Betsson announces record quarter performance as Magnus Silfverberg departs as CEO

European igaming group Betsson AB continues its year-on-year expansion recording its highest revenue quarter performance ever. Reporting on Q2 2015 revenues the operator recorded a 14 uplift to SEK 860 million (£64.5 million) up from Q2 2014 SEK 752 million.

The Stockholm listed operator would announce growth on all core metrics, as the company recorded a net income of SEK 201 million (£15 million) up 12% on Q2 2014 SEK 176 million.

Updating its interim performance, Betsson AB governance are confident of hitting corporate targets as the opening six months of 2015 have seen a 19% uplift in group revenues to SEK 1.7 billion, combined with net income earnings of SEK 448 million (£33.5 million).

Betsson’s positive performance has been driven by a growth in the operators mobile gaming channels, with the division posting revenue of SEK286 million in Q2, up 121% on the previous year.

The operator has supported its operations by increasing marketing spend to SEK 166 million (£12 million), in order to sustain performance in core markets and aid entry into newly regulated markets. Increased marketing activity would see Betsson record SEK 3.1 billion in deposits from +350,000 active customers during the period

The operator was able to announced corporate changes during the period as · President and CEO Magnus Silfverberg that after 6 years of executive service for Betsson, he intended to leave his position at the Company for a new role within a new industry.

Commenting on his final corporate performance update CEO Magnus Silfverberg, Betsson’s said

“After four years as the President and CEO of Betsson, it feels great to finish with the best quarter ever. In spite of high comparative figures, Betsson has achieved strong organic growth in revenues, deposits, gross turnover in Sportsbook and net income. With above-market growth and additional acquisitions, the Company has achieved a leading position in a number of countries. This reduces the Company’s operational risk and creates a foundation for sustainable growth. Thanks to cost awareness and the one single platform strategy, Betsson has the highest profitability in the industry,”.

Betsson AB Q2 2015 performance overview