Betsson revenue up 18% to €280.1m in Q3

Betsson saw growth across both its two core businesses: casino and sportsbook.

Sweden.- The Swedish gambling group Betsson has published financial results for the third quarter of the year. Revenue was up 18 per cent year-on-year at €280.1m ($302.2m).

Betsson’s casino division remained its primary revenue generator in Q3, contributing €209.9m. That’s a 22 per cent increase from the same period last year. Casino turnover reached a record €9.42bn, up 13.7 per cent.

The sportsbook segment also performed well, with revenue climbing 7.9 per cent year-on-year to €68.3m. The rise was supported by an 18.6 per cent increase in turnover, with the sportsbook margin standing at 7.4 per cent. Revenue from other products, including poker and bingo, was down 4.8 per cent at €2m.

Gross profit was €178.7m compared to €156.6m in Q3 2023. EBITDA rose by 17 per cent to €80.3m and operating income climbed 15 per cent to €64.5m.

Customer deposits reached a record €1.48bn, up 19.8 per cent. Registered customers increased 5.9 per cent to 31.1m, while active customers climbed 9.8 per cent to 1.4m.

Betsson president and CEO Pontus Lindwall said: “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. 

“The fourth quarter is off to a positive start with 14 per cent 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 August, Betsson acquired Sporting Solutions’ trading, pricing, and sports betting risk-management services from FDJ. Lindwall stated that the acquisition would enhance Betsson’s sportsbook offerings, improving speed and flexibility in odds setting and strengthening risk management. “This will strengthen our B2C and B2B sportsbook products,” added Lindwall.

For the first nine months of 2024, Betsson’s revenue reached €799.8m, a 14.8 per cent increase from the same period last year. Operating profit grew 21.5 per cent to €186.5m, with net profit standing at €130.6m.