LiveScore Group full year revenue tops £129 million
LiveScore Group has posted a 48% increase in annual revenue to £129.7 million for the year ended 31 March 2023.
Virgin Bet, Livescore Bet and Livescore Media continue to contribute significantly to the growth in turnover of the Group, with substantial contributions from new jurisdictions, the Group incurred an operating loss of £61.8m (2022: loss of £69.9m) in the year.
This was in line with expectations and overall growth plans as the business incurred significant expansion and marketing costs. The decrease in operating loss is due to an increase in gross profit which outpaced continued significant investment in marketing and the Livescore brand.
In September and October 2022, Livescore Group Limited received an external investment of £50m in exchange for 9.99% interest in Livescore Group Limited. Additionally, during September 2022 and October 2022, £38.7m of shares in the Company were issued in lieu of payment of related party balances.