Issuing a preliminary Q2 2016 trading update Stockholm-listed online betting operator Betsson AB has detailed that its corporate performance has been impacted by lower sportsbook revenues and continued exchange rate fluctuations.
Updating investors ahead of its full Q2 2016 performance breakdown, Betsson governance detailed that it expected to post group revenues between SEK 920–945 million, with the company targeting a Q2 earnings range of SEK 140-175 million.
Detailing performance impacts, Betsson revealed that the period had seen a lower betting volume for its sports betting division which had been negatively impacted by the company’s decision to withdraw from several European markets, following regulatory and tax concerns.
Readjustments to its group sportsbook performance have been further impacted by continued currency impacts, which will likely affect the periods net revenues and earnings results by circa SEK 30 million.
As Betsson AB prepares to publish its full Q2 corporate update on 21 July, Ulrik Bengtsson, President & CEO of Betsson AB commented on the company’s update.
“April and May were challenging months for us in terms of sportsbook margin, but June looks better and activity is in line with expectations. The strong inflow of new customers during the UEFA Euro 2016 will benefit us going forward. Betsson’s ambition to increase the share of revenue from locally regulated markets and continue to grow our business long-term, organically and through acquisitions”