Betsson Secures License to Operate in Latvia
Swedish gaming operator Betsson has received a gaming license for its Triobet brand from the Lotteries and Gambling Supervision Inspection (IAUI) of Latvia that will allow it to offer its services to customers in Latvia.
Betsson has owned the Triobet brand since April 2012 when it acquired its parents company Nordic Gaming Group. By attaining a gaming license in Latvia, a number of Triobet sites will now be deleted from the IAUI’s blacklist of unregulated gaming sites.
Betsson has been expanding into regulated gaming markets steadily over the last few years and it now owns operations and holds licenses in Malta, the UK, Ireland, Italy, Denmark, Estonia, Georgia and Latvia.
“When outdated legal structures and old monopolies are dismantled great favourable conditions for long-term profitable growth are created,” stated Ulrik Bengtsson, who joined Betsson AB in his new role of president and chief executive of the company in February.
“Our strategy is to increase the proportion of sustainable revenue by participating in local licensing procedures, as well as increasing strong growth both organically and by acquiring companies in local regulated markets.”
“The gaming tax in Latvia is ten percent on gross gaming revenue which is a level that guarantees high channeling and a sustainable system.”
Last month, Betsson posted an 18 percent increase to SEK1 billion ($123.1 million) in Q1 revenues compared to the same period last year. The company’s growth was attributed largely to its strong sportsbook performance which saw a 27 percent increase in organic revenue, with an increase from SEK6.1 billion to SEK6.7 billion year on year.
“Organic growth continues to be strong; this is the eighth consecutive quarter where growth in constant currency has exceeded market growth in our core markets,” said Bengtsson.
April 16, 2017