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Betsson Ab Interim Report April – June 2020

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Group revenue was SEK 1,532.8 (1,277.7) million, an increase of 20% with an organic increase of 12%.
Casino revenue increased by 40%. Sportsbook revenue decreased by 34% and the sportsbook margin was 6.9% (7.8%).
Operating income (EBIT) was SEK 217.7 (196.9) million.
The EBIT margin was 14.2% (15.4%).
Operating cash flow was 343.9 (390.6) million.
SIGNIFICANT EVENTS AND OUTLOOK

Acquisition of GiG’s B2C vertical completed.
New market entries into Colorado (USA) and Kenya.
The AGM in June resolved on dividend paid to shareholders in July of SEK 2.88 per share, corresponding to SEK 393.6 million.
The daily average revenue in the third quarter 2020 until 16 July was 35% (23% organic) higher than the average daily revenue of the full third quarter 2019.

CEO COMMENT

“I am proud that Betsson has delivered all-time high revenues under the most challenging conditions.”

“The second quarter was strong and followed the positive trend from the start of the year despite market challenges during this extraordinary period. The global pandemic had immediate effect on the Company from March onwards. We responded quickly and decisively to make changes in the offer, and I am particularly pleased to see the strong performance in casino. Sports betting revenues continued to be impacted in the second quarter by the pandemic as expected, however benefited from the progressive return of football and other sporting events at the end of the quarter. Our business has remained financially robust and resilient to this impact, being both diversified and flexible.

Our key focus areas remain the health and safety of both our employees and the societies in which we operate. Early on, we proactively took actions to enable both a safe and effective working environment for the whole Group and to ensure delivery of products and services to customers with uninterrupted quality.

From March to date, we have seen many changes in habits of how people work, interact, shop and enjoy entertainment, many enabled by advancements in technology and the use of digital devices. We believe the ongoing transition from offline to online has been further accelerated as a consequence of the global lockdowns. This will benefit the strategic direction of our business both short and long term.

In the quarter, we continued executing our strategic priorities, pushing through projects in accordance with the strategic plan. Betsson successfully completed the acquisition of the B2C operation from GiG and remotely onboarded approximately 60 new colleagues. We signed an agreement with Dostal Alley Casino in Colorado to enter the high-potential US market. Initially, we will start with B2C sports betting in the state of Colorado, with the ambition to sell our proprietary sportsbook to B2B customers in the future. In this quarter, we have also taken the first steps into Kenya by partnering with local partners. After the quarter, we have taken further steps to strengthen our position in South America where Betsson has expanded its presence in the only regulated market by acquiring 70% of the Colombian based operator Colbet. This deal will give us access to the Colombian market for online sport betting and casino.

The majority of our employees have been working from home and in the true `One Betsson’ spirit, we have all continued striving towards creating the best user experiences. This has been delivered through the full dedication of the teams, enabled by the quality of both our technical infrastructure and digital content. I am enormously proud of and thankful to all our people for their continued hard work and commitment to keeping the business momentum.

During this pandemic, governments have been modelling a range of scenarios of potential impact, several governments took immediate temporary actions on our industry such as either suspending gambling both offline and online or implementing restrictions on marketing. In the beginning of the third quarter, when most countries had removed Corona-related restrictions, Sweden sadly enough implemented restrictions on online casino, without empirical evidence. This measure will unfortunately push even more consumers to play outside of the Swedish regulation.

The immediate outlook is naturally uncertain, however Betsson is in good shape and we are in it for the long term. Our proprietary technology is a strategic advantage, our diversification in markets, verticals and brands makes us resilient to market fluctuations and our financials are rock solid. This makes me optimistic about the prospects for Betsson.”

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Gaming Innovation Group – Mandatory notification of trade

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Gaming Innovation Group – Minutes from Annual Meeting of Shareholders
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Mikael Riese Harstad, Chairman of the Board and primary insider of Gaming Innovation Group Inc.

(GiG), has today transferred 864,403 shares in GiG to a life insurance policy with SEB Life International Assurance Company DAC with himself as the sole policy holder.

In addition, Helena Riese Harstad, a close associate of Mikael Riese Harstad, has today transferred 477,733 shares in GiG to a life insurance policy with SEB Life International Assurance Company DAC with herself as the sole policy holder.

After these transactions, Harstad and close associates owns no shares directly, but hold 1,342,136 shares through life insurance policies with SEB Life International Assurance Company DAC.

For further information, contact:
Tore Formo, Group CFO, [email protected] +47 916 68 678

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

 

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Industry News

Clarion Gaming and ExCeL London plan for the migration of iGB L!VE 2025 to the heart of igaming

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Clarion Gaming is advancing preparations for the migration of iGB L!VE to London in July 2025 establishing a roadmap of activities in partnership with the senior team at ExCeL London which will host the leading global event.

The latest meeting between the two organisations featured:

  • iGB L!VE Portfolio Director Naomi Barton,
  • Clarion Gaming Managing Director Stuart Hunter,
  • Head of Operations Richard Logan and
  • Head of Marketing Jody Frost with the senior team from ExCeL led by the venue’s
  • Chief Commercial Officer Simon Mills.

Expanding on the meeting Naomi Barton said: “This was the second senior level planning meeting that we have held with our colleagues at ExCeL London in order to move the home of the igaming community to a city which is the heart of the igaming industry in a country which is igaming’s largest market.

“The roadmap is being created in order to anticipate industry needs, address pain points and to exceed the expectations of customers. The migration of what is already a top performing Tier One igaming event is set against the backdrop of iGB L!VE’s 5-year growth plan which is focused on delivering 35,000 visitors and over 550 exhibitors and sponsors by 2029.

“Our vision is to harness the tremendous momentum created by the iGB L!VE brand and to take the event to a whole new level in a new venue, and a new exceptionally well-connected global home in the city of London.

“ExCeL London has a fantastic track record of helping events to fulfil their potential, and all of the building blocks are in place for iGB L!VE and its customers to accelerate their businesses to new heights in London.

She added: “Placing our customers at the heart of everything that we do is central plank to the iGB L!VE growth strategy, and the roadmap for 2025 is underpinned by a clear customer-focused programme that will ensure maximum cost-effectiveness as well as global growth for all of our stakeholders.

“We will be using July’s edition of iGB L!VE not only to reflect and celebrate our time in Amsterdam and say thank you to our fantastic partners for many years RAI Amsterdam, but also enable our vendors and customers to secure their presence at ExCeL London in 2025.”

 

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Paf’s results for 2023

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The Nordic gaming company Paf’s annual report for 2023 shows that it has been a good year which means a good sum of Paf funds for society. Paf’s published customer segments show more sustainable revenue in the past year. The Paf board gets a new member.

The Paf Group’s revenue for 2023 increased from €165.7 million to €177.1 million, an increase of 7%. The growth in revenue results in an increase in profit from €44.8 million to €55.1 million, which is a record for Paf.

“We can be happy and proud with the past year. We have gained a larger customer base and the number of active customers has increased by 27%, which explains some of it, but we are also well aware that the temporarily low gaming taxes in Finland have helped the result,” says Christer Fahlstedt, CEO.

Paf’s result is the best result in Paf’s 57-year history and an increase of 23% compared to the previous year. However, gaming taxes in a number of countries will be increased in 2024, which will create different conditions going forward. In Finland, the temporary reduction of the lottery tax has increased from 5% to 12%, in Sweden the gambling tax will increase from 18% to 22%, in Estonia from 5% to 6% and in Latvia from 10% to 12%.

“The trend of increasing gaming taxes will continue, and we expect to see more much-needed demands for increased responsible gaming measures. The changes will result in reduced profitability and many operators will find it more difficult. But Paf is well prepared for the times ahead,” says Christer Fahlstedt.

31.4 million euros in Paf funds
The annual distribution of Paf funds will be €31.4 million. Paf funds are used for the benefit of society, including a number of third sector organisations that work to promote society in social activities, culture, youth work, sports, environmental activities and more.

“It’s undeniably great that Paf is achieving a great result, allowing us to distribute a total of €31.4 million in the form of Paf funds. The employees have done a phenomenal job over the past year, and the Board would like to thank all Paf employees who have made this possible,” says Jan-Mikael von Schantz, Chairman of the Paf Board.

Sustainable entertainment
In 2023, Paf chose to invest heavily in responsible gaming, and the loss limit for all customers was lowered to EUR 17,500 per year. In addition, in spring 2023, Paf introduced a specific loss limit for young players aged 18–19, €1,800 per year. In spring 2024, Paf chose to lower the loss limit for young people aged 20–24. Young people of that age already had a lower loss limit at Paf but it was further reduced from €10,000 to €8,000 per year.

“This is an important continuation of the direction we are striving to take at Paf for our responsible gaming. Now young customers can only gamble with us for sums that are at more sustainable levels and within the framework of the customer segment we have defined ourselves as the green segment,” says Christer Fahlstedt.

Paf’s customer segments 2017–2023
The published table shows the development of gaming in different customer segments from 2017 until 2023. The red segment for customers who have lost more than €30,000 in one year is at zero in recent years, as Paf’s loss limits stop large losses. The white segment shows the number of players who ended the year in profit.

“It is encouraging to see that we have once again increased the green revenues with more sustainable revenues by a full 7.6%. It is possible to change an outdated business model in the industry and we will continue our strive to be a gaming company that provides sustainable entertainment in everyday life,” says Christer Fahlstedt.

The figures for Paf’s customer segments have been reviewed by auditors as part of the audit of the financial statements.

“Our published and open customer segments show what our investments in responsible gaming measures have achieved over the years. The publication gives credibility to our efforts at a level that no other gaming company has been able to show,” says Christer Fahlstedt.

Daniela Forsgård new on the board
Paf gets a new board member when Daniela Forsgård takes a seat on the board. At the same time, Birgitta Eriksson is stepping down after many years on Paf’s board.

“I really want to thank Birgitta for the solid contribution she has made to Paf’s Board over the years.”

“Daniela Forsgård’s merit-based knowledge of finance, combined with the international experience she possesses, will fit in well with the Board. In addition, Daniela has personal experience of Paf as she previously worked at Paf,” says Jan-Mikael von Schantz.

The Paf Board now consists of Chairman Jan-Mikael von Schantz, Board members Gunnar Westerlund, Denise Johansson, Roger Nordlund and Daniela Forsgård.

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