Betsson posts 24% year-on-year revenue rise for 2020

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 Betsson posts 24% year-on-year revenue rise for 2020

Betsson has reported a 24% year-on-year increase in revenue for full-year 2020, driven by a significant rise in Q4.

Group revenue for 2020 was up to SEK 6.39bn ($764.7m) which also represented an organic increase of 20%. Net income for the year came in at SEK 990.8m, with operating income increasing 30% up to SEK 1.13bn.

Gross profit for the operator was up 20% to SEK 4.1bn, while EBITDA increased by 21% to SEK 1.48bn.

In terms of Q4, revenue was up 37% to SEK 1.76bn, while gross profit increased by 33% up to SEK 1.11bn. EBITDA for the period rose 40% compared to the same period last year, to SEK 410.5m, with net income improving by 36%, to SEK 277.8m.

The operator attributed its Q4 improvements to the continued boom of online gaming, and a higher sportsbook margin with the sporting calendar back to a packed schedule for the quarter.

The group also touched upon several acquisitions it made, including obtaining a licence in Argentina, Colorado in the US and launching its Betsafe brand in Kenya, during Q4.

Betsson AB president and CEO Pontus Lindwall said: «Betsson ended 2020 with yet another strong quarter.

“There are several reasons for Betsson’s success. The transition to digital entertainment has been further accelerated during the pandemic, which has benefited us, but in the long run Betsson’s underlying strengths are crucial in creating growth and shareholder value.

“Our long experience and the strong financial position mean that we can continue to implement our strategy with a focus on growth despite current challenges.”

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