Betsson reports 18% revenue increase to €200.3m for Q3

Betsson AB, a holding company that invests in and manages fast-growing online gambling businesses, released its financial results for Q3 2022. In a statement released on October 26, 2022, the company revealed that its revenue between July and September this year increased to €200.3m. Acknowledging its latest result, the company said: "Betsson's best quarter ever, driven by both sports and casino."

The company explained that this result marked an increase of 18%. According to Betsson's latest interim report, the revenue during the third quarter was mainly driven by its sportsbook operations, as well as casino revenue. The leading company revealed that its sportsbook revenue in Q3, 2022 increased by 45%, while the sportsbook margin for the period was 8.3%. On the other hand, the company's casino operations reported a revenue increase of 8%.

Pontus Lindwall, Betsson's CEO, shared his excitement about the latest results by saying: "We saw a continued positive development during the third quarter with high growth and profitability for the Group as a whole." He explained that the company has set new records for operating profit, as well as revenue. Lindwall acknowledged that the growth during the quarter was driven by a significant increase in Betsson's casino and sports betting revenue.

"The organic growth was 35% compared to the corresponding quarter last year, again generated mainly by the regionsLatin America and Central and Eastern Europe and Central Asia (CEECA)," added the company's CEO. Lindwall said that Betsson is pleased with the latest results that delivered growth despite the lack of revenue from the Netherlands.

Last but not least, the company's CEO added: "We are excited as we look forward to the rest of the fourth quarter and the World Cup in football, which has good chances of becoming the biggest sports event ever for Betsson."

Additional figures released by Betsson reveal that its EBITDA for the period hit €48.6m. This, according to the company represents an increase of 19%, while EBITDA margin in Q3 2022 was 24.3%. The increase in revenue resulted in higher operating income for Betsson in Q3 this year. Overall, the company's operating income for the period hit €38.4 million, marking an increase of 21%.

The third quarter results also revealed details about Betsson's number of active customers. For the third quarter of last year, the company had 986,429 active customers. When compared to the 1,056,400 active customers reported in Q3 this year, an increase of 7% was observed.

Besides its Q3 results, Betsson revealed details regarding a major share acquisition. Earlier this week, the company revealed that through a subsidiary it acquired 80% of the shares of KickerTech Malta Limited, a leading business-to-business sportsbook operation, in a deal with a €14 million price tag.

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