Nordic home markets and volatile Argentina aside, Swedish origin Omnichannel Betsson hit an all-time high in Q1, ending March 31.
“[Our] first quarter of 2024 was characterised by a continued positive development with high customer activity, good growth and strengthened profitability, as well as new growth-oriented initiatives,” affirmed Betsson President and CEO Pontus Lindwall.
“Revenue was up 12 percent, year-over-year, and operating income (EBIT) increased as much as 35 percent to a new record level, while the operating margin strengthened to 23.3 percent.”
In all, the global group, listed on Nasdaq Stockholm, headquartered in Malta, generated €248.2 million (£212.27m) revenue in Q1. EBITDA, up 32 percent, compared to the first quarter of 2023, hit €71.6 million (£61.23m). And operating income was a record €57.9 million (£49.51m).
Argentina
The only blips on an otherwise high-five horizon was a relative, near 10 percent, decline in Nordics revenue, dropping to €46.9 million (£40.11m) and inflationary pressures on Betsson’s operations in politically-charged Argentina.
Sportsbook revenue also declined, by three percent, to €65.5 million (£56.01m), overall; as margins fell by an average eight percent to 6.6 percent in Q1, year-on-year.
Casino revenue, meantime, surged 19 percent to €180.5 million (£154.37m) across the company’s 23 regulated markets.
Active Customers during the quarter numbered 1.3 million players, a significant 14.8 percent increase on Q1 2023.
Geographically, with Betsson launching its eponymous flagship brand in Italy during the quarter, revenue from the company’s Western Europe markets was an impressive €43.4 million (£37.11m), up by nearly 60 percent.
And revenue from Central & Eastern Europe and Central Asia increased by 18 percent, year-on-year, to €110.2 million (£94.24m).
LatAm revenue–deflated by low Peruvian margins and impacted by Argentine currency devaluation–decreased 3.3 percent to €43.7 million (£37.37m).
Summer of ’24
Concluded Lindwall: “After [this] positive start to the year, we now look forward to following the final rounds of the European football leagues and cups, before it is time for the best national football teams to measure their strengths in the UEFA Euro 2024 and Copa America in June and July.
“There is football fever out there and within the entire organisation a number of activities are already underway to ensure that Betsson will be able to deliver a powerful player offering for new and existing customers during these major championships.
“See you this summer!”
