FL Entertainment Mantains Strong in Online Betting and Gaming
FL Entertainment, the parent company of Betclic and Bet-at-home, has demonstrated a robust performance in the first nine months of 2023, with significant growth in revenue and profitability.
Strong Growth in 2023’s First Nine Months
The company’s financial success is particularly notable in the online sports betting and gaming segments. The revenue has risen by 7.5% at constant currencies, reaching €2,866 million, an indicator of the company’s strong market presence and strategic focus. This increase, including a 6.6% growth in the third quarter, marks FL Entertainment’s steady progress in these challenging times.
In terms of profitability, FL Entertainment has shown remarkable improvement. The adjusted EBITDA is up by 8.1% at constant currencies to €473 million, while the adjusted net income has increased by 5.6% to €217 million.
This growth in net income is a significant turnaround from the net loss of €80 million reported in the same period of 2022. The company also boasts a strong liquidity position with €419 million and a stable leverage ratio of 3.2x, highlighting its financial stability and efficient cash flow management.
Focus on Online Sports Betting & Gaming
One of the key areas of growth for FL Entertainment has been its online sports betting and gaming sector. The company has seen a 34% increase in Unique Active Players compared to the same period in 2022, indicating a successful strategy in expanding its user base in this highly competitive market.
Additionally, the launch of the new Betclic app reflects the company’s commitment to digital innovation and enhancing the user experience. This app has been designed to improve product offerings and cater to the evolving needs of online gamers and bettors.
FL Entertainment’s commitment to responsible gaming has been recognized with the International Safer Gambling certification from GamCare. This achievement underlines the company’s dedication to promoting safe gaming practices and addressing the challenges of responsible gaming in the industry.
CEO François Riahi’s Statement
François Riahi, the CEO of FL Entertainment, commented on the company’s performance, saying, “We delivered solid results in the first nine months of 2023, with top line growth and profitability reflecting the strengths of our entertainment businesses. In Online sports betting & gaming, we maintained strong, double-digit growth across all activities. Our continued focus on growing and retaining Unique Active Players, was supported by the successful launch of a highly rated new App that enhances our product offer and user experience. Betclic has also become the first player to achieve the GamCare Safer Gambling certification outside the UK, demonstrating our total commitment to responsible gaming.”
Our Comment on the Article
FL Entertainment’s financial results for the first nine months of 2023 reflect a resilient and strategic performance, particularly in the online sports betting and gaming sectors.
The company’s ability to adapt to market demands, coupled with its commitment to digital innovation and responsible gaming, sets a strong foundation for future growth.
The CEO’s emphasis on the strength of their entertainment businesses and their focus on expanding and retaining a unique user base while enhancing user experience resonates with the company’s strategic objectives. These results not only showcase FL Entertainment’s current strengths but also its potential for sustained growth and market leadership in the dynamic entertainment industry.