A Stellar Performance: Betsson Group’s Impressive Q3 2023 Results
The Betsson Group has done it again, outpacing its previous achievements by posting remarkable financial results for the third quarter of 2023.
A Look at the Numbers
A 19% surge in group revenue, amounting to EUR 237.6 million, with a remarkable organic increase of 39%.
Casino revenue taking a significant leap by 27%, while sportsbook revenue has seen a modest 2% increase. The sportsbook margin, however, dipped slightly to 7.3% from last year’s 8.3%.
EBITDA climbing by an astonishing 42%, settling at EUR 68.9 million. This makes the EBITDA margin a solid 29.0%, an increase from 24.3% in the previous year.
Operating income (EBIT) soaring to EUR 56.0 million, up by 46%, and net income reaching EUR 46.2 million. This translates to earnings of EUR 0.35 per share.
Operating cash flow settled at EUR 44.9 million with a net debt of EUR -65.5 million.
An impressive 17% growth in active customers, now counting at 1,237,238.
CEO Insights: A Glimpse into Betsson’s Success
The Group’s CEO attributes these impressive results to a combination of high customer activity, strategic investments in products and new markets, and a broad-based growth across multiple regions. Some significant highlights include:
The acquisition of betFIRST, contributing to Betsson’s highest ever quarterly revenue and EBIT.
A surge in active customers and deposits, combined with robust turnovers in both casino and sports betting platforms.
The slight dip in sportsbook margin, which was affected by popular wins and high-scoring games during the European football leagues’ commencement.
Betsson’s expanding geographical reach, with milestones like the integration of betFIRST in Belgium, a launch in Serbia, obtaining a sports betting license in France, and marking its presence in Denmark.
Emphasizing B2B as an essential growth aspect, evident from their collaboration with operator Bethard.
The unveiling of Betsson’s global advertising campaign titled “A bet makes the difference,” aiming to reinforce Betsson’s position as the primary global brand.
Our Comment on the Article
Betsson Group’s Q3 2023 performance is nothing short of exemplary. Their strategic approach, coupled with timely investments and a keen understanding of the market dynamics, have propelled them to new heights.
The group’s growth across various regions, barring the Nordics, signals a well-executed geographical expansion strategy. The CEO’s positive outlook for the upcoming months hints at further growth and diversification. With its consistent streak of growth, Betsson seems well-poised to offer its shareholders substantial long-term value.
