In a trading update, FL Entertainment reported strong momentum in its entire business, which includes online sports betting, gaming, and content production and distribution.
Specifically focusing on betting and gaming, FL mentioned that Betclic’s digital platform drove growth, especially during the 2022 Fifa World Cup where stakes registered high double-digit growth compared to the 2020 European Championships.
FL also highlighted a considerable increase in unique active players across betting and gaming in 2022 compared to the previous year.
In terms of content production and distribution, FL reported a 25% rise in the number of hours in its content catalogue compared to 2021. Additionally, the company completed 12 bolt-on acquisitions of production companies.
FL Entertainment became a listed entity in July after merging with special-purpose acquisition company Pegasus Entrepreneurial Acquisition Company Europe. The merger included all Betclic Everest subsidiaries, including Bet-at-home, and television production business Banijay.
FL stated that as a listed company, it continuously reviews capital market opportunities to diversify funding sources, strengthen the capital structure, and provide balance sheet flexibility for executing its strategy. Currently, the company is assessing a potential convertible bond financing, subject to market conditions.
FL Entertainment also intends to expand its free float and stock liquidity over time, including orderly sell-downs by some shareholders after the first lock-up expired earlier this month.
However, FL faced difficulties in 2022 with the winding down of Bet-at-home’s activities in certain regions, notably in Austria. This decision came after losing a legal battle against a consortium of players seeking compensation from unlicensed operators. Bet-at-home also permanently withdrew from the market after surrendering its GB license due to suspicions of anti-money laundering and social responsibility failings leading to license suspension by the Gambling Commission.
