Latin American growth continues to boost performance for Betsson
The gambling operator saw Q1 revenue rise by 18.3 per cent year-on-year.
Sweden.- The Swedish gambling operator Betsson has published its results for the first quarter. Revenue was up by 18.3 per cent year-on-year, with Latin America continuing to account for the majority of the upturn.
Revenue reached €293.7m, down 4.3 per cent against the previous quarter owing to a lower sportsbook margin. Revenue from Latin America grew by 70.3 per cent year-on-year to a quarterly record of €74.5m. Betssson highlighted record deposits in the region and particularly strong performance in Argentina and Peru, both in casino and sports betting.
Betsson CEO and president Pontus Lindwall highlighted the brand’s extension of its deal with Boca Juniors in Argentina and the opening of its new Buenos Aires office “to be able to even better capture the growth potential in Argentina”. He also noted the launch on Brazil’s newly regulated market and its technical launch on the regulated market in Paraguay in February, meaning that it now operates under licences in 25 countries.
Overall casino revenue in Q1 reached €212.3m, while sportsbook revenue totalled €79.7m. Other products, including poker and bingo, brough in €1.6m, down 27.3 per cent.
Central and Eastern Europe generated €122.3m, up 11 per cent, while revenue in Western Europe rose by 28.1 per cent to €55.6m, driven by Italy, and Nordics revenue fell by 19.3 per cent to €37.8m. Net profit came in at €48.4m, a rise of 13.1 per cent year-on-year. EBITDA rose by 8.5 per cent to €77.7m, and operating profit climbed 9.5 per cent to €57.9m.
Lindwall said: “We continue to invest in the product and our technology – anything from new payment solutions and AI-supported processes to a strengthened sportsbook – and when we compare ourselves with competitors, we can see that in our focus markets we now have a market-leading offering in sports betting.”
He added: The world around us is currently characterised by great uncertainty and concerns about reduced world trade, higher inflation and a weakening economy. We are closely monitoring macroeconomic developments, but at the same time we note that demand for gaming products has historically been relatively unaffected by the general economic cycle.
“Betsson operates in an attractive sector with structural growth driven by the continued online migration of gaming. The share of online gaming in the world will continue to increase for many years to come and we have a clear vision to deliver the best customer experience in the industry. With a scalable, global business model and proprietary products and technology, we are well positioned for continued profitable growth going forward.”
Meanwhile, Rotterdam District Court has found in favour of a player, ruling that Betsson must reimburse more than €500,000 for losses incurred gambling on its unlicensed website before the Netherlands regulated online gambling in 2021.
