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Betsson reported its highest ever operating profit and experienced significant growth during the first quarter of the year.

Betsson’s operating profit reached a record €57.9 million in the first quarter. Their revenue also climbed to €248.2 million, which is an 11.9% increase from the previous year. This strong performance is due to the company’s smart tactics and pushing into new markets.

Growth and Variety Plan

• Launched a second brand in Italy.
• Introduced Betfirst in Belgium.
• Acquired Holland Gaming Technology.
• Went live in three Argentine provinces.

Betsson has successfully entered new markets, starting a second brand in Italy and Betfirst in Belgium. They also expanded into the Netherlands by buying another company. Additionally, they began operations in several provinces in Argentina by obtaining the necessary licenses.

Segment and Device Performance

Casinos made more money, an increase of 18.7%, and earned €180.5 million because they added 306 new games. Most of this money, 84%, came from people playing games on their phones, which shows more people like to play games when they are away from home. But the part of the casino where you bet on sports made a little less money, a drop of 2.5%, with earnings of €65.5 million.

Revenue Insights by Region

Betsson makes most of its money from Central and Eastern Europe and Asia, which brought in €110.1 million, making up 44% of its total earnings. Western Europe also did well, especially in Belgium and Italy, where income surged by almost 60%. However, the company saw a drop in earnings from the Nordic countries and Latin America.

Financial Breakdown

Betsson’s operating costs went up slightly by 1.4%, but its smart handling of finances meant the company made €54.5 million before taxes, a 33.3% increase from the previous year. After paying taxes, they still made a net profit of €42.8 million, which is 16.9% more than what they earned last year.

Regulatory Challenges

Betsson has achieved some success but is now dealing with problems because of changes in laws. In Finland, after losing a legal case, Betsson’s subgroup, BML Group, is no longer allowed to handle money transfers from Finland. In the Dominican Republic, the authorities are changing their gambling laws, and Betsson needs to apply for a new license there, or it could be banned.

Looking Forward

Football fans are excited about the UEFA Euro 2024 and Copa America. Betsson is preparing to provide good services for these big tournaments, expecting more customers to get involved.

Betsson’s first-quarter performance reports strong growth and successful growth into new markets, despite facing various foreign rules.