Mr Green reports 23% H1 revenue rise
Heavy marketing spend begins to pay dividends as operator continues to move into new markets
Mr Green reported a 23% year-on-year increase revenues for H1 to SEK390m (£29.5m) this morning, with the firm saying its above-market growth demonstrates it is capturing market share from rivals.
H1 growth was roughly in line with Q2’s 21% increase in revenues to SEK194.8m (£14.7m), but despite a growth in profits for the quarter, H1 EBITDA was down 11.4% to SEK66.9m (£5.1m) due to heavy marketing investment in the first three months of the year.
The online casino’s EBITDA for Q2 amounted to SEK42.5m (£3.2m), up 10.5%, with CEO Per Norman crediting better cost control, enhanced marketing efficiencies and continued product investment for the strong performance.
The Nordics contributed 45% of the firm’s total game win during the six-month period compared to 54% H1 2014 following strong growth in the rest of Europe.
“It is gratifying that we could guide the operations towards regulated markets to a greater extent during the quarter,” Norman said.
“This is a priority since it reduces risks and increases the predictability of our operations. We expect our share of revenue from locally regulated markets to increase significantly in the next few years,” he added.
Mr Green launched in Italy last week and has also gained a UK licence as the firm continues to diversify away from its core Scandinavian market.
The operator also continued to invest heavily in marketing, with expenditure up 13.3% to SEK67.2m (£5.1m) for the quarter, although this Q2 expenditure was significantly down on the SEK90.2m (£6.8m) spent during Q1.
The marketing spend appeared to be aid acquisition, with active players for Q2 up by 16% to 73,279.