Online gaming firm Betsson announced record results for the year’s third quarter. Also, it was the seventh straight quarter of growth for the company. In addition, the reports showed an increase in most financial metrics. Its casino division stood out from the rest.
A 19% increase from the prior-year period saw the company’s total sales reach €237.6 million ($250.4 million). The casino segment alone accounted for 72 percent of the entire increase, with a 27 percent rise in revenue to €172.1 million ($181.2 million). The rise in active consumers, which accounted for 17 percent of the total growth, was also crucial.
The opening of the European soccer leagues was negatively affected by several triumphs by favorites and games with many goals. As a result, sports betting income was down by 2 percent to €63.3 million ($66.7 million). According to betting odds experts, sports betting made up about 27 percent of the company’s revenue in the third quarter.
Betsson Announced Record Results in Q3
The company made another €2.1 million ($2.2 million) from its other offerings, which included bingo and poker. Moreover, the company’s EBITDA amounted to €68.9 million ($72.6 million), up 42% from 2022, with a margin of 29%, up marginally from 20% in 2022. According to gambling websites reports, the operating profit margin was 23.6 percent, and the total profit was €56 million ($59 million), up 46 percent from the previous year’s third quarter.
The corporation credited the growth into new areas, particularly in Western Europe, for the 59% increase in revenue to €39.2 million ($41.3 million). According to gambling reviews and news sites, the company’s footprint in Europe was bolstered by several recent events. They include the purchase of betFIRST in Belgium, strong results from its casinos, and the introduction its products to the Serbian market.
However, the Nordic region, which contributes 19% of sales, had difficulties, dropping sales by 14.3% to €46.1 million ($48.5 million). While Betsson’s introduction in Denmark led to decreases in Sweden and Finland, the nation enjoyed growth.