Betsson 2023 Earnings Reveal 22% Revenue Spike Breaking $1 Billion

During the announcement of its financial results, Betsson, one of the world’s online gambling titans, revealed a revenue increase of 22%, totaling €948.2 million ($1 billion) in 2023. This growth was notably organic, accounting for 40% of the total increase.

The company’s EBITDA experienced a remarkable 52% rise, reaching €262.7 million ($282.6 million), with an improved margin of 27.7%, a significant boost from the 22.2% margin of the previous year. Operating income (EBIT) followed suit, jumping 60% to €210.5 million ($226.5 million) and marking a margin increase to 22.2% from 16.9% in 2022.

Betsson’s sportsbook vertical saw a 7% revenue increase to €267 million ($287.27 million), paralleled by a 37% growth in deposits to €5.01 billion ($5.39 billion).

In the final quarter of 2023, Betsson’s revenue hit €251.9 million ($270.3 million), a 14% increase year-over-year. This period also highlighted a 36% organic growth, with the casino vertical dominating by contributing 72% to the group’s revenue. Casino revenue itself rose by 25.1% year-over-year to €182.8 million ($196.65 million), with mobile gaming driving 86% of the casino’s revenue.

Although sportsbook revenue slightly declined by 5% to €67 million ($72 million), attributed to the previous year’s soccer World Cup event, EBITDA and operating income soared by 40% and 42% respectively, with net income reaching €43.3 million ($46.57 million) and operating cash flow at €47.6 million ($51.2 million). A 6% decrease in active customers was noted, reflecting changing consumer habits.

Sportsbook accounted for 27% of the total revenue, with mobile betting contributing significantly. Revenue from other products, such as poker and bingo, represented a small fraction, while license revenue from system delivery to B2B customers increased notably to €65.1 million ($70 million), up from the previous year’s €48.8 million ($52.48 million), making up 26% of the group’s revenue.

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