Online casino pushes Redbet into Q2 profit
Casino games contribute to 45% of gaming revenues, but betting and poker contributions fall.
Redbet Holdings has posted significantly increased revenues for the second quarter, as well as recording an operating profit, thanks to a strong online casino performance.
The Swedish operator’s revenues for Q2 increased to SEK 24.5m (£2.37m) from SEK 15.4m (£1.49m) in the corresponding period last year, a 59% increase, while operating profit was SEK 0.5m (£0.05m) compared to a SEK 1.6m (£0.15m) loss in Q2 last year.
Casino games contributed to 45% of gaming revenues, a 15% rise from Q2 2011, although poker only accounted for 25%, down from 38.5%, and sports betting decreased 2% to 29.5%.
Redbet CEO Claes Hallén, who took over from Jörgen Andersson in May, said in a statement: “The company’s focus is now on organic growth and operating results, which guarantees a positive future for the company. Our product range has been strengthened and we have a strong customer offering, which makes us very competitive.”
The number of active users more than doubled year-on-year to 43,376, with total number of player registrations rising to 346,090, compared to 198,274 in the corresponding period in 2011.
Malta was the best performing jurisdiction for Redbet, contributing SEK34.9m (£3.37m) in gaming revenue for the first half of the year, while Latvia provided the next best set of results at SEK11.4m.