Financial News

Shares in Swedish gaming operator Betsson will be upgraded to the Nasdaq Stockholm Large Cap next month, having seen its market capitalization remain above the minimum threshold €1bn mark for the past two years.

Betsson said that it will become the first pure internet company to be listed on the Large Cap list on January 1st. It will join the likes of AstraZeneca, Carlsberg, Danske Bank, Electrolux, Ericsson, and Jyske Bank on the list.

Betsson qualified to be upgraded to the list as its market capitalization has been greater than €1bn over the past two years, which is the requirement to be upgraded.

For the year ended September 2014, Betsson’s revenue amounted to SEK2.9bn, an increase of 16 per cent year-on-year.

“It is very gratifying that our long-term efforts are paying off,” said Betsson president and CEO Magnus Silfverberg. “The fact that Betsson is entering the Large Cap list demonstrates that we have a well-functioning business with talented employees and a clear strategy.

“Our multi-brand strategy creates favourable conditions for continued growth, both organically and through acquisitions. The strategy has also strongly contributed to increased profitability as Betsson has the highest margins in the industry.”

Shares in Betsson AB (Co. Data) (OMX:BETS-B) are currently trading down 1.14 per cent to SEK261.50 per share in Stockholm earlier Wednesday.