Betsson AB has reported a strong performance across multiple verticals and markets in the first quarter of the year, although acknowledging a slight decline in casino revenue amid continued regulatory hurdles impacting Western European income.

The Stockholm-listed online gambling group recorded an 8% increase in total group revenue during Q1 to €170.2 million (2021: €157.4m), coupled with a 5% rise in gross profit to €107.1 million ( €102.4m).

However, group EBITDA stood at €33.4 million, a 7% year-on-year decline on the previous year’s figure of €35.8 million – as Betsson noted a slight increase in expenses from €75.1 million to €83.5 million – attributed to a number of factors including higher costs of betting duties, increased payment processing fees and increased share of locally regulated revenues.