Betsson Reveals Q1 Report: Revenue Hits €248 Million Milestone

Betsson, the renowned online gambling group listed in Stockholm, has posted a robust financial performance for the first quarter of 2024. The company’s published financial report reveals a total revenue of €248 million. This figure represents a significant year-on-year growth of 11.9%.

The revenue landscape of Betsson across different segments presents an interesting picture.

The casino segment emerged as a strong performer with revenue skyrocketing by 18.7% to €180.5 million. This surge was fueled by the introduction of 306 new games during the quarter.

Mobile casino gaming carved out a substantial slice of the total casino revenue, accounting for 84.0% and amounting to €151.2 million. Additionally, the casino’s gross turnover witnessed an uptick of 13.8%, reaching €8.81 billion for the first quarter.

On the flip side, sports betting revenue experienced a dip of 2.5%, totaling €65.5 million. This occurred despite a 24.9% increase in the gross turnover of sports bets, which amounted to €1.66 billion. Mobile devices contributed to 81.0% of the sports betting revenue.

Revenue from other products, including poker and bingo, also saw a decline of 18.5%, amounting to €2.2 million.

In terms of expenses, total operating costs rose by 1.4% to €106.0 million, while the cost of services increased by 13.3% to €84.3 million. This resulted in an operating profit of €57.9 million, a record quarterly figure for Betsson.

Financial expenses amounted to €3.4 million, leading to a pre-tax profit of €54.5 million, up by 33.3% year-on-year. The group paid approximately €11.7 million in taxes, ending the first quarter with a net profit of €42.8 million, a 16.9% increase.

Furthermore, the adjusted EBITDA for the first quarter reached €71.6 million, marking a 31.9% increase, with a higher margin of 28.8%.