Mr Green earnings quadruple on new products, lower costs

Swedish online gambling operator Mr Green saw its earnings quadruple in the second quarter of 2017 thanks to new products and a tighter grip on expenses.

In an interim report released on Friday, the Stockholm-based Mr Green reported revenue rising 36.3% year-on-year to SEK 287.8m (US $34.9m) in the three months ending June 30. Earnings jumped 337% to SEK 52.4m as margins improved 12.5 points to 18.2%.

Mr Green continues to lessen its reliance on Nordic markets, which accounted for 33% of the Q2 revenue pie. While Nordic revenue was up 10.3% year-on-year thanks to its Danish market launch and good growth in Sweden and Finland, Western European markets shot up 80.5%, boosting the region’s share of overall revenue to 41%. Central, Eastern and Southern European market revenue was up 30.2%.

For the first half of 2017, overall revenue rose 31.2% to SEK 564m while earnings more than doubled to SEK 86.6m.