Betsson maintained its growth momentum in Q3 2024, delivering record financial results primarily driven by strong performance in its casino segment.
The group reported revenue of €280.1m, a 17.9% year-on-year increase, with organic growth of 51%. EBITDA rose by 17% to €80.3m, with an EBITDA margin of 28.7%, down slightly from 29% in Q3 2023.
Operating income (EBIT) for the quarter reached €64.5m, up 15% from €56m last year, though the EBIT margin also slightly decreased to 23% from 23.6%.
Nonetheless, Q3 marked Betsson’s 11th consecutive quarter of sequential EBIT growth.
Net income for the quarter was €43.4m, down from €46.2m in the same period last year, while operating cash flow increased from €44.9m in Q3 2023 to €62.5m in Q3 2024.
Casino revenue saw a 22% year-on-year increase to €209.9m, which represents a new quarterly all-time high, while sportsbook revenue grew by 8% to €68.3m. The sportsbook margin was 7.4%, which is in line with Betsson’s average margin over the past eight quarters. Meanwhile, the number of active customers rose by 10% to 1.4 million.
Geographical breakdown
Betsson experienced significant revenue growth in several key regions during Q3 2024.
In Central & Eastern Europe and Central Asia (CEECA), revenue increased by 20% year-on-year to €116.3m.
Latin America achieved a record-breaking quarter with €69.4m in revenue, a 34.2% rise driven largely by the casino product, with Argentina contributing to the growth.
In Western Europe, revenue reached €44.7m, up 14.2%, as the business in Italy reported all-time high revenue. This growth was fuelled by strong performance in the casino segment, alongside increased activity in sportsbook.
The company also saw revenue gains in Belgium, mainly due to its casino offerings. Conversely, in the Nordics, revenue dropped by 1.8% to €45.3m, with lower casino activity cited as the main reason for the decline.
Betsson AB CEO Pontus Lindwall expressed satisfaction with the company’s continued success, highlighting broad-based growth across Latin America, Western Europe, and the CEECA region. Locally regulated markets contributed 58% of the group’s revenue in Q3, up from 45% a year ago. Lindwall also noted Betsson’s growing involvement in sports, citing new sponsorships in Greece and the extension of deals with football and basketball clubs. In terms of product development, Betsson expanded its casino offerings and added new features to its sportsbook, enhancing cross-selling between sports betting and casino games. The company’s acquisition of Sporting Solutions from French operator FDJ is expected to further strengthen Betsson’s sportsbook operations, particularly in terms of odds setting, risk management, and scalability. Looking ahead, Lindwall highlighted the company’s preparations for Brazil’s upcoming gaming regulations in January 2025, where Betsson has submitted its licence application. “The potential market in Brazil is large while competition is expected to be tough with many operators willing to invest large amounts in marketing. As always for Betsson, we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries in order to find the right mix and allocation of investments between our markets. The focus on efficient capital allocation is and has always been an important part of our strategy to create shareholder value,” Lindwall said.
Betsson said Q4 2023 is “off to a strong start”, with daily revenue up 14% compared to the same period last year, giving the company optimism for what is typically the “seasonally strongest quarter for customer activity.”
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