In September 2021, Betsson announced the resignation of Pontus Lindwall as CEO. However, Lindwall reveals that he was essentially fired by the board. This decision sparked outrage from shareholders who then voted to remove chairman Patrick Svensk and elect a new board that reinstated Lindwall as CEO.
Lindwall’s return to the top job at Betsson in 2017 was to implement a recovery program after a series of challenging quarterly results. The business saw record earnings in Q2 of 2021, which Svensk deemed as the completion of Lindwall’s task. However, some shareholders disagreed with this perspective.
Moving forward, Betsson and Lindwall have major goals to pursue. They are exploring new markets, particularly in Latin America, where they have made strategic acquisitions and launched their core brand in Buenos Aires, Argentina. Lindwall sees great opportunity in Latin America, especially in Brazil with its large population and passion for football.
While expanding in Latin America, Betsson is also growing in the US market, primarily as a B2B proposition. Their B2C product has been launched in Colorado to gain market knowledge and showcase their sportsbook technology.
As a company, Betsson is focused on growth through mergers and acquisitions. They see themselves as buyers in potential deals and plan to continue pursuing M&A opportunities.
In Europe, Betsson faces challenges in the Netherlands and Germany. In the Netherlands, they had to block Dutch customers during the market opening, which benefited state entities. Betsson has filed an application and is eager to enter the licensed market. In Germany, strict regulations have affected their bottom line, with lost revenue going to the black market. Lindwall believes that regulators need to reassess these rules to create a competitive and viable market.
In Betsson’s home market of Sweden, there have been regulatory hurdles, but there are signs of progress. The government decided not to make the online casino deposit cap permanent and focused on licensing B2B suppliers instead of implementing a gambling ad ban. Lindwall recognizes the need to address channelization issues and provide a competitive offering.
Despite potential regulatory changes and market launches, Lindwall believes there will always be unfinished business and new opportunities to pursue in the industry.
