Betsson has announced its financial results for the second quarter of 2024, showing a revenue increase of 15% compared to the same period last year.
The group’s revenue for the quarter reached €271.5m ($295.6m). This includes 38% in organic growth. Casino revenue increased by 16%, while sportsbook revenue rose by 13%, with a sportsbook margin of 8.6%, up from 8.2%.
EBITDA for the quarter was €77.6m, a 15% rise from the previous year. The EBITDA margin was 28.6%, slightly higher than last year’s 28.5%. Operating income (EBIT) increased by 18% to €64.1m, with the EBIT margin improving to 23.6% from 23.0%.
Net income was down 5% to €44.4m, corresponding to €0.33 per share. Operating cash flow dropped 15% to €75.8m. Meanwhile, net debt improved by 29% and active customers increased by 25% to 1.4 million.
For the first half of 2024, meanwhile, Betsson reported a group revenue increase of 13% to €519.7m, with a 32% organic increase. EBITDA for this period was up 22% to €149.2m, with an EBITDA margin of 28.7%, compared to 26.6% last year.
Operating income (EBIT) rose by 25% to €122.0m, with the EBIT margin improving to 23.5% from 21.3%. Net income increased by 4% to €87.2m, corresponding to €0.63 per share. Operating cash flow is down 8% to €125.8m. The AGM approved a dividend to shareholders of €88.5m, corresponding to € 0.645 per share, with the first installment distributed in June.
Betsson's CEO, Pontus Lindwall, commented: "The second quarter of 2024 meant continued high growth and strengthened profitability with new records in both revenue and operating income for Betsson. Revenue increased by 15% and operating income increased by 18%, while the operating margin strengthened to 23.6%. This was our tenth consecutive quarter with increasing operating income. Organic revenue growth was 38%, primarily driven by the B2C operations.”
Lindwall attributed this growth to high customer activity during events such as the UEFA and Copa America in June. The number of active customers increased by 25% and deposits grew by 15%. Gross gaming turnover increased by 7% for casinos and 17% for sports betting compared to the same quarter last year.
The improved operating margin and operating income were achieved despite an increased proportion of revenue subject to local gaming taxes. Revenue from locally regulated markets was 55%, including Peru, where local gaming tax was accrued throughout the second quarter.
Betsson has secured its first local licences in Peru for the Betsson and Betsafe brands and expects additional licences for the Inkabet brand.
In June, Betsson announced a partnership agreement with Serie A champions Inter Milan, which will feature the Betsson.sport brand on the team’s jerseys for the next four years.
Additionally, Betsson received an AAA rating from Morgan Stanley Capital International (MSCI) ESG Ratings in June, an upgrade from the previous AA level, recognising its efforts in environmental, social and governance matters.
