Launches in Colorado, LatAm boost Betsson Q3 results
Euro 2020 and Copa America drove Betsson users to utilize the company’s online sportsbooks.
Sweden-based gaming organization Betsson has today announced its Q3 financial results for the period ending September 30, 2021, citing expansion in North and Latin America as key revenue drivers.
The period has seen Betsson’s year-on-year revenue grow by 3% overall, while its sportsbook revenue climbed 24%. Specifically, the Swedish company reported $236m in revenue for the period ending September 30, 2021,
Speaking on the importance of sports betting for Betsson’s North and Latin American growth, the company’s president and CEO, Pontus Lindwall, said: “The strong increase in revenue was driven by a surge in demand for digital entertainment.
“The further increase in revenue is explained by the successes with our sportsbook in combination with good results in the ending rounds of the EURO 2020 and CONMEBOL Copa América and the return of the domestic football leagues from mid-August. All in all, this has resulted in sportsbook revenue increasing by approximately 24% year-on-year. The increase in revenue has also benefited from successes in new markets such as LatAm”
Growth has also been driven by continued investment in the US. Q3 saw Betsson prepare for a Q1, 2022 launch of its B2C offering in Colorado.
“This quarter has been an intense period to secure everything from meeting the authorities’ reporting requirements to adapting the platform and technology so that the US-adapted sportsbook can enter a testing and certification process,” continued Lindwall.
“The sportsbook has also been integrated into the Strive platform, which has now been certified in the state of Colorado. The fact that the Strive platform is certified will benefit us during the testing and certification processes that are initiated now.”
Acquisitions also played an important role for the company during Q3. Betsson acquired Inkabet, a sportsbook and casino business aimed at the western region of South America. Concurrently, the group also acquired 28% of the Canadian startup Slapshot Media ahead of Ontario opening its sports betting market.
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