Betsson Group has released its financial results for the third quarter of 2023, showcasing an impressive performance with revenue growth for the seventh consecutive quarter. The operator reported significant increases in revenue, gross profit, and active customers.
Impressive Revenue Growth:
Betsson Group experienced remarkable revenue growth in Q3, with total revenue reaching €237.6 million, a substantial 19% increase compared to the same period in 2022. Notably, the operator achieved an organic revenue growth of 39%, underscoring its strong market presence.
Strong Gross Profit:
The company also reported a 17% rise in gross profit, reaching €156.6 million during the third quarter. This increase in profitability reflects Betsson’s effective business strategies and strong market position.
Breakdown of Revenue Sources:
While the majority of revenue came from the casino segment, accounting for €172.1 million and marking a 27% increase, the sportsbook segment also showed growth, albeit at a slower pace, with a 2% increase to €63.3 million. Notably, the sportsbook gross turnover rose by 24% to €1.3 billion.
Net Income and EBITDA Growth:
Betsson Group’s net income and EBITDA both experienced substantial growth, each rising by 42% year-on-year. Net income reached €46.2 million, while EBITDA increased to €68.9 million, showcasing the company’s financial strength.
Licensing and Market Expansion:
In September, Betsson Group was granted a license to operate in the locally regulated online casino market in Serbia. The company capitalized on this by launching an online casino offering under the brand name Rizk. Betsson Group now operates more than 20 brands and holds licenses in 23 countries, reinforcing its commitment to global expansion.
Customer Growth:
Active customers increased by 17% to 1.2 million, highlighting the effectiveness of Betsson’s marketing and customer retention strategies. By the end of Q3, the number of registered customers had reached 29.4 million, reflecting a growth rate of 14.7%.
Future Plans:
Betsson Group continues to expand its operations. In addition to the strong Q3 performance, the company was awarded a license to offer online sports betting in France. The launch in France is expected to take place in the fourth quarter of 2023, in collaboration with a local partner, extending the company’s global reach.
CEO’s Perspective:
Pontus Lindwall, President and CEO of Betsson AB, expressed confidence in the company’s future prospects. He emphasized geographical diversification, a solid balance sheet, and strong cash flows as factors contributing to Betsson’s ability to make profitable investments and deliver long-term value to shareholders.
Betsson Group’s Q3 financial results are a testament to its solid growth trajectory. With consecutive revenue increases, strong profitability, and an expanding customer base, the company is well-positioned for continued success. The expansion into new markets and ongoing commitment to providing quality services underscore Betsson’s dedication to maintaining its growth momentum.