The 2018 FIFA World Cup gave a golden boot up the backside of Nordic online gambling operator Betsson AB in the second quarter of 2018.
On Thursday, the Swedish-listed Betsson released its Q2 earnings report, which showed revenue rising 14% to SEK1.35b (US$150.5m) in the three months ending June 30. Operating income improved 45% to SEK300.7m while net income was up 46% to SEK 271.4m.
Betsson investors had endured several consecutive quarters of significant earnings and profit declines, and the company had warned in February that righting the ship could take until the end of 2018. On Thursday, Betsson CEO Pontus Lindwall said the company had seen “progress in some areas” but suggested it would be some time “until we see sustainable improvements.”
Sportsbook revenue was up 17% to SEK300.2m in Q2, with mobile accounting for two-thirds of that total. Betting turnover rose 8% to SEK 6.2b, due largely to the influx of World Cup bettors. The company saw active customers spike more than one-quarter in Q2.