Tuesday 13th November 2007 Betsson Announces Net Sales Increase
Swedish online betting exchange group Betsson has announced a 147 percent rise in net sales for the third quarter compared to last year along with a five-fold increase in operating profit.
The Stockholm-based betting group revealed that net sales increased from $11.2 million for the third quarter of last year to $27.7 million for the most recent quarter. In addition, operating profit escalated to $8.4 million from last year’s $1.6 million.
Nordic business delivered a healthy contribution, up 25 percent from this year’s second quarter, while the company’s Italian, Spanish and Greek language sites are hitting their stride alongside Casino Euro and sportsbook investments paying off.
The company's nine-month results show net sales rising by 139 percent to $76.4 million from $32 million last year with operating profits soaring to $22.9 million compared to $610,000 in the red last year. Finally, income after taxes for continuing operations was reported at $21.3 million.
However, all was not positive for Betsson as the impact of a Turkish ban saw a four percent decrease in active customers to just over 90,000.
The company stated that trading for the final quarter of the year looks promising with the likelihood of increased gaming revenues and activity levels compared to the most recent period.
Betsson.com has launched Betsson Trader, a unique financial betting product, along with a new customisable front page featuring increased functionalities. The company's CasinoEuro.com and CherryCasino.com have also inaugurated a series of new casino games and substantially more live betting markets have been added.
Source: OnlineCasinoNews
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