Betting Promotion's Q2 turnover halves as football season ends
Market maker Betting Promotion's net turnover fell by more than half in the second quarter of 2009, dropping 51% to SEK9.6m (£750,000, 878,000), from SEK19.6m in the previous quarter.
Market maker Betting Promotion’s net turnover fell by more than half in the second quarter of 2009, dropping 51% to SEK9.6m (£750,000, 878,000), from SEK19.6m in the previous quarter.
The Swedish company’s gaming turnover was down a more moderate 9% to hit SEK2bn, after hitting SEK2.2bn in Q109.
Managing director Johan Moazed said: “The gross margin for the quarter was lower than expected. This is partly explained by the second quarter usually being a period of high volatility. Higher volatility is caused by many of the soccer leagues coming to an end and because major championships are played during this period.
Gross margin fell by almost half to reach 0.48%, after hitting 0.87% in the previous quarter.
Moazed added, however: “When analyzing the year following the changes implemented in the trading models, it is satisfying to note that on a rolling yearly basis we have achieved a net turnover after fees of SEK 69.8m leading to a gross margin of 0.81%”.
Football (soccer) is by far the biggest market for Betting Promotions, accounting for turnover in the period of SEK1,398m, net turnover after fees of SEK7.4m and enjoying the best gross margin, of 0.53%.
In-running accounted for SEK320m turnover, SEK1.3m gross turnover and a had a margin of 0.40%, while other markets accounted for turnover of SEK288m, net turnover of SEK1m, and had a margin of 0.33%.
As reported on EGRmagazine.com, Betting Promotion’s net turnover rose 80% in Q109 as a result of the company’s 2008 restructure.