GOOD GROWTH AT BETSSON
2 March 2007
Net Entertainment sales and profits up
The Scandinavian-facing online gambling operator
Betsson posted imposing fourth quarter and full year
results this week that revealed quarterly group revenue
had risen 100 percent to SEK137.6 million (US$19.3
million) and profits before tax up to SEK34.8 million.
Group revenues for the full year also showed a
commendable increase, rising 93 percent to SEK391.5
million and generating profits before tax for the year
at SEK57.6 million, compared with SEK182.2 million in
2005.
Betsson spokesmen said the figure for the previous
financial year was affected by “the revaluation of
financial instruments that gave a positive effect on net
financial items of SEK135 million”.
Betsson’s online gaming software arm Net Entertainment
saw quarterly sales increase 52 percent to SEK31million
with operating profits of SEK12.6 million. Net
Entertainment’s full year sales rose 44 percent to
SEK99.8 million with operating profits of SEK408
million.
In bullish frame of mind, the company described
prospects for 2007 as promising, with strong trading
since the start of the year. It added that it would
follow closely events related to the legal status of
online gaming throughout the European Union. Turkey was
an area of concern following reports that the government
in that country was considering legislation which "...if
accepted, could deteriorate the conditions for offering
gaming services from abroad.” Betsson disclosed that
some 20 percent of its revenues emanate from the Turkish
market.
Such a law could be in conflict with Turkey's agreement
to the principles of the European Union regarding free
trade and access to services, which it has signed in
preparation to joining the EU soon.
Online Casino News courtesy of InfoPowa
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