Betsson reveals strong financial results for Q4 2023 and Full-Year 2023
Betsson has released its year-end report covering the period from 1 January to 31 December 2023, demonstrating growth in revenue and profitability.
In Q4 2023, Betsson reported group revenue of €251.9m ($270.3m), representing a 14% increase compared to the same period in the previous year.
The company experienced organic growth, with revenue climbing by 36%. Notably, while casino revenue surged by 25%, sportsbook revenue saw a slight decline of 5%, attributed partly to the absence of the World Cup event, which had boosted sportsbook revenue in the previous year.
Despite this decrease, the company’s EBITDA soared by 40% to €71.9m, accompanied by an operating income (EBIT) increase of 42% to €57.0m.
Net income for the quarter stood at €43.3m, with operating cash flow totalling €47.6m. Active customers decreased by 6% to 1,345,129, reflecting a shift in customer behaviour.
For the full year 2023, Betsson reported revenue growth, reaching €948.2m, up by 22% year-over-year. EBITDA surged by 52% to €262.7m, while operating income (EBIT) witnessed an increase of 60% to €210.5m.
Net income for the year amounted to €173.0m, corresponding to €1.29 per share, with operating cash flow totalling €230.4m.
The Board of Directors proposed a dividend increase of 48% to €0.645 per share.
Betsson AB CEO Pontus Lindwall stated: “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.”
Last week, Betsson was honoured with the Global Gaming Award for Social Responsibility of the Year. In addition, Betsson’s CEOs participated in a Huddle interview at the Gambling Insider booth at ICE London, which will be published soon.
However, the Betsson share price has dropped 7% this morning in reaction to the report and remains a point of interest for investors, with market fluctuations expected following the release of the financial results. This could also be to do with a proposed share redemption programme and dividends proposed to investors based on these results.
Betsson’s Q3 2023 financial report highlighted revenue of €237.6m, marking an increase in revenue for Betsson’s Q4 2023 results which totalled €251.9m.
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