The group's revenues for the quarter reached €271.5 million ($295.6 million). This included 38% organic growth. Casino revenues rose 16%, while sports betting revenues increased 13%, with sports betting margins at 8.6%, up from 8.2%.
EBITDA for the quarter was €77.6 million, an increase of 15% compared to the previous year. EBITDA margin was 28.6%, slightly higher than last year's 28.5%. Operating income (EBIT) increased by 18% to €64.1 million, and the EBIT margin improved from 23.0% to 23.6%.
Net income fell 5% to 44.4 million euros, or 0.33 euros per share. Operating cash flow fell 15% to 75.8 million euros. Meanwhile, net debt improved 29% and active customers increased 25% to 1.4 million.
Meanwhile, Betsson reported a 13% increase in group revenue to €519.7 million in the first half of 2024, with organic growth of 32%. EBITDA in the quarter rose 22% to €149.2 million, with an EBITDA margin of 28.7% compared to 26.6% last year.
Operating income (EBIT) increased 25% to €122 million, with EBIT margin improving from 21.3% to 23.5%. Net income rose 4% to 87.2 million euros, equivalent to 0.63 euros per share. Operating cash flow fell 8% to €125.8 million.
The Annual General Meeting approved a dividend of €88.5 million to shareholders, equivalent to €0.645 per share, with the first dividend paid in June.
Pontus Lindwall, CEO of Betsson, commented: "The second quarter of 2024 means Betsson continues to maintain high growth and strengthen profitability, with both revenue and operating income reaching new highs. Revenue increased by 15%, operating income increased by 18%, and operating margin This increased to 23.6%. This is our tenth consecutive quarter of organic revenue growth of 38%, mainly driven by B2C business.”
Lindwall attributed the growth to increased customer activity during events such as UEFA and the America's Cup in June and July. The number of active customers increased by 25% and deposits increased by 15%. Compared with the same period last year, total casino gaming turnover increased by 7% and total sportsbook turnover increased by 17%.
The improvement in operating margin and operating income came despite an increase in the percentage of revenue subject to local gaming taxes. Revenue from locally regulated markets accounted for 55%, including Peru, which paid local gaming taxes throughout the second quarter.
Betsson has secured the first local licenses in Peru for the Betsson and Betsafe brands and expects to secure further licenses for the Inkabet brand.
In June, Betsson announced a cooperation agreement with Serie A champion Inter Milan. Inter Milan will print the Betsson.sport brand on its jerseys for the next four years.
Additionally, Betsson received a AAA rating from Morgan Stanley Capital International (MSCI) ESG Ratings in June, up from the previous AA rating, in recognition of its efforts on environmental, social and governance issues.
