Betsson has posted its Q1 results, showing that its revenue increased by 30% – totalling €221.9m.
Furthermore, its EBITDA grew by 62% to €54.3m annually, with its gross profit sitting at €147.5m – representing a 38% jump.
Betsson has had a solid quarter, with the market remaining steady following the report. Its share price opened at SEK 109.60 ($10.63) before falling to SEK 105.5; however, it soon reached SEK 108, indicating the market is unsurprised by the company’s results.
As the graph below shows, Betsson’s revenue in Q1 was higher than any it recorded throughout 2022, beating Q4 2022 by €1.3m.
Pontus Lindwall, President and CEO of Betsson AB, said of the report: “For 60 years we have been offering entertainment in the form of casino games, sports betting and other types of games. Having a long-term perspective is the key when it comes to Betsson’s view about how the business should be run and how value is created for shareholders.
“In the past years, investments have been made to expand geographically to new markets and to strengthen the product offering and the competitive position. We can see that these efforts continue to pay off.
“Betsson started 2023 with yet another strong quarter, again delivering record numbers for revenue and EBIT, even though the first quarter has historically often had less activity than other quarters. Revenue increased organically by 38%, with sustained positive developments in both sports betting and casino. Geographically, revenue increased in all regions except for the Nordics.”
Betsson's Q1 revenue is of particular note, because Q4 2022 would have been bolstered by a strong World Cup showing.
