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  • Q3 2023: Betsson scores another record quarter as revenue climbs 19%
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Betsson has delivered another record-breaking set of results in Q3 2023, driven by high growth in all major regions, except for the Nordics.

During this period, the group generated a 19% year-on-year revenue increase to €237.6m, 39% of which was organic. 

EBITDA saw a substantial boost, reaching €68.9m, marking a 42% year-in-year increase.

This resulted in an EBITDA margin of 29%, up from 24.3% the previous year.

Operating profit stood at €56m, up 46% on Q3 2022. The EBIT margin reached 23.6%, up from 19.2% in the previous year.

Betsson said revenue and EBIT were the highest ever for the group in a single quarter and Q3 marked the seventh quarter in a row with sequential growth.

Casino revenue witnessed a 27% year-on-year increase to €172.1m, while sportsbook revenue grew by 2% to €63.3m. 

The sportsbook margin stood at 7.3%, down from 8.3% in Q3 2022. 

Moreover, Betsson expanded its active customer base by 17%, reaching 1.2 million customers compared to the same period in the previous year. 

Customer deposits also surged by 31% year-on-year. 

Geographical breakdown

In the Nordics, Betsson’s revenue dropped by 14.3% to €46.1m. This decline was primarily driven by decreases in Sweden and Finland, although Denmark saw growth, thanks to the introduction of the Betsson brand.

Western Europe reported a significant increase of 56.9% to €39.2m, primarily due to growth in Italy and the acquisition of betFIRST in Belgium. However, revenue in Germany declined due to market restrictions.

Central & Eastern Europe and Central Asia (CEECA) experienced a 23% year-on-year increase, reaching €97m. Betsson attributed this growth to strong underlying activity and growth in the casino product, particularly in Croatia and Greece.

In Latam, Betsson reported a 33.2% year-on-year increase to €51.7m, with Argentina and Colombia contributing positively, while Peru’s revenue decreased.

Revenue from the Rest of the World segment also declined by 6.5% to €3.6m compared to the same period last year, primarily due to lower sportsbook margins in Nigeria and reduced activity in Canada.

CEO comment

Betsson AB CEO Pontus Lindwall highlighted that the group hit several milestones during the quarter.

These included the integration of betFIRST in Belgium, the entry into the locally regulated market in Serbia, and obtaining a French sports betting licence, with a go-live date expected in Q4 2023.

Lindwall said: “France is an important gaming market in Europe with substantial long-term potential for online gaming, and we are taking the first step to offer French players a first-class experience in sports betting.

“I look forward with confidence to the final sprint of the year. Geographical diversification, a solid balance sheet, and strong cash flows create good conditions for continued investments in profitable growth to deliver long-term value creation for our shareholders,” he added. 

Betsson also disclosed that the average daily revenue for the early part of Q4 2023 has shown a significant increase, with an 11.9% rise compared to the full fourth quarter of 2022.

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