Home » News » 2010 » Betware increased number of staff by 20% and achieved good financial results in 2009

The year 2009 was a prosperous year for the Icelandic software development company Betware. The company is located in Iceland and has branch offices in Denmark, Canada, Spain and Poland. At the company´s Annual General meeting, it announced a profit for 2009 of ISK 181 million after taxes. The company´s revenues amounted to ISK 1,230 million and increased more than 50% from the previous year. Betware currently employes more than 100 professionals (whereof 60 are located in Iceland), where the count was increased by 18 in 2009, with the majority of the companies’ employee growth coming from Iceland.

  • Betware´s is a pioneer in the Internet gaming market with more than 14 years’ experience of developing and delivering interactive gaming solutions. Margmidlun, Betware´s predecessor, became a technology leader when in 1996, it launched the first ever Internet-based gaming solution for state lottery, in co-operation with the Icelandic Soccer Pools.
  • Betware was established in Iceland in 1998 with focus on further developing the interactive gaming solutions for legalized state lotteries. Betware’s platform covers the spectrum of online money gaming sector, from back end to player gaming experience. The company’s game portfolio includes lottery, instants, bingo, sports betting, casino, poker and multiplayer games delivered over Internet browsers, mobile phones and IPTV.
  • The company´s main target is licensed state and national lotteries which pay its proceeds to good causes.
  • In 2009 Betware received an ISO 27001 certification and is currently working on a World Lottery Association certification.
  • Betware’s customers include: Danske Spil (Denmark), British Columbia Lottery Corporation (Canada), Sistemas Tecnicos de Loterias del Estado (Spain), Islenskar Getraunir and Islensk Getspa (Iceland).

Stefán Hrafnkelsson, Betware´s co-founder and CEO, explains that 98% of the company´s revenues come from business outside of Iceland: „Our business generates foreign currency and we pay substantial taxes in Iceland. Our good financial results in 2009 are therefore very beneficial for the Icelandic economy. We are proud to manage a prosperous business and be able to offer new and stable jobs in Iceland at these difficult times. We are on the right track with our business, the company has no long term debt and we are in a good position to develop and strengthen our business in coming years.“