Betsson has reported another record period of operations in the third quarter of 2024, with casino revenue being the driving force behind the growth, rising by over 20% year-over-year.
Customer activity also reached a new all-time high for the operator with deposits increasing by almost 20%, while operating income (EBIT) achieved an 11th consecutive quarter of sequential growth.
Peak metrics and KPIs were detailed for Betsson’s casino unit, which achieved an ‘all-time-high’ in gross turnover of €9.5bn, helping achieve record Q3 revenues of €209m, up 22% on 2023 comparatives of €172m.
Analysing the Q3 results, Betsson CEO and president Pontus Lindwall referenced high customer activity as a key driver. He notes new record levels across both customer deposits and gaming turnover during the quarter.
Lindwall also highlighted Betsson’s global expansion efforts, highlighting growth in several regions. This, he added, helped increase revenue share from locally regulated markets from 45% in Q3 last year to 58%.
Latin America revenue rose by 34.2% to €69.4m, an all-time high driven by casino. Revenue in Argentina, Peru and Colombia increased in comparison to the same quarter the previous year. In Peru, an operational subsidiary obtained a local licence in July for the Inkabet brand, in addition to the licences for the Betsson and Betsafe brands acquired in June.
In Q3, the company also applied for a licence in Brazil to further extend its reach in the region. “After several years of delay, Brazil will introduce a new gaming regulation in January 2025 and during the past quarter we submitted our application for a local license,” commented Lindwall. “The potential market in Brazil is large while competition is expected to be tough with many operators willing to invest large amounts in marketing.”
“As always for Betsson, we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries in order to find the right mix and allocation of investments between our markets. The focus on efficient capital allocation is and has always been an important part of our strategy to create shareholder value.”
Looking ahead, Lindwall reported that Q4 is already off to a positive start in terms of daily revenue, while also providing an update on the company’s 2022/2025 bond and the company’s thoughts on Brazil ahead of its market launch at the beginning of next year.
The CEO concluded: “Our business continues to generate strong cashflows and the balance sheet is solid. The fourth quarter is off to a positive start with 14% higher daily revenue than the average for the full fourth quarter last year. Hence there is reason to feel confidence about the last quarter of the year, which is usually also the seasonally strongest quarter for customer activity.”
Source: GMB
