{"id":116263,"date":"2023-07-20T12:39:03","date_gmt":"2023-07-20T15:39:03","guid":{"rendered":"https:\/\/igamingbrazil.com\/uncategorized\/2023\/07\/20\/betsson-sets-new-q2-revenue-record\/"},"modified":"2023-07-20T12:44:10","modified_gmt":"2023-07-20T15:44:10","slug":"betsson-sets-new-q2-revenue-record","status":"publish","type":"post","link":"https:\/\/igamingbrazil.com\/en\/online-en\/2023\/07\/20\/betsson-sets-new-q2-revenue-record\/","title":{"rendered":"Betsson sets new Q2 revenue record"},"content":{"rendered":"\n

Betsson<\/strong> posted record revenue for the second consecutive quarter during the second quarter, with casino<\/a> revenue also reaching an all-time high.<\/p>\n\n\n\n

Group revenue for the three months to 30 June was \u20ac236.8 million, up 27.1% from \u20ac186.3 million in Q2 2022.<\/p>\n\n\n\n

That figure also beat the previous record of \u20ac221.9m set in the first quarter of this year by 6.7%.<\/p>\n\n\n\n

The operator experienced growth in several of its businesses. The casino<\/a> was a highlight in the second quarter, with revenue reaching a record \u20ac165.1 million, while turnover reached an all-time high of \u20ac8.36 billion.<\/p>\n\n\n\n

CEO Pontus Lindwall<\/strong> also spoke about the growth of sports betting<\/a>, which will be further driven by the acquisition of Belgium’s BetFirst Group<\/strong>.<\/p>\n\n\n\n

The operator agreed to acquire the business for \u20ac120 million. The acquisition of BetFirst, completed this month, will be complemented by a new agreement with Groupe Partouche.<\/p>\n\n\n\n

This will grant Betsson access to the Belgian online casino<\/a> market. The company intends to enter the country before the end of the year.<\/p>\n\n\n\n

Strategic initiatives such as the BetFirst deal keep Betsson competitive and support the operator’s consistent growth.<\/p>\n\n\n\n

\u201cBetsson’s long history of profitable growth is based on diversified revenues, both in terms of products and geographic markets,\u201d said CEO Pontus Lindwall<\/strong>.<\/p>\n\n\n\n

“As before, the business generates strong cash flows, and the strong balance sheet constantly facilitates new growth initiatives.”<\/p>\n\n\n\n

\u201cIt is the mix of investments in new markets, organically and via acquisitions, which has contributed to the good financial performance over time\u201d, he added.<\/p>\n\n\n\n

\"Betsson
Betsson CEO, Pontus Lindwall<\/figcaption><\/figure>\n\n\n\n

Casino and sports betting growth<\/h2>\n\n\n\n

Looking at Q1 results, casino<\/a> accounted for 70% of all revenue, with mobile accounting for 84% of the vertical’s revenue<\/strong>.<\/p>\n\n\n\n

As for sports betting<\/a>, revenue was 12.7% higher compared to the previous year, to 58.5 million euros, with the participation of mobile at 85%.<\/p>\n\n\n\n

Sports betting<\/a><\/strong> revenues also increased by 32.4% to \u20ac1.31 billion.<\/p>\n\n\n\n

Revenue from its other products, including poker<\/strong> and bingo<\/a><\/strong>, increased by 8.9% to \u20ac2.3 million.<\/p>\n\n\n\n

Relevance of Central and Eastern Europe and Central Asia for Betsson<\/h3>\n\n\n\n

Looking at revenue in terms of geographic performance, Central and Eastern Europe and Central Asia (CEECA<\/strong>) led the way with \u20ac102.6 million.<\/p>\n\n\n\n

This represented a 68.0% increase and a new record for the region, with revenue from Croatia and Greece reaching historic highs.<\/p>\n\n\n\n

Elsewhere, Nordic revenue reached \u20ac51.7m, up 0.9% year-on-year, mainly due to casino growth.<\/p>\n\n\n\n

Latin America<\/strong> revenue totaled \u20ac51.4, up 12.5%, aided by increases in Argentina and Colombia.<\/p>\n\n\n\n

Business in Africa and Latin America<\/h3>\n\n\n\n

Western Europe revenue increased by 8.8% to \u20ac27.0m, with Betsson continuing to grow in Italy. Lindwall noted that the acquisition of BetFirst will drive further revenue growth across the region.<\/p>\n\n\n\n

However, there will be no return to the Netherlands for now after the company withdrew its igaming<\/a> license applications following several delays in the certification process<\/strong>.<\/p>\n\n\n\n

In the rest of the world, revenues increased by 18.9% to 4.2 million euros. This has been helped by the growth of Betsson’s stake in Nigeria-focused Betbonanza<\/strong> from 25% to 60% in June last year.<\/p>\n\n\n\n

Betsson also said that revenue generated on locally regulated markets amounted to \u20ac85.9 million, or 36.3% of all revenue. This represents a 35% share growth in the first quarter of 2022.<\/p>\n\n\n\n

\"Betsson\"<\/figure>\n\n\n\n

Net income increased by 64%<\/h3>\n\n\n\n

The increase in income was accompanied by an increase in expenses.<\/p>\n\n\n\n

Total operating expenses for the quarter rose 20.5% to \u20ac108 million, while cost of services increased 10.1% to \u20ac74.3 million.<\/p>\n\n\n\n

Betsson’s biggest operating outflow<\/strong> was staff expenses of \u20ac33.3m, marginally ahead of other external costs of \u20ac33.2m.<\/p>\n\n\n\n

Marketing costs in the first quarter totaled \u20ac31.9 million, while all other expenses increased year-on-year.<\/p>\n\n\n\n

This expense left an operating profit of 54.5 million euros, an increase of 86.6% compared to the previous year.<\/p>\n\n\n\n

After accounting for \u20ac2.4m in financial expenses, profit before tax increased by 65.9% to \u20ac52.1m.<\/p>\n\n\n\n

Betsson paid \u20ac5.2 million in tax, leaving a net profit of \u20ac46.9 million for the quarter, an increase of 64.0% year-on-year.<\/p>\n\n\n\n

Betsson’s growth in the first half<\/h2>\n\n\n\n

Looking at the first half as a whole, revenue for the six months to June 30 was \u20ac458.7 million. This was 28.7% above \u20ac356.4 million a year earlier.<\/p>\n\n\n\n

Casino revenue<\/strong> in the first half jumped 36.0% to \u20ac317.1 million, while sports betting<\/a> revenue increased by 15.9% to \u20ac136.7 million.<\/p>\n\n\n\n

Operating expenses increased by 22.8% to 212.5 million euros. After including \u20ac4.5 million in financial costs, profit before tax was \u20ac93.0 million, up 73.2% on the previous year.<\/p>\n\n\n\n

Betsson reported \u20ac9.5m in income tax payments, leaving \u20ac83.5m in net profit, an increase of 69%.<\/p>\n\n\n\n

\u201cWe look forward confidently to the second half of the year, with continued investments in geographic expansion and constant development of Betsson<\/strong>‘s offer to ensure our competitiveness in the future\u201d, concluded Lindwall.<\/p>\n","protected":false},"excerpt":{"rendered":"

Betsson posted record revenue for the second consecutive quarter during the second quarter, with casino revenue also reaching an all-time high. Group revenue for the three months to 30 June […]<\/p>\n","protected":false},"author":9,"featured_media":116185,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3046],"tags":[3461,3584,3298],"class_list":["post-116263","post","type-post","status-publish","format-standard","has-post-thumbnail","category-online-en","tag-betsson-en","tag-casino-en","tag-poker-en"],"yoast_head":"\nBetsson sets new Q2 revenue record - iGaming Brazil<\/title>\n<meta name=\"description\" content=\"Betsson posted record revenue for the second quarter in a row in Q2, with casino revenue also growing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/igamingbrazil.com\/en\/online-en\/2023\/07\/20\/betsson-sets-new-q2-revenue-record\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betsson sets new Q2 revenue record - 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