Betsson Achieves Record-Breaking Quarter with Strong Financial Performance
Betsson, a leading online gambling operator, has reported another record-breaking quarter with strong financial performance and high customer activity. During the second quarter of 2023, the group’s revenue reached EUR 236.8 million, marking a significant 27% increase compared to the same quarter last year. The organic increase in revenue was even more impressive, reaching 43%.
Casino as key driver of growth
The casino segment was a key driver of growth, with its revenue surging by 35%. Sportsbook revenue also saw a notable increase of 13%, despite a slight dip in the sportsbook margin to 8.2%. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at EUR 67.6 million, a remarkable 72% rise, leading to an improved EBITDA margin of 28.5%.
Betsson’s operating income (EBIT) also saw a significant surge, increasing by 87% to EUR 54.5 million, with an EBIT margin of 23.0%. The net income for the quarter amounted to EUR 46.9 million, translating to EUR 0.37 per share. The operating cash flow recorded a substantial increase, reaching EUR 89.2 million, showcasing the company’s strong financial position.
Betsson’s active customer base declined by 10% to 1,119,803, but this dip did not dampen the overall robust financial performance. The company’s acquisition of the Belgian B2C operator betFIRST contributed to its expansion efforts. Moreover, Betsson entered a strategic partnership with Groupe Partouche, a French casino operator, to offer online casino games in regulated markets, starting with Belgium.
Expanding the market reach
Geographically, Betsson’s revenues increased across all regions, with Central and Eastern Europe and Central Asia (CEECA) experiencing particularly high growth. The company’s diversified revenue streams and geographical presence have been crucial factors in its continuous profitable growth.
In addition to its financial achievements, Betsson also made significant strategic moves to enhance its brand and expand its market reach. It entered into a major sponsorship deal with Boca Juniors, a renowned Argentinian football club. As part of this agreement, the Betsson logo will be featured on the club’s match shirt during local and international matches until the end of 2024. This sponsorship further strengthens Betsson’s brand presence in Argentina and Latin America, aligning with its goal of sustainable growth.
Betsson remains confident about the future, with plans to continue its investments in geographic expansion and the development of its offerings to maintain a competitive edge in the industry. The company’s commitment to diversification and strategic partnerships positions it well for continued success in the online gambling market.