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BETSSON AB (PUBL) INTERIM REPORT APRIL – JUNE 2022

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BETSSON AB (PUBL) INTERIM REPORT APRIL - JUNE 2022
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All-time high revenue driven by sportsbook performance and growth in Latin America and the CEECA region

 

QUARTER APRIL – JUNE 2022
• Group revenue was EUR 186.3 (172.8) million, an increase of 8%. Organic increase of 13%.

• Casino revenue increased by 1%. Sportsbook revenue increased by 22% and the sportsbook margin was 8.3% (8.5%).

• EBITDA was EUR 39.3 (46.6) million, a decrease of 16%. The EBITDA margin was 21.1% (27.0%).

• Operating income (EBIT) was EUR 29.2 (37.8) million, a decrease of 23%. The EBIT margin was 15.7% (21.9%).

• Net income was EUR 28.6 (33.3) million, corresponding to EUR 0.21 (0.24) per share.

• Operating cash flow was EUR 37.8 (56.3) million.

• Net debt was EUR -19.8 (14.6) million.

• Active customers increased by 21% to 1,246,719 (1,027,635).

 

CEO COMMENT
 

“All-time high revenue driven by sportsbook performance and growth in Latin America and the CEECA region”

Betsson’s second quarter featured continued good growth with all-time high revenue and further investments to support our expansion. The Group’s organic growth was 13 percent, mainly driven by Latin America and the CEECA region (Central and Eastern Europe and Central Asia), where we see long-term growth potential as these markets still have a low share of online gaming.

The sportsbook business showed a strong development in the quarter – gross turnover increased by 20 percent and the margin was 8.3 (8.5) percent – leading to all-time high revenue. Some of the football World Cup qualifiers in June ended in particularly favourable outcomes for Betsson and contributed positively to the margin in the quarter. Casino gross turnover also reached a new quarterly all-time high, while revenue came in at the second-best level ever.

Betsson’s strategy is based on diversified revenues from existing and new markets, and in June Betsson became majority owner of the local gaming operator Betbonanza in Nigeria. Since last year, the regulated market in Germany is marked by a low level of channelisation, due to extensive restrictions, high taxes, and an unclear licensing process. During the quarter, a decision was taken to only apply for one online casino license in Germany. On the sports side, Betsson continues to offer betting on horses through the Racebets brand and has a sportsbook license which is currently not operated.

The B2B initiatives continue according to plan, and discussions are currently being held with several potential sportsbook customers in both North America and other parts of the world. The Group’s ownership in the technology platform provider Strive, focused on North America, increased from 35 to 40 percent during the quarter. Strive provides a new, purpose-built and modern US iGaming platform, i.e. Player Account Management system (PAM), which supports Betsson’s US strategy.

Operating income (EBIT) amounted to 29.2 (37.8) MEUR, corresponding to an EBIT margin of 15.7 (21.9) percent. The cost increase compared to last year was driven by the general expansion while the change in geographic mix, with a higher revenue share from Latin America and no revenue from the Netherlands, led to a lower realised margin. We continue to invest in product and tech development to secure that we have a competitive product for all our markets. Our sportsbook offering was strengthened in motor sports, table tennis and esports, resulting in a significant increase in the number of live events offered for betting. In Sweden, a new native app was developed for the brand Jalla Casino, and our live casino offering was broadened in Italy. On top of the positive financial development in the second quarter, we also won six industry awards in different categories related to an attractive customer offering and a sustainable business model for gaming.

Betsson’s commitment to football continues. After eleven years of waiting, AC Milan once again were crowned Italian champions and we share the fans’ great joy in recapturing the scudetto. In May, the sponsorship with AC Milan was renewed, which means that Betsson now also becomes exclusive sponsor for the club in Latin America. The region is important for the club with millions of fans and the history of stars like Kaká and Ronaldinho. Further, similarly to last summer Betsson is a proud sponsor of Copa America Femenina 2022, which is the Latin American equivalent of the UEFA Women’s Euro 2022 and takes place during July. The interest in women’s football is growing strongly and the previous championship had more than 20 million TV viewers.

In conclusion, we see that macro and geopolitical factors continue to dominate the world around us, with great uncertainty and concerns around war, inflation, higher interest rates and potentially a coming recession. Despite uncertain capital markets, we recently refinanced our bond until 2025, which gives us financial flexibility to continue investing in both organic growth and selective acquisitions. We continuously monitor the macroeconomic trends but also note that historically Betsson’s business has been relatively unaffected by the general business cycle. The first weeks of July are off to a good start and despite the macro factors, we are rather optimistic as we look ahead to the rest of 2022, which has many planned activities for Betsson, including market launches in Mexico and Ontario, as well as the football World Cup during the seasonally strongest fourth quarter.

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Uncover the gold in 3 Oaks Gaming’s 3 Clover Pots: Hold and Win

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Distributor unleashes Magic Pots feature in Irish-themed title

3 Oaks Gaming, an established distributor of iGaming content, has unveiled its latest slot, 3 Clover Pots: Hold and Win, featuring an Irish-inspired makeover of its popular 3 Pots mechanic.

In this 5×3 title players will be greeted by the friendly Leprechaun, serving as the game’s Wild Symbol. The path to big wins is illuminated by the shimmering Gold Clover Bonus Symbols; amassing a minimum of six of these symbols sets the stage for the Hold & Win round.

The powerful Magic Pots feature is poised to transform respins into a cascade of epic rewards. As the Red, Green, and Purple Special Bonus Symbols land they fill the corresponding clover pot metres. When full, players will be transported to the Bonus Round with a matching booster – Double, Mystery, or Collect – with the potential to activate all three simultaneously.

During the Hold and Win round’s respins, Mystery Symbols could unveil a Jackpot – Mini, Minor, and Major. To claim the coveted x5,000 Grand Jackpot, players must fill the entire screen with Clovers.

Players can trigger the Free Spins game with three Scatter Symbols, during which Wild Symbols carry a x2 multiplier.

Yuriy Muratov, Chief Commercial Officer at 3 Oaks Gaming, said: “With mesmerising graphics and meticulous attention to detail, 3 Clover Pots is designed to captivate and immerse players with a wide range of features.

“We’re excited to introduce this latest addition to our collection and eagerly anticipate its success amongst our esteemed partners.”

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Wazdan grows in Bosnia and Herzegovina with Admiralbet

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Wazdan grows in Bosnia and Herzegovina with Admiralbet
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Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, is set to raise its profile in Bosnia and Herzegovina after partnering with leading brand Admiralbet.

The first batch of Wazdan’s high-performing slots to have gone live with the operator includes player-favourites such as Sizzling Moon™, 9 Coins™, 9 Coins™ Grand Gold Edition, and Magic Spins™ with further titles to be announced in the coming months.

Admiralbet players are now able to enjoy a much-strengthened selection of games that offer Wazdan’s engagement-boosting mechanics, including Cash Infinity™, Collect to Infinity™ and Hold the Jackpot.

This latest European expansion follows several similar partnerships for Wazdan in a first quarter which has seen a significant level of commercial growth following its recent rebrand and consistent game release roadmap.

Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “Bosnia and Herzegovina is the latest territory to see us grow our influence in.

“We’re enjoying an incredible rate of growth now, backed by a rock-solid games portfolio and welcoming major partners like Admiralbet just elevates that success. We’re confident we have the best possible ally in the country thanks to this development.”

Admiralbet’s Online Casino Manager, Nikola Zakic, said: “Admiralbet is a company that strives for constant improvement and development to keep up with world standards.

“Gaining access to Wazdan’s products furthers that strategy fantastically well. It gives us a range of games that we know our players will enjoy and maintains our place as a leader in Bosnia and Herzegovina.”

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Uncover more treasure in Blueprint Gaming’s The Goonies Megaways™

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Uncover more treasure in Blueprint Gaming’s The Goonies Megaways™
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One of Blueprint Gaming’s most popular series returns, as the gang is back to discover more secrets hidden in One-Eyed Willy’s treasure map in The Goonies Megaways™.

Built in partnership with Warner Bros. Discovery Global Themed Entertainment, the newest instalment from its series of games inspired by the award-winning film offers Megaways™ alongside Cash Collect features.

The film’s iconic characters lead the way on a colourful background with bespoke logos and symbols as players try to move the Inferno along the treasure map to trigger the bonus game by landing collect symbols. Reaching the One-Eyed Willy position will unlock its own unique upgrade.

Landing four collect symbols awards free spins and a cash multiplier, alongside the potential of a x10 each time a cash win is collected.

Cash symbols are present between reels 1-6, with the special Collect symbol awarded by landing on the sixth reel.

Activate free spins by landing three or more scatters, with 10 free spins awarded in the base game and more retriggering 10 additional spins if three more scatters land.

The game showcases Blueprint Gaming’s ability to provide additional features to a beloved series while maintaining the core characteristics found within its previous critically acclaimed titles. It also is the latest example of its capacity to develop first-class content based on a multi-genre IP that crosses cinema and multimedia platforms.

Jo Purvis, Director of Marketing & Relationships at Blueprint Gaming, said: “The latest addition to The Goonies series adds Megaways™ to player’s pursuit of One-Eyed Willy’s treasure, and this shows we are committed to evolving the licenced games in our portfolio. We’ve retained the familiar feel the wildly popular branding brings while still ensuring the features and gameplay offer the engagement players demand.

“The game’s artwork stays true to the cult film, following its beloved design and symbols, and we’re sure players will enjoy the immersive experience provided by the soundtrack, as well as the special new bonus round.”

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