Betsson has released its financial data, showing its performance for the third quarter and the entire period from January to September this year.
Third Quarter of 2024
This quarter, revenue was 280.1 million euros ($303.2 million), an increase of 18% year-over-year. Of this, casino revenue was 209.9 million euros, up 22%, and sports betting revenue was 68.3 million euros, up 8%.
It is reported that business activity was higher in Latin America, Western Europe, Central Europe, Eastern Europe, and Central Asia, with revenue from local regulated markets accounting for 58%. Similarly, the number of active customers increased by 10%, reaching 1.4 million.
The gross profit for this quarter was 178.7 million euros, compared to 156.6 million euros in the third quarter of 2023, with EBITDA increasing by 17% to 80.3 million euros. Operating income for the quarter grew by 15%, reaching 64.5 million euros.
Many developments this quarter may have played a role in achieving positive results. For example, it reached an agreement with the current Serie A champions Inter Milan to become the front-of-shirt sponsor; it became the official betting partner of the Nordea Open; and it acquired Sporting Solutions from La Française des Jeux (FDJ).
Nine-Month Period
Throughout the period from January to September 2024, the group's revenue also grew by 15%, reaching 799.8 million euros, with both sports betting and casino revenues (especially 19%) seeing growth.
EBITDA increased by 20% to 229.5 million euros, while operating income also saw a significant increase of 21% to 186.5 million euros. The gross profit for the first nine months was 519.5 million euros, compared to 466.6 million euros in the same period last year.
It is worth noting that Betsson ceased its B2C operations in the United States at the end of September.
Comments
Betsson's President and CEO Pontus Lindwall shared some thoughts on the company's performance: "Customer activity remained high in the third quarter, with customer deposits and betting turnover reaching new highs. Betsson has once again reported record quarterly revenue and pre-tax profits, meaning that pre-tax profits have grown consecutively for the eleventh quarter.
"In terms of products and technology, we continue to further develop our platform, while launching a large number of new casino games this quarter. We introduced new sports into our betbuilder feature in sports betting and launched new features to enhance cross-selling between sports betting and the casino. We did a lot of preparation work before the major football tournaments this summer, so I am particularly pleased to see that during all the matches of the European Championship and Copa America, the normal operation time of sports betting reached 100%.
"The fourth quarter has started well, with daily revenue 14% higher than the average level of last year's fourth quarter. Therefore, we have good reason to be confident about the last quarter of the year, which is also typically the most active quarter for customer activity."
In other performance-based news today, Boyd Gaming announced its third-quarter results, showing increases in revenue and adjusted EBITDAR.
