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Unibet Positive Financial Results Announced

Written by:

Jagajeet Chiba

Published on:

May/11/2009

Swedish Internet gambling giant, Unibet, announced positive financial results Monday for the first quarter of 2009 in the midst of a worldwide recession.

Highlights included gross winnings revenue amounting to $31.3 million for the first quarter of 2009, profit of $10.9 mil for this same period and operating cash flow before movements in working capital amounting to $13.5 million. Active customers totaled 314,977.

"The experience and structure capital that we have gained in our own Sports Book gives us a competitive advantage in many areas and are fundamental in the strength of our brand and our customers user experience," says Petter Nylander, CEO of Unibet.

Mr. Nylander was detained in Holland in 2007 for allegedly violating French gambling laws. This high profile arrest came to represent the problems facing the European Union in its attempts to pressure members into following online gambling policies. So far, the EU has not had a whole lot of success in persuading these nations.

Sweden, another EU member, has also fought against the online gambling sector.

Jagajeet Chiba, Gambling911.com

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