Recommendations » UK
Betsson (LON:BETSB) report: Q3 – Interim report
By Daniel Stewart & Co
- Betsson put in a credible top line performance of SEK 385m, c8% ahead of consensus (SEK 356m). However EPS was SEK 1.94, c7% below consensus SEK 2.08, much of this ascribed to a currency revaluation of the balance sheet of SEK 13m
- The sportsbook in particular performed strongly up 91% vs Q309 to SEK 1.2bn (gross turnover). Live betting (in:play) made up 60% of sports book activity an increase of 278% vs Q309. Gross profit margin on the sportsbook was c7.4%
- Active customer count c256, 000 was below the consensus forecast of 282 000 Betsson and below 289 000 in Q2. Betsson has c2.8m registered customers of which c10% (256 000) are active customers
- The company was ordered to shut down its Betsson shop in Stockholm due to legal requirements.
- The company has SEK 377m cash to further invest in marketing and product development.
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