B90 Holdings has released its financial results for the first half (H1) of 2024, revealing impressive growth and a reduction in losses, which highlights a key moment in the company’s transformation. This marks a substantial shift for the company as it pivots from a B2C (business-to-consumer) model to a B2B (business-to-business) focus, a strategy that came into full effect toward the end of 2023. This pivot has not only boosted revenue significantly but has also pushed the company into profitability at the EBITDA (earnings before interest, tax, depreciation, and amortization) level.
Financial Results at a Glance
B90’s H1 2024 revenue totaled €1.4 million ($1.6 million), representing an impressive 83% year-on-year increase from the previous year. This surge in revenue is a clear indicator of the success of B90’s strategic transition to a B2B model.
Meanwhile, the company’s net loss was reduced significantly, down from €1.8 million in H1 2023 to just €0.3 million in H1 2024. This is a key milestone for the company, as it highlights its improving financial health. The transformation in EBITDA performance is equally significant, with the company achieving a positive €0.2 million, compared to a loss of €1.3 million during the same period last year.
The Strategic Shift: From B2C to B2B
At the core of B90’s remarkable turnaround is its strategic shift towards a B2B business model. Prior to 2023, B90 operated predominantly under a B2C framework, focusing on direct consumer engagement through its gaming platform Bet90.com. However, the company’s leadership saw an opportunity to enhance profitability and scalability by pivoting towards a B2B affiliate model, leveraging the strength of their brands in generating leads for betting and gaming operators.
This transition was completed near the end of 2023, with the relaunch of Bet90.com as a B2B affiliate platform. In this new model, B90 now uses several subsidiary brands, including Emwys, Oddsen.nu, and Tippen4you, to drive lead generation through search engine optimization (SEO) and other marketing methods. This shift has enabled B90 to monetize its audience more effectively by partnering with operators, reducing direct customer acquisition costs and focusing on affiliate revenues.
Oddsen.nu and the King of Euro 2024 Competition
A key element of B90’s B2B strategy is its acquisition and development of the Oddsen.nu brand. Acquired in September 2023, Oddsen.nu began its global affiliate operations in April 2024, marking an important step forward for B90’s international ambitions. The platform, which focuses on providing odds comparison and betting tips, has played a critical role in driving user engagement and generating affiliate leads.
One notable initiative from Oddsen.nu during H1 2024 was the launch of its King of Euro 2024 competition. This event, centered around the highly anticipated Euro 2024 football tournament, aimed to enhance user interaction and retention by offering a substantial €9,000 grand prize. According to B90’s financial report, this competition was specifically highlighted as an “excellent opportunity to engage with key audiences,” further supporting the company’s affiliate growth strategy.
Operational Efficiency and Expense Reductions
Another crucial factor contributing to B90’s improved financial performance has been its focus on operational efficiency and cost control. In H1 2024, the company significantly reduced its other administrative expenses from €0.9 million in H1 2023 to just €0.3 million in the same period this year. This reduction demonstrates B90’s ability to streamline its operations as it transitions to a more scalable B2B model.
Similarly, marketing and selling expenses were halved, dropping from €0.4 million in H1 2023 to €0.2 million in H1 2024. This reduction is largely attributable to the company’s shift away from direct customer acquisition under the B2C model and towards more cost-effective lead generation via its affiliate platforms. By optimizing its marketing spend, B90 has been able to focus its resources on areas that deliver more value and efficiency.
Executive Leadership Commentary
Reflecting on the company’s performance, B90’s Executive Chairman Ronny Breivik described the first half of 2024 as “transformational,” noting that the company had achieved consecutive months of EBITDA profitability, which he called a “significant milestone.” Breivik went on to express confidence in B90’s long-term growth prospects, driven by its sustained focus on B2B operations and strategic investments.
Breivik’s optimism for the future was clear in his remarks:
“This EBITDA profitability has continued into the second half, and I am confident that our sustained focus on B2B operations and strategic investments will lead to long-term growth and value for our shareholders. Looking ahead, we are optimistic about the future of B90.”
Looking Forward: Long-Term Growth and Strategic Priorities
B90’s leadership has made it clear that the company’s future lies in its B2B operations, and the early success of this model in 2024 has laid a strong foundation for continued growth. The shift to an affiliate-based approach not only offers a more scalable and profitable business model but also positions B90 to capitalize on broader trends in the gaming and betting industry, where operators increasingly rely on affiliates to drive customer acquisition.
Moving forward, B90 plans to continue expanding its portfolio of affiliate brands and enhancing its lead generation capabilities. As the company leverages SEO and other digital marketing techniques to drive traffic and leads, it is well-positioned to capture further market share in the global gaming affiliate space.
The success of the Oddsen.nu brand, particularly in terms of user engagement through initiatives like the King of Euro 2024 competition, highlights the potential for B90 to replicate similar strategies across its other brands. By focusing on high-profile events and competitions, the company can continue to attract and retain valuable users, which in turn will drive higher affiliate revenues.
B90’s first half of 2024 represents a turning point for the company, marked by significant revenue growth, a dramatic reduction in losses, and a successful shift to a more sustainable B2B business model. As the company continues to build on this momentum, there are clear signs that its strategic shift is paying off. With a focus on operational efficiency, cost control, and targeted marketing efforts, B90 is poised to continue delivering value to shareholders in the second half of 2024 and beyond.
The company’s leadership remains optimistic about the future, with EBITDA profitability already continuing into the latter half of the year. As B90 continues to expand its global affiliate operations and enhance user engagement through innovative competitions and marketing strategies, the company is on a solid path toward long-term growth and profitability.
With strong results, a clear strategic focus, and an adaptable business model, B90 is positioned to be a leader in the gaming affiliate industry in the years to come.