FL Entertainment Announces Nine-Month 2022 Results

Leading independent online sports betting, multimedia, and content production company FL Entertainment has announced its financial results for the first nine months of 2022. The fast-growing platform that relies on its Banijay and Betclic Everest Group businesses has reported strong growth in revenue along with high levels of profitability and significant cash flow conversion. The impressive performance comes in spite of the company deciding to liquidate its bet-at-home brand. 

15% Group-Wide Revenue Growth 

The company based in Paris offered its Amsterdam Euronext investors an update regarding its Q3 results along with trading performance for the period that ended on September 30. FL Entertainment signaled a group-wide revenue of €2.71 billion ($2.82 billion) from January-September. The number showed a 15% growth compared to 2021’s results.

The company also announced a 17.5% rise in their adjusted EBITDA to €446.4 million ($467.6 million), reaching a margin of 16.5% compared to last year’s 16.1% and an adjusted net income of €210 million ($220 million), showing a 15.4% rise compared to the €182 million ($191 million) figure reached during the first nine months of 2021. FL ENtertainment also announced a net income of -€75 million (-$78 million) for the first nine months of the current year, down €2 million ($2 million) compared to the same period in 2021. 

“Outstanding Earnings Growth” for Sports Betting  

FL Entertainment’s chief executive officer François Riahi spoke about the performance recorded by their gaming and sports betting business. He explained that most of the success was triggered by the company’s Betclic brand. The results obtained by the global French operator based in Malta and Bordeaux managed to offset the challenges that the bet-at-home brand directed to German bettors faced. Riahi further explained that the “outstanding earnings growth” of the gaming and sports betting business was a consequence of the “digital platform and lean cost structure”.

Betclic has recorded an 11% rise in the number of unique active players on a YoY basis. The brand knows how to harness the opportunities arising from the World Cup, sticking to its “robust commitment” to always offer “the highest standards of responsible gaming”. Speaking in numbers, FL entertainment’s gaming and sportsbook division faced a powerful rebound’ during the third quarter of 2022. The division’s revenue went up 29%, reaching €194.4 million ($203.8 million) in Q3 2022 compared to €150.4 million ($157.7 million) in Q3 2021. The casino division recorded a 5.7% drop from €26.9 million ($28.2 million) in Q3 2021 to €25.3 million ($26.5 million) in Q3 2022. 

The M9 and Q3 2022 results do not come as a surprise for the company which announced a strong first half of the year with revenue hitting €1.80 billion ($1.77 billion) at the beginning of October. During the same month, FL Entertainment’s Banijay entered a scheme implementation deed to acquire Beyond International. FL Entertainment is determined to maintain its strong position and “sustainable growth” aligned with its 2022 guidance and mid-term outlook.