Betsson Enjoys Increased Revenue and Profitability in 2023
LISTEN TO THIS ARTICLE:Betsson has published its year-end financial report detailing 1 January to 31 December 31 and it shows the company enjoyed an increase in both revenue and profitability.
The company saw group revenue of €251.9 million in Q4 2023, which was a 14% increase on Q4 2022. There was also an organic growth of 36%. Casino revenue grew by an impressive 25%; however, sportsbook revenue dropped 5%, largely due to the lack of major sporting events in December 2023 while December 2022 saw the World Cup take place.
Nonetheless, Betsson’s EBITDA grew 40% to €71.9 million and operating income (EBIT) was up 42% to €57 million. Net income for Q4 was €43.3 million, and there was an operating cash flow of €47.6 million. However, there was a 6% decrease in active customers to 1,345,129.
Related: Betsson Signs Paolo Guerrero for Global Casino Ambassador Role
Strong Full Year Figures
Looking at the entirety of 2023, Betsson saw revenue grow 22% year-over-year to €948.2 million. EBITDA was also up by 52% to €262.7 million, and operating income (EBIT) was up 60% to €210.5 million.
Net income in 2023 came to €173 million, which is equivalent to €1.29 per share, and operating cash flow totaled €230.4 million. Betsson’s Board of Directors has suggested increasing dividends by 48% to €0.645.
I look forward to 2024 with confidence. Betsson is well positioned for continued value creation thanks to a strong financial position, proprietary technology, an attractive customer offering and – above all – our employees. I would like to thank our employees for all their great efforts in 2023 and also extend my gratitude to our shareholders for the trust they have shown.
Mixed Reactions to Results
While last week Betsson won the Global Gaming Award for Social Responsibility of the Year, there was a mixed reaction to the report’s publication. The company’s shares dropped 7% soon after it was released and further market fluctuations are expected. There is speculation that this could be due to the suggested share redemption program and the dividends that have been suggested based on the results.
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