The operator achieved impressive financial results in the first quarter, with record-breaking revenue in its casino business and strong performance in various markets around the world. President and CEO Pontus Lindwall credited this success to the company’s long-term investment strategy. He stated that Betsson’s expansion into new markets and product enhancements have paid off, leading to sustained growth and value for shareholders.
In Q1, Betsson achieved a revenue of €221.9m, marking a 30.4% increase compared to the same period last year. The casino segment played a significant role in driving revenue, reaching a record €152.0m, a year-on-year growth of 36.9%. This was attributed to the introduction of 319 new casino games, including 16 exclusive titles available only on Betsson brands. Sportsbook revenue also saw a substantial increase of 19.1% to €67.2m, with €55.7m derived from mobile betting. However, revenue from other products, such as poker and bingo, decreased slightly by 1.9% to €2.7m.
Geographically, Central and Eastern Europe and Central Asia (CEECEA) emerged as Betsson’s core region, generating a record-breaking revenue of €93.5m. The operator experienced exceptional growth in Croatia, Greece, and Lithuania within this region. Nordic revenue decreased slightly by 4.2% to €51.9m, despite achieving record revenue in Denmark. Latin American revenue, on the other hand, saw a significant rise of 23.1% to €45.2m, as a result of Betsson’s expanded operations in Argentina. Western Europe revenue climbed by 22.4% to €27.2m, with Italy achieving an all-time high in revenue. The Rest of World revenue also increased by 13.2% to €4.2m due to Betsson’s increased ownership in Nigerian gaming operator Betbonanza in Q2 of 2022.
Regarding expenses, the cost of services increased by 17.9% to €74.4m, and operating expenses rose by 25.2% to €104.5m. Financial costs amounted to €2.1m, resulting in a pre-tax profit of €40.9m, representing an 85.9% growth compared to the previous year. Betsson paid €4.3m in income tax, resulting in a net profit of €36.6m for the quarter, a substantial increase of 75.1% from Q1 of 2022. Additionally, EBITDA surged by 62.6% to €54.3m.
Lindwall expressed optimism for the future, highlighting a solid financial position that allows for continued investments in sustainable growth and value creation for shareholders. Betsson remains committed to capitalizing on opportunities in the finance industry and aims to maintain its prosperous trajectory.
