Betsson online gambling profits saw an improvement of 60 percent in the third quarter. According to analysts, it was due to an increase in player activity. Last Friday, the company released the report that showed revenue of $191 million in the quarter ending September 30.
The third-quarter profit was 31 percent up from the same period in 2019. Also, it was a new record for the Stockholm-based business. Earnings increased 37 percent, with net income improved by 60 percent.
According to online bookie software reports, 2019 was a slow year for Betsson in Sweden. The company had to adapt to the country’s regulated online market. Also, there were disruptions to its Norwegian and Dutch operations.
Betsson Online Gambling Profits Report
In the third quarter of 2019, there was an eight percent drop in active players. On the other hand, there was a 46 percent increase in active players in the third quarter of 2020. The company had a record of 920,000 customers with deposits increasing 53 percent.
Online casino revenue improved during the pandemic. It was up 39 percent to give the casino a 78 percent share of the company’s revenue. According to pay per head reviews and news sites, its organic growth improved 29 percent.
Sports betting improved in summer as sports leagues resumed their seasons. Based on bookie pay per head solutions providers, sports betting revenue increased 12 percent. However, the company’s revenue from other products dropped four percent.
The company reported growth in all markets. It grew 17 percent in Nordic markets. However, its most significant change came from the Asian markets, where it increased by 40 percent. Its operations in Western Europe increased by 23 percent.
Betsson said that its growth in the Nordic market came from the Jalla Casino brand, which debuted in Sweden in April.