Stockholm-based Betsson AB has announced its financial results for the third quarter of 2008 showing a 52 percent increase in revenues to $31.98 million from last year’s $21 million.
In addition, the Swedish firm revealed that operating incomes increased by 26 percent to $8.6 million while takings before tax amounted to $8.65 million, an increase over the $6.9 million declared for the third quarter of 2007. Income after taxes amounted to $8.07 million, which was up over last year’s $6.49 million, while the number of active customers grew by 40 percent to 127,300. The public firm also revealed that it now had liquid funds amounting to $27.07 million, mostly placed at Swedish banks, with no interest-bearing loans.
The previous nine months for Betsson has also gone well with a 56 percent increase in revenues to $90.9 million announced alongside a 26 percent growth in operating incomes to $23.42 million. Additionally, income before tax grew to $23.73 million followed by income after tax of $22.13 million with the firm posting a 52 percent increase in gross profits to $72.26 million. The company also revealed that operating incomes for January through September increased to $23.44 million.
Betsson stated that casino gaming remained its biggest product and represented 62.1 percent of its gross gaming surplus. Poker followed this at 18 percent while its sportsbook represented 15.9 percent.
The firm revealed that its fourth quarter has started strong with revenues at an ‘all time high’ while a general meeting for shareholders will take place on November 21 to discuss incentives for management and other employees.
”Despite the fact that the third quarter includes the holiday-period of July and August, we have, by the offers to customers that we have developed and implemented, succeeded to increase our sales during the third quarter, which makes the quarter our strongest so far” said Pontus Lindwall, Chief Executive Officer for Betsson.