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Angel Hristov July 20, 2023 3 min read
Betsson Releases Q2 Report, Posts Favorable Results
CEO Lindwall praised his company’s performance and attributed it to its diversified sources of revenue
Betsson has published its interim report for the second quarter of the year, highlighting its performance during the period. The company’s metrics increased, attesting to the success of its activities.
In Q2, Betsson reported group revenue of $264.8 million (converted to USD). This represents an increase of 27% and an organic increase of 43%.
The company’s casino revenue increased by 35% while sports betting revenue went up by 13%. The sportsbook margin, for reference, was 8.2%.
Betsson reported EBITDA of $75.6 million for the period, representing a stellar increase of 87%. EBIT margin, meanwhile, was 23%.
Net income, on the other hand, sat at $52.4 million which corresponds to EUR 0.37 (USD 0.41) per share.
Betsson also reported a cash net flow of $99.7 million and net debt of $-155.2 million for the period. Active customers decreased by 10% to 1,119,803.
An important highlight of the period was Betsson’s $130 million deal to acquire the Belgian gambling company betFIRST.
CEO Lindwall Is Proud of Betsson’s Performance
Betsson’s chief executive officer, Pontus Lindwall, released a statement on his company’s performance in the second quarter of the year. He praised his team’s efforts, which brought a quarter of strong financial performance. The CEO lauded the results, praising the revenue and EBITDA increase.
Lindwall attributed Betsson’s growth to the company’s diversified sources of revenues. These strong cash flows facilitated the company’s growth initiatives, the executive said. The mix of investments in new markets severs the company well with Central and Eastern Europe and Central Asia being regions of high growth for the company.
In addition to Betsson’s acquisition of betFIRST, Lindwall mentioned Betsson’s agreement with the Argentine soccer club Boca Juniors as a highlight of the quarter. The collaboration, Lindwall said, has strengthened Betsson’s brand and expansion in the LATAM region.
The CEO concluded that his team is excited about the second half of the year and will continue investing in geographic expansion and new products.
We look forward with confidence to the second half of the year, with continued investments into geographic expansion and constant further development of Betsson’s offering to future-proof our competitiveness.Pontus Lindwall, CEO, Betsson
In more recent news, Betsson was named the official sponsor of the upcoming 26th IHF Women’s World Championship 2023. The deal solidified the casino brand as an avid supporter of women’s sports following agreements with CONMEBOL Copa América Femenina 2022 and Athletico Paranaense and Club Atletico Boca Juniors’s women’s teams.