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“Strong underlying results”: That’s how Unibet CEO Henrik Tjärnström described his company’s less-than-stellar 2011 first half results. Gross winnings revenue was off 11 percent compared to last year.
A primary reason cited for the dropoff is Unibet’s departure from France, which accounted for 22 percent of the firm’s overall revenue last year.
“I am pleased to report another quarter of strong underlying results. Excluding the additional effect of the World Cup in 2010 and adjusting both for France and for the positive currency benefits in 2011, Unibet’s underlying growth in gross winnings revenue was 16% year-on-year. This was achieved despite sportsbook margins that were lower than the long-term average,” Tjärnström said this morning.
Unibet witnessed 25 percent of its share price being wiped off in May following the news that it would enter the new French licensing process. Investors feared the high tax rates would contribute to a marginal return.
- Aaron Goldstein, Gambling911.com
