Betsson profit hit by regulated market tax, punter-friendly footie

Nordic online betting operator Betsson AB’s casino vertical bailed out its Q1 results after punters gave the company’s sportsbook a right pounding.

Figures released Thursday show Betsson’s revenue rising 10.2% year-on-year to SEK 1.1b (US $124.3m) in the three months ending March 31. But earnings fell 4% to SEK 241m and net income slipped 8% to SEK 214.4m thanks to unfavorable sporting results, negative currency fluctuations and increased betting duties in Betsson’s regulated market operations.

Betsson’s sportsbook was dealt a bad hand in Q1, as betting turnover fell 11% while a rash of punter-friendly football results pushed betting revenue down 15% to SEK 250.3m.

Fortunately, Betsson’s casino vertical – which accounted for three-quarters of the overall revenue pie – had a stellar Q1, with revenue jumping 23% to SEK 823m. The gains were driven by 65% growth in mobile casino activity. Betsson’s casino boasted 1,902 games at the end of Q1, of which 1,446 are available via mobile.