Danske Spil Maintains Upward Trend in Third Quarter Results
LISTEN TO THIS ARTICLE:Danish national lottery operator Danske Spil has reported a revenue of DKK3.69bn (£431.6m/$528.7m) for the third quarter of the year. The figure was up 2.4% compared to DKK3.60bn in Q3 2022.
Danske Spil's Q3 continues the upward trend the operator has experienced in its first two quarters of the year. The operator attributed this growth to the ongoing success of its lottery operations.
Revenue Trends in Danish Gaming
Danske Lotteri Spil continued to be the primary source of revenue, generating DKK2.07bn, a 3.1% increase from last year. According to the operator, the growth was driven by higher Eurojackpot sales, fueled by larger jackpots and the addition of new Tuesday draws.
Danske Licens Spil, featuring the operator's online casino and sports betting offerings, posted a revenue of DKK1.21bn, a decrease of 1.6% year-on-year. While its casino segment showed improvements, sports betting experienced a decline. Danske Spil confirmed that its responsible gambling initiatives, like the implementation of lower deposit limits, contributed to these trends.
Danske Klasse-lotteri, also known as the " class lottery," reported DKK183.0m in revenue, surging 39.7% year-on-year. Additionally, the Swush fantasy sports platform earned DKK11.0m in revenue, up 10.0%.
However, the operator's gaming hall business, Elite Gaming, declined 2.7% to DKK217.0m compared to last year.
Third Quarter Expenditures
Regarding operational expenses in Q3, state taxes were one of the highest costs for Danske Spil at DKK477.0m. The operator also spent DKK318.0m for dealer commissions, and DKK197.0m went into other gambling-related expenses.
Personnel costs for the quarter were DKK273.0m, depreciation and write-downs amounted to DKK153.0m, while various other external expenses gulped DKK544.0m.
After factoring in an extra DKK26.0m in other income and DKK7.0m in financial income, the pre-tax profit stood at DKK1.76bn, which Danske Spil noted is an increase of 8.6% compared to Q3 of the previous year.
Following a tax payment of DKK387.0m, the operator concluded Q3 with a net profit of DKK1.37bn, an 8.5% rise year-on-year.
Danske Spil maintains its unchanged guidance for the full year, anticipating revenue to range between DKK5.0bn and DKK5.2bn for the 12-month period ending December 31. The operator also expects net profit to be between DKK1.7bn to DKK1.8bn.
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