Key points:
- Positive quarter for both revenue and operating income
- Active customers increased by 10% in Q3
- The nine-month period also reflects a positive outlook
Betsson has released financial figures looking at its results for the third quarter and for the whole period between January and September this year.
Q3 2024
During the quarter, revenue was valued at €280.1m ($303.2m), representing an increase of 18% year-on-year. Of this, casino revenue was set at €209.9m, up 22%, and sportsbook revenue was set at €68.3m, up 8%.
Activity was said to be high in Latin America, Western Europe and Central and Eastern Europe and Central Asia, with the share of revenue from locally regulated markets amounting to 58%. Similarly, active customers were 10% higher in the quarter to 1.4 million.
Gross profit during the quarter was €178.7m compared to €156.6m in Q3 2023, while EBITDA rose by 17% to €80.3m. Looking at operating income, this climbed 15% during the third quarter to a figure of €64.5m.
There were a lot of developments during the quarter which may have played a part in the positive results. For example, it agreed a deal with current Serie A holders Inter that saw it become a front-of-shirt sponsor; it became official betting partner of the Nordea Open, and it acquired Sporting Solutions from La Française des Jeux (FDJ).
Nine-month period
When looking at the entire period between January and September in 2024, group revenue likewise saw an increase, by 15%, to €799.8m, with sportsbook revenue and casino revenue (in particular, at 19%) experiencing growth.
EBITDA was up 20% to €229.5m, while operating income also saw a significant upshift of 21% to €186.5m. Gross profit was €519.5m during the nine-month period compared with €466.6m during the corresponding period last year.
Good to know: Betsson discontinued its B2C operations in the US at the end of September
Comments
Betsson President and CEO Pontus Lindwall gave some thoughts on the company’s results: “The high customer activity continued during the third quarter with new record levels in customer deposits and gaming turnover. Yet again Betsson reports quarterly records in revenue and EBIT, which means the eleventh quarter in a row with sequential growth on the EBIT level.
“In the area of product and technology, further development of our platform continued while a large number of new casino games were released during the quarter. New sports were launched in our betbuilder function within the sportsbook, as well as new features to strengthen cross-selling between sports betting and casino. A lot of preparatory work was done before this summer's major football tournaments, so I am particularly pleased to see the 100 percent uptime for the sportsbook during all the matches in both the Euros and Copa America.
“The fourth quarter is off to a positive start with 14% higher daily revenue than the average for the full fourth quarter last year. Hence there is reason to feel confidence about the last quarter of the year, which is usually also the seasonally strongest quarter for customer activity.”
In other results-based news today, Boyd Gaming has reported its results for the third quarter, showing an increase in revenue and adjusted EBITDAR.
