Betsson Reports Gains Despite Decline In Global Sports Betting Contributions

sports betting

Betsson, an online gambling operator, reported record revenue in the second quarter despite the decline of about a third on the global sports betting revenue. 

The Stockholm-listed company revealed that the generated SEK1.53b (US$172.8m) in revenue for the second quarter.  The figure increased by a fifth compared to last year during the same period.

Global contributions of the sports betting industry declined because of the stay-at-home orders of governments—operations of sportsbooks installed in land-based casinos shut down and the closure of the gambling facilities. Only sportsbooks with online apps provided revenue.

Many land-based casinos are now moving to launch their online sportsbooks after seeing its necessity during the pandemic. Online gambling was the only source of contributions of the gambling industry.

Betsson’s online casino and online sportsbook operations withstood the challenges brought by the deadly virus.

Online casinos and sportsbooks saw growth during the pandemic

In the absence of land-based casinos and sportsbooks, online gambling saw massive growth during the pandemic. Casinos closed doors to patrons since mid-March following the quarantine orders of the government.  During the lockdowns, the search for online casinos and sports betting platforms massively increased.

People relied on their mobile phones for necessities and entertainment. The accessibility and the wide range of choices offered by online gambling platforms attracted gamblers. Many gamblers of land-based casinos shifted their attention to online gambling since it is available at any time. Most people enjoy playing their favorite casino games while they are comfortably lying in their beds.

Subscriptions in online casinos and online sportsbooks rose in the second quarter of the year. Many casinos rushed to launch their online casinos when the government loosened their coronavirus preventive measures. Revenues of online casinos and sportsbooks rose because of the lockdowns.

Betsson revenues soared despite coronavirus

Betsson reported an increase in its operating income by 10.5 percent, reaching SEK217.7million, while its net income rose to SEK193 million, an increase of 12 percent. The company’s revenue increased to SEK1.28 billion, rising by 40 percent year-on-year, while its market share gained an increase of up to 12 points to 84 percent.

Betsson reported the growth of operations in all regions. Its mobile gambling services contributed 72 percent to its revenue. However, the report showed that the shutdown of sports events because of the pandemic dragged petting revenue down by 34 percent compared to last year, falling to SEK226.5 million. The pandemic reduced sports share’s revenue by 15 percent.

The company reported that they started the third quarter positively, as the daily average revenue increased by 35 percent. It is higher compared to the figure from last year during the same period. Pontus Lindwall, Betsson CEO, said the company is capable of thriving under challenging times.

The CEO is confident that the company’s technology, diversification, and stable finances would bring the company to recovery and growth.

The report revealed declines in growth in the Nordic market, which is blamed on the tighter restrictions imposed by Sweden on online operators.

The report showed that the company saw the highest growth in the Western European markets.

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