Betsson reports 12 percent revenue increase in first quarter

April 28, 2024 3:24 PM
Photo: Betsson Group
  • Mia Doyle, Special to CDC Gaming Reports
April 28, 2024 3:24 PM
  • Mia Doyle, Special to CDC Gaming Reports

Swedish online gambling company Betsson AB reported growth in revenue, net profit and operating profit in the first quarter of 2024 compared to the same period last year.

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“I’m very pleased with the start of the year. First quarter 2024 was another strong quarter for Betsson with high customer activity across the board, solid revenue growth and a record operating profit,” said President and CEO Pontus Lindwall. “Our ambition is to generate stable earnings growth in the long run. The strategy to deliver on this is based on geographic diversification and growth investments within existing markets, new markets, business-to-business and M&A.”

Betsson collected $266.3 million in revenue, a 12 percent increase year-over-year and the company’s second-best quarterly revenue result. A 15 percent increase in active customers and a 20 percent increase in deposits underpinned the company’s success in the first quarter.

EBIT increased by 35 percent year-over-year to a record-breaking $61.8 million, making it the ninth-straight quarter with EBIT growth. Operating costs increased 1.4 percent, resulting in a 23.3 percent EBIT margin, compared to last year’s 19.4 percent.

Betsson reported a 14 percent increase in casino turnover and a 25 percent increase in sports betting turnover year-over-year. Casino revenue increased 19 percent compared to last year, at $193.4 million, while sportsbook revenue decreased by 2.5 percent to $70.5 million.

The first quarter saw Betsson acquire Holland Gaming Technology and Holland Power Gaming to expand in the Netherlands. Bettson also announced a partnership with Light & Wonder in Argentina.