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Unibet Reports Q3 Results

Unibet reported a 22% rise in gross winnings revenue to £37.8 million for the third quarter of 2011, thanks to strong growth from the company’s casino products. The Swedish online gaming operator said profits after tax more than double to £7.5 million.

Poker revenues slumped 21% in the third quarter to £3.11 million. Since Unibet withdrew from the French market earlier this year, poker now makes up just 8% of the company’s gross winnings revenue, according to an interim report for the three months ended September 30.

Chief Executive Henrik Tjärnström highlighted the company’s growth in Nordic nations, which contribute 57% of revenues:

“The momentum we have in the Nordic region is continuing, and we’ve seen gross winnings growth of 27% for Nordic region alone.

“That’s clearly a sign that we’re continuing to take market share both from the state monopolies but also from our competitors, since the growth is much higher than the anticipated growth from the entire market.”

Unibet management also announced that it will increase dividend payouts and share buybacks to “up to 50 per cent of free cash flow.” Shareholders will receive a dividend payment of 42.5p per share on November 10.

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