Nordic online gambling operator Betsson AB continues its losing streak in the first three months of 2018 as betting duties and record-high gambling taxes cancelled out its gains for the quarter.

At first glance, Betsson’s financial report for the three months ending March 31, 2018, looked promising. Figures released Wednesday showed that Betsson’s revenue grew 10 percent to SEK1.21 billion ($141.13 million) during the first quarter of 2018 compared to last year’s SEK1.1 billion ($128.3 million).

The Stockholm-listed gaming operator attributed the revenue increase to the strength of its casino segment, which climbed 12 percent to SEK922.8 million ($107.6 million) in the January to March 2018 period from SEK822.9 million ($95.98 million) during the first quarter of 2017.

“The growth was mainly from casino, where we saw continued growth in Western Europe,” Betsson CEO Pontus Lindwall said in a statement.