Spiffbet's Q4 revenue in 2021 increased by 50% annually
Spiffbet has revealed that its total sales for the fourth quarter of 2021 were SEK23.4m ($2.5m), which is a 50% increase over the same time in the previous year. Revenue for the entire year 2021 came to 97.5 million Swedish crowns, representing a growth of 397% compared to the same time in the previous year.
At the end of the fourth quarter, cash and cash equivalents were 1.54 million Swedish crowns (SEK), while equity came to a total of 48.6 million Swedish crowns at the period's conclusion.
A new deal between the firm and the platform provider Together Gaming Ltd. was one of the highlights of the fourth quarter of 2021 for the company. Another highlight was the introduction of Metal Casino in Spain, with its content and design updated and translated into Spanish.
"Despite the fact that the quarter began with the closure of the Netherlands, which increased competitive pressure in existing markets," said the CEO of Spiffbet, Henrik Svensson, "revenue was slightly higher than in the third quarter." This was despite the fact that the quarter began with the closure of the Netherlands.
The fact that we ran big market campaigns during the first half of the quarter, when competition for consumers was at its highest, had a negative impact on our profitability for the quarter.
Svensson also offered some commentary on the way in which the company approaches mergers and acquisitions, saying, "I feel that we have some work to do to reduce the complexity of the brand portfolio and increase organizational efficiency. This means that acquisitions with a focus on growth are not currently at the top of the agenda."
"On the other side, we are always looking at potential acquisitions where we believe there will be positive synergy effects and where the purchase would bring components that we presently do not have." This is only on the condition that we do not lose emphasis on increasing our own margins and reducing our cost efficiency.
