Prophet Betsson AB Lands Power Q3

A prophet, they say, has no or little honour in their own land; and so it’s proved for progressive, highly-regarded Betsson AB, the Swedish-origin iGaming firm that’s filed a spectacular Q3 reporting an impressive 19 percent growth across all markets and metrics – everywhere, indeed, except their own native Nordic region.

Betsson’s Group Revenue in the quarter, ending September, 2023, was €237.6 million (£207.32m), up from the €200.3 million (£174.77m) of the same period last year.

Their Casino Revenue was up 27 percent, while the growth of Sportsbook Revenue was more modest at two percent, year-on-year.

Company EBITDA stood at €68.9 million (£60.12m), up from €48.6 million (£42.4m) in 2022, a rise of 42 percent; translating into an EBITDA margin of 29 percent, against the 24.3 percent margin of Q3 2022.

Operating income (EBIT) for the Q3 period was €56 million (£48.86m), marking a year-on-year increase of 46 percent.

Net income for the third quarter was €46.2 million (£40.31m), up from €32.6 million (£28.44m) in 2022, equating to earnings of €0.35 per share as opposed to €0.24 per share, compared to the same quarter last year.

Active customer accounts grew by 17 percent and totalled over 1.2 million players.

“Revenue and EBIT, which included the acquisition of betFIRST, were the highest ever for Betsson in a single quarter and marked the seventh quarter in a row with sequential growth,” affirmed Betsson’s delighted boss Pontus Lindwall (pictured below).

“[Our] third quarter featured continued high customer activity, strong financial development and further investments in product and new markets.

“Driven by casino games, revenue was up 19 percent. Turnover was high in both casino and sports betting.”

Group revenue growth was broad-based, asserted Lindwall, with high growth in all major regions except for the Nordics, where Betsson’s revenue dropped by 14.3 percent to €46.1 million (£40.22m).

Scandi Declines But Vive La France!

The Scandi decline was primarily driven by decreases in Sweden and Finland; although Denmark saw growth, thanks to the introduction of the Betsson brand.

LatAm, meanwhile, saw 33.2 percent year-on-year growth to €51.7 million (£45.11m), with Argentina and Colombia contributing positively, while Peru’s revenue decreased.

Several new milestones were passed during the quarter, the Nasdaq Stockholm-listed betting company, founded in 1963, reported:

Betsson launched in Serbia, betFIRST in Belgium came under the Betsson umbrella and a local licence for sports betting was obtained in France, with launch scheduled for this current quarter, Q4.

Added Lindwall: “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.”