10.01.2024

by Antoni Majewski

LiveScore Achieves Record Revenue in 2023 Amidst Financial Challenges

LiveScore, a leader in sports media and betting, reports a substantial 48.9% increase in revenue for the full year of 2023, achieving £129.6 million, despite facing operational challenges.

Substantial Revenue Growth

LiveScore’s fiscal year ending March 31, 2023, has been marked by a significant revenue increase. The company’s total revenue reached £129.6 million, marking a 48.9% increase from the previous year. This growth is primarily driven by its gambling operations, which contributed £108.0 million, up by 57.3% from 2022. The company’s advertising sector also showed healthy growth, contributing £21.6 million, a 17.7% increase.

LiveScore’s Chief Executive, Sam Sadi, in a discussion with iGB, outlined the company’s strategic direction. Sadi emphasized LiveScore’s ambition to dominate the global sports media landscape, rather than just focusing on being the premier betting operator. This strategic focus is evident in the company’s revenue distribution, with a majority of its earnings, totalling £100.3 million, coming from the UK and Ireland. Remarkably, the Rest of Europe division witnessed a near tripling in revenue to £14.0 million.

Operational Challenges and Financial Maneuvers

Despite the impressive revenue growth, LiveScore encountered significant operational challenges. The company’s distribution costs, primarily marketing expenses, amounted to £83.7 million. Additionally, administrative expenses rose by 28.6% to £77.8 million. These factors contributed to an operating loss of £61.7 million.

However, this loss represents an improvement of £8.1 million compared to 2022. LiveScore’s efforts to stabilize financially are evident in Anzo Group Limited’s issuance of £38.6 million in shares and the creation of a £20.0 million loan facility. Notably, Ringier Sports Media Group AG also made a £50 million investment in the company.

Looking Ahead: Balancing Growth with Stability

LiveScore’s 2023 performance highlights a dynamic phase of growth coupled with operational challenges. The company’s significant revenue increase, particularly in its gambling and advertising segments, demonstrates its strong market position and successful expansion strategy. However, the operational losses underscore the importance of balancing aggressive marketing and operational expenditures against revenue gains.

The financial strategies employed, such as the issuance of shares and loan facility, reflect LiveScore’s proactive approach to ensuring financial stability while pursuing ambitious growth. As the company moves forward, this balance between growth and financial prudence will be key to sustaining its success in the competitive sports media and betting landscape.

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