Betsson buys Betfriends to restore poker
Swedish operator Betsson has acquired poker operator Betfriends in a bid to improve its ailing poker division.
BETSSON has acquired poker operator Betfriends in a bid to improve its ailing poker division.
Malta-licensed Betfriends is on Playtech’s iPoker network and has 4,000 active customers, and also offers sports betting and casino.
The deal, for an undisclosed initial payment and additional payment based on future performance, follows Betsson’ poker revenue having been significantly down for months, with chief executive Pontus Lindwall promising action on the vertical at the company’s 2009 KPI presentation in February.
Lindwall (pictured) said this week: “This transaction is a step in order to change Betsson’s trend in poker, as the poker business has shown a negative trend for some time.”
Betsson also this month unveiled a 17% increase in first-quarter 2010 revenues to SEK367.7m ($49.4m, 38.1m, £32.65m), from SEK315.5m, driven by an 89% year-on-year increase in sports book turnover to more than SEK1bn. Operating income increased 2% to SEK 84.2, from SEK82.4m.
In other company news, Betsson renewed its license deal with software supplier Net Entertainment (NetEnt) in a deal that will continue the casino tie between the two Swedish companies into its tenth year.