Betsson AB breaks records with revenue in Q2

Betsson AB has released its latest report covering the second quarter of the year. The company posted a new record in terms of revenue for April-June 2022, attributing much of this to the amazing uptake in sportsbook results. The news comes after a strong Q1. Much of this success was driven by two particular regions where the company continued to outperform expectations, leading to today’s impressive results.

Thanks to expansion in the Latin American market and the Central and Eastern European and Asian regions, Betsson AB continued to drive strong results. The group was encouraged by its performance, posting revenue of €186.3 million. This amounted to an organic increase of 13%, the official press release stated.

Net income then stood at €28.6 million or €0.21 per share. The group also reported a big uptick in the number of customers. Nearly 21% more people registered, putting the total customer base quarter-over-quarter to 1,246,719 people compared to 1,027,635 from the first quarter of the year.

A big driver of additional revenue came from the World Cup qualifiers which took place in June. Betsson AB also made a strategic acquisition of sports betting platform Betbonanza, hoping to secure the means to atcivate more consumers.

However, in other popular markets such as Germany, the company has not yet launched its sportsbook there, citing local market challenges such as higher taxes and over-regulation. Betsson AB is active with its online gaming and racing platforms, though, as it continues to test the waters.

The latest report, though, indicates that Betsson may be hoping to expand in new high-value markets that have not yet been explored in their entirety. Online revenue from casinos went up only 1% during the quarter compared to 22% for the sportsbook segment.

The company’s presence in the sports betting market continued to increase. Betsson confirmed its sponsorship of Copa America Femenina 2022 and has very high hopes for the upcoming World Cup in Qatar. Betsson AB acknowledged that interest in female soccer is climbing up steadily with over 20 million TV viewers.

In terms of iGaming, Betsson AB is reporting that its dedicated technological platform Strive has increased its reach in the North American market. Betsson AB now holds 40% of the company, which provides various iGaming solutions and technology, including PAM and more.

Betsson AB remains confident about the reach of its products and looks forward to the third quarter which should come with new opportunities for the company.

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