Betsson Posts 30% Revenue Increase for Q1 2023

The globally recognized company that manages and invests in fast-growing businesses primarily within the iGaming vertical, Betsson AB, published its interim report covering the period between January and March 2023. The new financial report reveals the company enjoyed a strong start of 2023 with revenue increasing year over year. In Q1 2022, Betsson reported revenue

The globally recognized company that manages and invests in fast-growing businesses primarily within the iGaming vertical, Betsson AB, published its interim report covering the period between January and March 2023. The new financial report reveals the company enjoyed a strong start of 2023 with revenue increasing year over year.

In Q1 2022, Betsson reported revenue of €170.2 million ($187.3 million). For the same period this year, the revenue increased by 30% to €221.9 million ($244.2 million). This marked an organic increase of 38%, reaffirming the strong start of the year for the company.

Although revenue soared for the first quarter of this year, the number of active customers dipped. The new report reveals that Betsson’s active customers decreased by 11% to 1,115,641. In contrast, for the first quarter of 2022, the number of active customers hit 1,256,449.

Record-strong start to 2023 with positive developments in both sports betting and casino,

reads a statement released by Betsson AB

The recent interim report reveals that for the first quarter of 2023, EBITDA hit €54.3 million ($57.8 million). This result, when compared to EBITDA reported for the same period the prior year, marked an increase of 62%. The EBITDA margin for Q1 this year was 24.5% compared to the 19.6% reported for Q1 in 2022.

Not unexpectedly, EBIT or the operating income in Q1 this year increased as well, hitting €43 million ($47.3 million). When compared to the €23.6 million ($26 million) result, the operating income for the first quarter this year increased by 82%.

The Company Continues to Grow

Upon releasing its interim report for the first quarter, Betsson highlighted strategic achievements completed during the quarter. In February, the company secured a license for Cordoba, Argentina. This marked an important milestone for its growth in the country. Betsson explained that it anticipates launching its services in the jurisdiction later this year.

Additionally, again in February, the company secured supplier and operator licenses for the regulated gambling market in Ontario, Canada. Consequently, via its brand Betsafe, the company introduced its business-to-customer services.

Pontus Lindwall, Betsson’s CEO and president, pointed out that the figures confirm the company’s strong start to 2023. He added: “We are proud that Betsson’s involvement in sports is continuing together with clubs, fans and customers.” Focusing on revenue, Lindwall pointed out that Q1 2023 marked another strong quarter for the company.

He explained that Betsson’s revenue increased in all regions with the Nordics being the single exception. Finally, Lindwall predicted further sustainable growth for the company throughout 2023, which is expected to also result in value for Betsson’s shareholders.

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