Betsson reports 15% revenue growth for Q2
The gambling operator saw strong organic growth in its casino and sportsbook segments.
Sweden.- The Swedish gambling group Betsson has published financial results for the second quarter of the year. Revenue was up 15 per cent year-on-year at €271.5m ($295.6m).
The operator highlighted organic growth of 38 per cent. Casino revenue was up 16 per cent and sportsbook revenue by 13 per cent. The sportsbook margin rose from 8.2 per cent to 8.6 per cent.
The growth was attributed to customer activity around Euro 2024 and the Copa America in June. The number of active customers rose by 25 per cent to 1.4 million, and deposits by 15 per cent. Gross gaming turnover increased by 7 per cent for casinos and 17 per cent for sports betting.
Second-quarter EBITDA was up 15 per cent at €77.6m, while the EBITDA margin was 28.6 per cent compared to 28.5 per cent. Operating income (EBIT) increased by 18 per cent to €64.1m. Net income fell 5 per cent to €44.4m, while operating cash flow was down 15 per cent at €75.8m.
The improved operating margin and income were achieved despite a larger share of revenue being subject to local gaming taxes. Revenue from locally regulated markets accounted for 55 per cent of all revenue following the obtention of licences in Peru for the Betsson and Betsafe brands. Betsson also expects to gain a Peru licence for Inkabet.
Betsson CEO Pontus Lindwall said: “The second quarter of 2024 saw continued high growth and strengthened profitability with new records in both revenue and operating income for Betsson. Revenue increased by 15 per cent and operating income increased by 18 per cent, while the operating margin strengthened to 23.6 per cent. This was our tenth consecutive quarter with increasing operating income. Organic revenue growth was 38 per cent, primarily driven by B2C operations.”
In April, Betsson announced a sponsorship deal with the Serie A club Torino following its launch in the Italian sports betting market last month. The Swedish operator says it continues to look for new markets.
