New Quarterly Revenue Record for Betsson for the Third Time Running
LISTEN TO THIS ARTICLE:Betsson enjoyed revenue of €237.6 million for Q3, marking the third quarter in a row of record-breaking revenue. The company also saw a year-on-year increase in net profit.
The revenue slightly surpassed the company's previous record of €236.8 million from Q2 and was 18.6% greater than the €200.3 million reported for the same period last year.
Growth across Casino and Sports Betting
Both the sports betting and casino divisions of Betsson showed growth. However, the casino sector was primarily responsible for the year-on-year increase. In Q3, the casino revenue peaked at a record €172.1 million, and turnover reached €8.29 million, narrowly missing the all-time high of €8.36 billion achieved in Q2.
CEO and president Pontus Lindwall identified the casino business as the chief factor for the growth. He also acknowledged the company's success in sports betting, particularly noting the recent acquisition of Belgium-based BetFirst Group. Acquired in June, the third quarter was the first to fully incorporate BetFirst into Betsson's operations. According to Lindwall, both the acquisition and the performance of the casino business contributed to a record high in earnings before interest and tax (EBIT) for Q3.
Betsson’s third quarter 2023 featured continued high customer activity, strong financial development and further investments in product and new markets. The revenue and EBIT, which include the acquisition of BetFirst, were the highest ever for Betsson in a single quarter and mark the seventh quarter in a row with sequential growth.
Casino Leads the Way
When it comes to a breakdown of Betsson's Q3 performance, the casino segment stands out as its primary business, contributing 72% of all revenue. Mobile-based revenue in the casino segment amounted to €144.9m, making up 84% of all casino revenue for the quarter. This was aided by the introduction of 327 new casino games, 24 of which are only accessible through Betsson.
The sports betting arm also saw positive results, with revenue increasing 2.4% year-on-year to €63.3m. Gross turnover went up by 23.7% to €1.31bn, boosted by the launch of Betsson’s sportsbook solution with Bethard in September.
According to Lindwall, “B2B is an important part of Betsson’s growth strategy, and work continues to strengthen the B2B offering.”
Lastly, other products such as poker and bingo contributed an additional €2.1m in revenue.
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