In its latest trading update, the company revealed that group revenue in 2022 hit €777.2 million ($835.5 million). This result, when compared to the corresponding period in 2021 marked an increase of 18%, while organic growth was 27%, explained Betsson. EBITDA for 2022 was €172.4 million ($185.4 million) marking an increase of 11%, while the EBIT margin was 16.9%.
The company reported an increase in net income as well. Overall, in 2022, Betsson’s net income hit €114.7 million ($123.3 million) up from the €103.9 million ($111.7 million) result from the same period in 2021. The net income reported in 2022 corresponded to €0.87 per share, explained the leading iGaming company.
“Strong finish to the best year ever for Betsson, driven by high activity and new customers.“
Pontus Lindwall, president and CEO at Betsson AB
Pontus Lindwall, Betsson’s president and CEO, acknowledged that the company enjoyed a strong year-end. At the same time, he pointed out that the strong results were boosted positively by an increase in activities from new customers. Focusing on the bigger picture, Lindwall said that 2022 was the best year for the company. He outlined that last year, Betsson reported strong profitability as well as growth.
According to him, the excellent results were “driven by disciplined capital allocation, geographical diversification and investments in new markets, as well as continuous strengthening of the tech platform and product offering.” Moreover, Lindwall said that in 2022, Betsson enjoyed an EBIT increase of 11% and revenue growth of 18%.
The Company Reported Strong Fourth Quarter as Well
Besides the strong yearly results, Betsson reported strong growth for the fourth quarter of 2022 as well. For that period, group revenue hit €220.6 million ($237.2 million). This result, when compared to the corresponding period in 2021 marked an increase of 40%.
Primarily, the revenue was pushed by Betsson’s sportsbook operations. The company’s sportsbook revenue in Q4 2022 increased by 76% year-over-year and reported a sportsbook margin of 7.3%. Additionally, the company’s casino operations performed well, with the revenue from this segment increasing by 27%.
“The fourth quarter was dominated by the largest sports event of the year, the Football World Cup,“
Speaking about the fourth quarter results, Lindwall acknowledged the positive impact of one of the most-anticipated soccer events around the world, the World Cup. He said: “As expected, for Betsson the World Cup turned out to be the largest sports event ever and contributed to new records for all possible key performance indicators in the quarter, such as revenues.”
Lindwall thanked all company employees for their efforts in the last year. Finally, he explained that despite the economic and geopolitical uncertainties, Betsson remains optimistic about its future.