Swedish gambling operator Betsson said revenue rose nearly one-quarter in 2015 thanks to strong organic growth and recent acquisitions.

On Friday, Betsson reported revenue up 23% to SEK 3.7b (US $440m) in 2015, while profits were up nearly 8% to SEK 832m ($97.5m). The pace of growth was accelerated in Q4, during which revenue rose 28% to SEK 1b, of which SEK 96m came via Betsson’s acquisition of the Georgian-facing Europe-Bet business last June.

Betsson said Q4’s operating income was negatively affected by its decision to pay SEK 113m in back taxes on its operations in Germany since the Interstate Treaty was passed in 2012. Betsson says SEK 8.7m ($1m) of this sum was to cover Q4’s operations and warned that it plans to keep paying German tax each quarter until it can convince a court that there is no legal obligation to do so, after which Betsson will seek a refund.

Betsson CEO Pontus Lindwall (pictured) said the results showed “underlying organic earnings increasing more than our revenue, adjusting for exchange rate fluctuations,” which Lindwall suggested was further proof that Betsson had “one of the most efficient strategies in this Industry.”