Betsson AB continues to outperform its market and competitor metrics as leadership plans a strong close to 2024 trading.

Publishing its Q3 2024 accounts, Betsson achieved its eleventh consecutive quarter of growth, generating group revenues of €280m, up 18% on 2023 results of €237m.

Period trading saw Betsson brands break customer engagement records as Q3 deposits totaled €1.48bn, generated from a 10% increase in active customers to 1.37m (+10%).

Peak metrics and KPIs were detailed for Betsson’s casino unit, which achieved an ‘all-time-high’ in gross turnover of €9.5bn, helping achieve record Q3 revenues of €209m, up 22% on 2023 comparatives of €172m.

Revenue growth was maintained by the sportsbook unit, which generated a Q3 income of €68m (Q3 2023: €63m), despite trading margins remaining flat at 7.4%.

Q3 accounts registered a 17% increase in EBITDA to €80m as Betsson achieved a period operating income of €64.5m (+15%) gained from an EBIT margin of 23%.

Pontus Lindwall: Betsson AB

Group CEO Pontus Lindwall commented on the results: “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, marking the eleventh consecutive quarter with sequential growth at the EBIT level.”

“Group revenue increased by 18 percent and EBIT increased by 15 percent. Growth was broad-based with sustained high activity in the regions of Latin America, Western Europe, and Central and Eastern Europe and Central Asia (CEECA). The share of revenue from locally regulated markets continues to increase and amounted to 58% (45%) during the quarter.”

A breakdown of market developments saw Betsson record a 2% decline in the Nordics to €45m, due to lower casino activity.

Nordic declines were recovered in Western Europe, which reported a 14% increase in revenues to €45m, driven by strong growth in Italy with record-high revenues, boosted by the casino product and increased sportsbook activity. European directives saw Betsson enlarge its ownership in its French joint venture to 67%.

Activities in CEECA (Central & Eastern Europe and Central Asia) reported revenue of EUR 116m, up by 20%, primarily driven by live casino gaming, with Croatia, Greece, and the Baltic countries (Estonia, Latvia, and Lithuania) achieving all-time highs.

Latin American units posted revenues of EUR 69m, a 34.2% increase, with improved results in Argentina and continued growth in Peru and Colombia. Growth in Latin America is driven by the casino product and the introduction of local regulations in Peru, where Betsson secured multiple local licenses for its Inkabet subsidiary .

Betsson strengthens its prospects in Latin America, as the launch of Brazil Bets comes into play. CEO Lindwall commented: “After several years of delay, Brazil will introduce a new gaming regulation in January 2025, and during the past quarter, we submitted our application for a local license. The potential market in Brazil is large, while competition is expected to be tough, with many operators willing to invest large amounts in marketing.”

“As always for Betsson, we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries to find the right mix and allocation of investments across our markets. The focus on efficient capital allocation has always been a key part of our strategy to create shareholder value.”

Betsson continues to strengthen its technology capacities, having acquired the trading, pricing, and sports betting risk-management assets of Sporting Solutions from Groupe FDJ.

These new assets will enhance Betsson’s B2C and B2B sportsbook offerings, providing an improved platform for growth in new and developing markets.

Betsson strengthens its balance sheet, having secured a new three-year senior bond of EUR €100m—effectively halving the credit spread compared to the previous bond.

Lindwall concluded: “A lot of preparatory work was done before this summer’s major football tournaments, so I am particularly pleased to see the 100 percent uptime for the sportsbook during all the matches in both the Euros and Copa America.”

“In August, an agreement was entered with the French gaming operator FDJ about the acquisition of Sporting Solution, which for many years has been an important supplier of trading, pricing, and sports betting risk-management services to Betsson’s sportsbook. The acquisition will primarily contribute to faster and more flexible odds setting, stronger risk management, and enhanced scalability for the sportsbook product for both B2C and B2B.”

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