Betsson Blames Seasonal Affects for Drop in PokerOverall Figures on the Up for Betsson; Poker Struggles |
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Betsson, the publicly-quoted Swedish online gaming and betting operator, today released its interim report for the six month period to the end of June. Despite good overall figures, poker which counts for 14.2 percent of the total gross profit for the second quarter, is down 4.9 percent compared to the second quarter of 2008, and it has also dropped a whopping 22 percent since the last quarter.
Poker’s gross profit for the second quarter is SEK31.9 million (a little more than EUR3 million), which has seen a continuous decline, down SEK9.1 million (EUR857,289.32) from the first quarter. The same thing happened last year however, with poker seeing a gross profit of SEK45.1 million for the first quarter of 2008, and then SEK35.4 million for the second quarter. Thus, this backs the company’s “seasonal affects” reasoning for the decrease.
Sportsbook follows this with an even greater drop, down to 11.5 percent for the second quarter of 2009 from 17.5 percent for the same period in 2008, and decreasing by a massive 55 percent since the first quarter of this year. The company says this drop is due to players winning more than normal which has a negative affect on income.
Betsson’s biggest product, casino, accounts for 70.7 percent of the total gross profit, this is up 10.7 percent from the same period of 2008, and also up 4 percent from the first quarter of 2009.
Overall for the second quarter, revenues increased by 20 percent to SEK284.6 million (EUR26.8 million) from the SEK236.9 million (EUR22.3 million) of the second quarter of 2008. Income for the period totals SEK58.9 million, up SEK1.7 million from last year’s second quarter, and shares have thus increased by 3 percent.
Another increase is the number of active customers. There are 33 percent more compared to the same period last year.
With July usually a weak month, the company looks forward, stating that revenue in the beginning of the third quarter is higher than the average second quarter revenues.
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