Betsson reports record year despite 10% revenue drop for Q4 2021

Betsson has reported record revenue for 2021, in spite of a “challenging” Q4.

The Stockholm-listed group has published its fourth quarter financial results, bringing its full-year revenue to SEK 6.7bn ($733m) for 4% growth.

However, it did not end 2021 on a high note, reporting a 10% revenue drop for Q4. This included a 9% fall in revenue and an 11% fall in sportsbook revenue.

Nevertheless, its whole year performance remained positive. Operating income for 2021 amounted to SEK 1.2bn, a 6% increase — though for Q4, this too was down.

For the final three months of the year, Betsson’s operating income was nearly SEK 211m, a 34% decrease.

Likewise, net income for 2021 as a whole totalled SEK 1.05bn, another 6% increase, while for the fourth quarter, this amounted to SEK 189m for an approximately 32% decrease.

But Q4 wasn’t without its upsides. The group’s active customers rose to 1,161,683, up 17% from 989,969 for the fourth quarter of 2020.

“For Betsson, 2021 ended up a record year in terms of revenue,” said the company’s CEO Pontus Lindwall, but he added: “The fourth quarter of 2021 began in a headwind.

“This was partly due to an exceptionally low sportsbook margin in October following an unusually high number of instances of favourites winning, especially in football.

“In addition, Betsson stopped accepting Dutch customers as a result of new unexpected policies from the Dutch regulator.”

All-in-all, Lindwall was happy with Betsson’s whole year performance and looked forward to 2022. He remarked: “2021 was another year where we could see the importance of a strong global and diversified product portfolio featuring local expertise and strong brands.

“2022 will entail continued investments both in technology and the existing product portfolio.”

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