The fast-growing online sports betting platform in Europe and leading content provider, FL Entertainment, released its first half of 2023 financial results, highlighting strong growth thanks to strategic expansion and sustained business momentum. Overall, the company’s revenue for the first half of the year hit €1.92 billion ($2.1 billion). This result, when compared to the H1 of 2022 result of €1.80 billion ($1.97 billion) represented a strong 6.8% increase.
Adjusted EBITDA for the first half of this year hit €327.3 million ($358 million). A year-over-year comparison to the same period in 2022 showed that this year, adjusted EBITDA increased by a solid 10.1%. On the other hand, the adjusted EBITDA margin grew from 16.5% in H1 2022 to 17.0% in H1 2023, reveals FL Entertainment’s financial update which was released Wednesday.
Not unexpectedly, adjusted net income for the first half of this year soared. In H1 last year, adjusted net income halted at €135.3 million ($148 million). However, for the same period this year, the adjusted net income increased by 23.8%, hitting €167.4 million ($183.1 million).
François Riahi, FL Entertainment’s CEO, shared his excitement about the exceptional results reported by the company for the first half of 2023. He spoke about FL Entertainment’s robust business model and team dedication which played an important part in the positive results. “We saw double-digit growth in Q2 that contributed to our earnings and profitability,” added Riahi.
“We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams.“
François Riahi, CEO of FL Entertainment
Gaming and Sports Betting Revenue Soars
Focusing on the company’s gaming and sports betting business, Riahi praised its strong growth. He outlined that the exceptional results come after an increase in FL Entertainment’s geographic and product diversity, complemented by growth in the number of unique active players.
Judging by the financial update, the company’s gaming and sports betting business grew its revenue to €489.3 million ($535.4 million). This result, when compared to the €396.6 million ($433.9 million) in revenue reported for the same period in 2022, marked an increase of 23.4%. A breakdown of the €489.3 million ($535.4 million) in gaming and sports betting revenue for H1 2023 reveals a 20.8% growth of sportsbook revenue to €389.2 million ($425.8 million). Similarly, poker revenue for the period increased by 23.6% to €28.6 million ($31.3 million), while casino revenue soared by 40.5% to €65.4 million ($71.6 million) when compared to H1 2022.
“We are well positioned to build on our leadership positions and capture compelling opportunities in the structurally growing segments of the entertainment industry, delivering sustained profitable growth in the second half of 2023 and beyond,“
FL Entertainment’s CEO explained that the company is positioned well for further growth and expansion. Finally, he predicted that throughout the rest of the year and beyond FL Entertainment will continue to expand.