Polish operator BetFan's H1 2023 turnover reaches $515.8m

In H1 2023, turnover and net gaming revenue (NGR) increased by 161% and 228%, respectively, compared to the same period in 2022.

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BetFan, a legal Polish bookmaker, has reported financial results for the first half of 2023.

The company's total turnover reached PLN 213.5m ($515.8m), marking an 8% increase compared to the same period last year.

Net gaming revenue (NGR) from January to June 2023 also surged by 26% year-on-year to PLN 20.7m ($5m). 

In Q2 2023 alone, the company experienced even faster NGR growth, reaching 44% year-on-year. Moreover, BetFan achieved a net profit of PLN 3.75m in the first half of the year. BetFan's success primarily stems from its online operations, with 98% of its turnover in H1 2023 coming from online betting activities.

The operator's focus has been on enhancing its mobile application, launching a new version for both iOS and Android users in 2023.

The company's shift from a marketing-oriented approach to a technology-focused strategy has contributed to increased customer engagement, including a notable rise in conversion rates and user activity on the platform.

The bookmaker's customer base has grown substantially, with a 37% increase compared to June 2022. BetFan attributes this growth to its new affiliate program and strategic media partnerships with industry leaders.

Additionally, BetFan is expanding its reach through a network of stationary betting terminals. The company currently operates over 100 terminals in Poland, and its turnover and NGR from this segment have experienced remarkable growth.

Łukasz Łazarewicz, BetFan CEO, said: “The dynamics of the total turnover, after deduction of bonuses and “free bets”, exceeded 10% in the first half of the year and our NGR has been growing even faster.

"As an e-betting company, we put emphasis on constantly improving our product and the customer experience. We want the BetFan website and the app to be even more engaging, intuitive and fast.”

BetFan plans to launch an additional 30 terminals later this year.

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