Betsson online gambling profits jump 60% on record customer activity

Online gambling operator Betsson AB saw its profits jump by three-fifths in the third quarter thanks to a surge in customer activity.

Figures released Friday by the Stockhom-listed Betsson show revenue of SEK1.67b (US$191.1m) in the three months ending September 30, up 31% from the same period last year and a new company record (for the second straight quarter). Earnings did even better, rising 37% to SEK416.6m while net income spiked 60% to SEK290.6m.

To be clear, Q3 2019 was a downer for Betsson due to its struggles to adapt to Sweden’s regulated online market and disruptions to its Dutch– and Norwegian-facing operations. That quarter also showed an 8% fall in active customers, while Q3 2020 showed active customers up 46% to a record 920k and customer deposits jumping 53%.

Online casino revenue got a major pandemic boost, rising 39% to SEK1.3b, pushing casino’s share of the overall pie up four points to 78%. Organic growth (absent recent acquisitions) was a more modest but still impressive 29%.