Betsson’s first half results lower than expected

The online betting provider has reported that its results did not meet expectations in the first half of the year.

Malta.- The Swedish online gaming provider based in Malta revealed it was unable to meet expectations in the first half of the year, with operating and net income both down year-on-year.

Net income for the first six months ending in June 30 amounted to SEK380.3 million (€40.1 million), down from SEK425.7 million (€44.76 million) last year. Betsson cited unfavourable exchange rate fluctuations as the main cause of the decline.

Operating income fell from SEK451.8 million (€47.51 million) in the first half of 2015 to SEK408.4 million (€42.94 million) with income before tax down dropping from SEK488.7 million (€52.54 million) to SEK405.3 million (€42.62 million). In addition, earnings per share for the period came in at a reduced rate of SEK2.75 (€0.29) per share per share, in comparison to last year’s SEK3.08 (€0.32).

On the other hand, Betsson was able to record an increase in revenue, which rose by 13 percent to SEK1.9 billion (€200 million). The Swedish company revealed a similar set of results for the second quarter, during which revenue climbed.