Betsson has unveiled a stunning 14% surge in group revenue, reaching €251.9 million for the last quarter of 2023, elevating its annual earnings to an unprecedented €948.2 million. 📈
This impressive growth marks Betsson’s eighth consecutive quarter of increased revenue, fueled by a 25% rise in casino earnings to an all-time high of €182.8 million. A notable €157.8 million of this revenue originated from mobile platforms. 🎰📱
Sportsbook gross turnover across Betsson’s diverse gaming options jumped by 18% to a remarkable €1.68 billion. However, sportsbook revenue dipped by 5% to €67.0 million, attributed to a lowered sportsbook margin of 6.2% (down from 7.3% in Q4 2022). ⚽📉
Other products like poker and bingo experienced a 45% decrease in revenue to €2.1 million, contributing merely 1% to Betsson’s total Q4 earnings.
Q4 and Full Year 2023 Revenue Comparison (€)
| Category | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Casino | 182.8m | 146.1m | 672.0m | 514.7m |
| Sportsbook | 67.0m | 70.7m | 267.0m | 250.7m |
| Other Products | 2.1m | 3.8m | 9.2m | 12.0m |
| TOTAL | 251.9m | 220.6m | 948.2m | 777.2m |
Active customers across all products saw a 6% year-on-year decline, standing at 1,345,129. This comparison is against a period that included the FIFA World Cup. However, total registered customers rose by 11% to an impressive 29.7 million.
Betsson President and CEO Pontus Lindwall expressed pride in the company’s 60-year history of providing entertainment through casino games, sports betting, and more. “In recent decades, we have been pioneers in digitalizing the gaming industry,” said Lindwall. “2023, our jubilee year, marks another record-breaking year for Betsson.”
🌍 Revenue from the Nordics decreased by 13% to €46.4 million, while Western Europe saw a staggering 62% increase to €41.7 million, thanks to exceptional performances in Italy and Belgium. Revenue in Central & Eastern Europe and Central Asia (CEECA) climbed 25% to €106.8 million, and Latin America’s revenue inched up 2% to €53.3 million. However, Rest of the World revenue declined by 9% to €3.7 million.
“Our vision is to provide the best customer experience in the gaming industry,” Lindwall added, emphasizing Betsson’s commitment to competitive odds and fair chances for their customers.
Betsson’s revenue from locally regulated markets soared by 53% to €115.7 million in Q4, representing 45.9% of total revenue (Q4 2022: 34.2%).
Lindwall highlighted Betsson’s readiness to apply for gaming licenses in Peru and Brazil as these countries move towards online gaming regulation in 2024.
Q4 and Full Year 2023 Results Comparison (€)
| Description | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Revenue | 251.9m | 220.6m | 948.2m | 777.2m |
| Cost of Services Provided | (86.7m) | (75.8m) | (316.4m) | (272.8m) |
| Gross Profit | 165.2m | 144.8m | 631.8m | 504.4m |
| Operating Income | 57.0m | 40.0m | 210.5m | 131.2m |
| Net Income | 43.3m | 32.7m | 173.0m | 114.7m |
During Q4, despite a 14% increase in service costs and a 3% rise in operating expenses, Betsson’s operating income and net income saw substantial growth.
The Board proposed a generous dividend of €88.5 million (€0.645 per share) through a share redemption program.
Looking forward to 2024, Lindwall expressed confidence in Betsson’s strong financial position, proprietary technology, and talented team. “I’m grateful to our employees and shareholders for their trust,” he concluded.
Currently, Betsson’s daily revenue for Q1 2024 is already 5.9% higher than the average during Q1 2023.
As of 31 December, Betsson’s cash holdings stood at €237.1 million, a significant increase from the previous year.
Following the announcement, Betsson AB (STO:BETS-B) shares traded 7.94% lower at SEK111.30 in Stockholm.
