Betsson 'confident' of post-coronavirus success after Q1 results

By Tim Poole

Betsson generated a 7% year-on-year rise in both reported an organic revenue for Q1, to SEK 1.4bn ($130m).

The operator’s results from January to March were largely unaffected by the coronavirus pandemic, although the impact of the COVID-19 outbreak should take a greater hold on results from April and beyond.

For instance, daily average revenue in Q2 2020 until 16 April was just 0% (2% organic) higher in year-on-year terms.

For Q1, casino revenue was in line with Q1 2019, although sportsbook revenue grew 29%, with the cancellation of the majority of major sport only coming to play in late March.

Operating income (EBIT) was SEK 260.7m, with an EBIT margin of 18.4%, although this margin fell from 19.2% for the corresponding period.

Operating cash flow, meanwhile, was SEK 321.9m, a rise of 50%.

Betsson AB CEO Pontus Lindwall said: "Looking ahead, when the situation has normalised, I am confident we will come out of this extraordinary situation even stronger, benefiting from our sustainable growth strategy.

"The offline to online transition is likely to be accelerated globally as a result of the COVID-19 pandemic, creating consolidation opportunities for strong businesses."

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