutors and public courts, including the Supreme Court and Svea High Court, which have found that the Lottery Act may be incompatible with European law.

Betsson maintains that the shop is compliant with European law and has therefore decided to appeal the ruling to the Administrative Court of Appeal.

“We have to appeal given the juridical situation,” said Betsson CEO Pontus Lindwall. “As the state now risks a claim for damages, the Lottery Inspection and the County Administrative Court are gambling with taxpayer’s money.

“Since we are pleased with the outcome of the shop we have no intention to shut it down. In addition to placed bets, which have continuously increased during the autumn, the shop gives us a possibility to meet with our customers and give them a unique service. We already have a number of regular customers who appreciate the possibility to place bets with better odds in a physical environment,” added Lindwall.

Shares in Betsson AB (STO:BETS-B) are trading up 1.66% in Stockholm this morning at SEK61.25.

Playtech adds Betsson to list of licencees

Online casino and poker software developer Playtech has signed an agreement with Malta-based gaming and betting operator Betsson to supply it with its full range of casino products for the European market.

Playtech will provide Betsson with over 110 download games in 11 languages and customise them to the demands of Betsson’s European player base. The agreement will include Betsson’s CherryCasino.com and CasinoEuro.com brands.

Mor Weizer, chief executive of Playtech, said: "The agreement is further evidence of Playtech's ability to add high profile licensees to its client base whilst it also extends the Group's customer reach and appeal in the valuable European gaming market."

Thomas Kalita, chief executive of Betsson Malta, said: "We are delighted to be able to add yet another quality product to our broad offering. Playtech's proven track record as a software supplier, supported by its wide range of languages is of great essence to Betsson especially when expanding into new territories."

Betsson announces record revenues

Sweden-based betting and gaming group Betsson has reported record revenues and profits according to the company’s third-quarter results statement.

Revenue rose to SEK117m (£13m), up 147% over the period. Operating profit rose to SEK54m (£4m).

The company said the revenue increase had been achieved despite difficulties in the Turkish market following the passing of anti-online gaming legislation. “The gaming volume from Turkey declined significantly, which resulted in Turkey’s share of the group’s total revenues during the third quarter only amounting to 10%.” The company attributed the 4% decrease in active customers to just over 90,000 to the problems in Turkey.

The Scandinavian market remains Betsson’s key markets, however, the company said it had launched Italian, Spanish and Greek language websites over the period.

Since period end the company has also launched a financial betting website, Betsson Trader.