Betsson “not satisfied” with Q3’s double-digit earnings decline

Online gambling operator Betsson AB says it’s “not satisfied” with its Q3 results, which saw double-digit revenue gains and double-digit earnings declines.

Figures released Friday show Betsson’s group revenue hitting SEK 1.18b (US $144.3m) in the three months ending September 30, an 11% rise over the same period last year. However, the gains came largely due to acquisitions, and organic growth was an anemic 2%.

Betsson’s operating income fell 21% to SEK 216m, which the company blamed on negative currency impacts – particularly in Turkey – along with increased betting duties and the costs associated with its recent acquisitions. Net income fell even harder (-26%) to SEK 187m.

Betsson’s mainstay online casino vertical generated SEK 871m in Q3, up 19% year-on-year, while its share of the overall revenue pie improved five points to 74%. Mobile casino revenue was up 63% to SEK 498m.

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