Scandinavian online casino operator Mr Green has doubled its earnings over the last financial year.
Internet gambling operator Mr. Green has had a very good financial year, with profits for its online casinos in Sweden growing significantly. In fact, the company reported earnings have more than doubled in 2013.
Although year-on-year profits saw a drop in the fourth quarter, the full report shows total earnings before interest, taxes, depreciation and amortization have gone up from SEK47 million in 2012, to SEK102.2 million in 2013. Company representatives say the decline reported in the fourth quarter is due to “increased marketing expenditure”. Game win increased by 52.1% on a year-to-year basis.
CEO Mikael Pawlo said: “Mr Green’s strategy of continued investment in product development, particularly in the mobile area, and launching the casino in new markets means that we have excellent preconditions to continue to significantly outgrow the market.”
New laws on the way?
At present, Svenska Spel runs a complete monopoly on all forms of gambling in Sweden, so online casinos such as Mr. Green are the only alternative local players have.
All this might soon change though, after the European Gaming and Betting Association recently warned that Swedish gambling laws are not in full compliance with European regulations and threatened to refer the country to the European Court of Justice.