The new gambling regulation and code of conduct introduced in the regulated Nordic markets, especially the Netherlands, has taken a toll on gambling revenue of Sweden-based gambling company Betsson.
The gambling operators Q2 2019 revenue fell by 5 percent year-on-year.
The company posted its financial figures for the first six months of the year. It was revealed that the company’s revenue slipped by 5% to SEK 1.27 billion for the three months between April to June.
The company has attributed the decline in revenue to what it calls a ‘period of operational adjustments’ as it had to accommodate for new regulatory enforcement across the markets of Sweden, Norway, and the Netherlands.
Talking to investors, Betsson AB Chief Executive Pontus Lindwall explained: “Betsson’s long-term strategy and focus is clear and is not affected by temporary downturns in individual markets,” he said.
“We have a good financial position and a high degree of proprietary technology, which make us strongly positioned in the industry.
“I am confident in my view of Betsson’s capacity and in our strategic opportunities to pursue long-term profitable business with growth and good margins in regulated markets. We also have a geographical spread that compensates for temporary downturns in individual markets.”
Earlier last month, the Swedish gambling regulator, Spelinspektionen fined white l casino operator Skill On Net Ltd. and NGG Nordic Ltd., a subsidiary of online gambling group Betsson.