Betsson reports another quarterly revenue record in Q3

Betsson reported revenue of €237.6m during Q3, with new record numbers and the seventh quarter in a row with sequential growth in revenue and earnings

Betsson reported growth across both its sports betting and casino businesses, but it was the latter that drove year-on-year growth. Casino revenue reached a record €172.1m in Q3 and turnover €8.29m, just short of the all-time high of €8.36m in Q2.

For the period July – September 2023, the company highlights:

• Group revenue was €237.6 (200.3) million, an increase of 19%. Organic increase of 39%.
• Casino revenue increased by 27%. Sportsbook revenue increased by 2% and the sportsbook margin was 7.3% (8.3%).
• EBITDA was €68.9 (48.6) million, an increase of 42%. The EBITDA margin was 29.0% (24.3%).
• Operating income (EBIT) was €56.0 (38.4) million, an increase of 46%. The EBIT margin was 23.6% (19.2%).
• Net income was €46.2 (32.6) million, corresponding to €0.35 (0.24) per share.
• Operating cash flow was €44.9 (38.5) million.
• Net debt was €-65.5 (-54.7) million.
• Active customers increased by 17% to 1,237,238 (1,056,400).

Reflecting on the quarter, CEO and president Pontus Lindwall comments:

“Active customers and deposits increased significantly during the quarter, and turnover was high in both casino and sports betting. The sportsbook margin was 7.3 (8.3) percent for the quarter and was negatively affected by many favourite wins and goal-rich games during the start of the European football leagues".

"Revenue for the Group growth was broad-based with high growth in all major regions except for the Nordics. The geographical expansion continues and several new milestones were passed during the quarter; betFIRST in Belgium was included in the Betsson Group, a launch took place on the locally regulated market in Serbia and a local license for sports betting was obtained in France, where go-live is expected in the fourth quarter. France is an important gaming market in Europe with large long-term potential for online gaming and we now take a first step to be able to offer French players a first-class experience in sports betting. At the end of the summer, the brand Betsson was also introduced in Denmark, which strengthens the Group’s position on the Danish market".

"B2B is an important part of Betsson’s growth strategy and work continues to strengthen the B2B offering. In September, Betsson’s sportsbook solution was launched with the operator Bethard".

"During the quarter, Betsson’s first-ever global advertising campaign was launched. The theme “A bet makes the difference” focuses on the excitement and entertainment that comes from placing a bet, on sports or casino, rather than the chances of winning. The campaign is part of the marketing strategy to establish Betsson as the Group’s global main brand, aiming to achieve economies of scale and competitive advantages for the business in the long run". 

"I look forward with confidence to the final sprint of the year. Geographical diversification, a solid balance sheet and strong cash flows create good conditions for continued investments in profitable growth to deliver long-term value creation for our shareholders.”

Source: GMB