BUSINESS

Unibet thanks sports betting for strong Q3 results

TAGs: results, sports betting, Unibet

unibet-valenciaAs company after company in the iGaming industry releases its results Unibet weren’t in the mood to be left at the altar without their groom. Like many of their contemporaries, Unibet were thankful that the sports betting market remains strong. The figures they released covered Q3 and suggested the group is still performing to expectations.

Gross winning revenue amounted to £31million for the period in question, with profit before tax for the quarter amounting to £4.3million up from £3.5million.

CEO of Unibet, Henrik Tjärnström, in relation to the figures, commented: “With many favourites losing, Unibet’s gross margin has been very favourable during the quarter. This has contributed to a strong overall result in what is usually a seasonally weak quarter, “

“Our operating cash flow has shown a steady increase which has strengthened our balance sheet and since the end of the quarter we have repaid EUR 8 million of the bank facility ahead of schedule,”

“For October 2010 the gross margin has been more normalised than 2009 but the casino activity is almost back at the revenue level from last year when we were active in the French market,”

“We still remain cautious, however, about the outlook for the rest of 2010, as communicated in our first quarter report.”

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