Betsson Group reports record quarterly revenue

Finance News

Betsson’s Group revenue was EUR 221.9 (170.2) million, an increase of 30%. Organic increase of 38%. Casino revenue increased by 37%. Sportsbook revenue increased by 19% and the sportsbook margin was 8.0% (8.3%). 

EBITDA was EUR 54.3 (33.4) million, an increase of 62%.The EBITDA margin was 24.5% (19.6%). Operating income (EBIT) was EUR 43.0 (23.6) million, an increase of 82%. The EBIT margin was 19.4% (13.9%).

Net income was EUR 36.6 (20.9) million, corresponding to EUR 0.28 (0.16) per share. Operating cash flow was EUR 48.8 (26.9) million.Net debt was EUR -104.5 (-16.9) million.

Betsson started 2023 with yet another strong quarter, again delivering record numbers for revenue and EBIT, even though the first quarter has historically often had less activity than other quarters. Revenue increased organically by 38 percent, with sustained positive developments in both sports betting and casino. Geographically, revenue increased in all regions except for the Nordics. 

The new business in Argentina is developing well, revenue increased strongly during the quarter, and Betsson continues to invest in marketing to build brand awareness in this regulated market. In February, a third license in the country was obtained, in the province of Cordoba, where a launch will take place later this year. Revenue from B2B continues to increase, which is a sign of strength that reflects the investments made in the past years into product and tech development as well as M&A. Thanks to Betsson’s scalable business model, these investments can be absorbed with maintained or higher profitability over time. EBIT increased by 82 percent and the EBIT margin was 19.4 (13.9) percent during the quarter.