Mr Green revenues up 50% in Q3
Operator buoyed by 439% rise in sportsbook revenues and Evoke acquisition
Mr Green has reported a “record breaking” 50.9% increase in revenues for the third quarter of 2018, with revenues topping SEK445.2m (£37.9m).
The operators’ sportsbook revenues increased by 439%, with the company attributing this rise to the introduction of several new functions and improvements to its UX prior to the World Cup. As part of these improvements, the company transferred its Redbet sportsbook to the Kambi platform used by the rest of the Mr Green Group.
Revenues from its home Nordic markets increased by 60.5% to SEK160.7m (£13.7m), while revenues from its western Europe operations grew by 52.1% to SEK178.9m (£15.2m). Central and southern European revenues increased by 33.8% to SEK94.6m (£80.6m), while company revenues from the rest of the world jumped by 66.1% to SEK11m (£938,079).
The company said: “Strong brands combined with effective customer communication and a unique product offering have resulted in yet another quarter of record-breaking customer deposits, depositing customers and returning depositing customers.”
Company EBITDA increased by 49.4% to SEK75.5m (£6.4m), with the EBITDA margin decreasing slightly to 17%.
Customer deposits increased by 72.3% to SEK1,477.7m (£126m), while the number of depositing customers increased to 193,273.
Per Norman, CEO of MRG said: “We have now reported strong growth for a couple of years, which is proof that MRG has strong brands, an attractive product offering and effective customer communication..Over the past two years, we have outperformed our growth targets every quarter.
Redeye analyst Kristoffer Lindström said: “We had projected a little higher marketing investment and lower SG&A then the actual figures showed. We thought the Evoke synergies would come a bit faster, but we feel confident that we should see improved operating leverage in Q4.”