Betsson sets new performance record driven by World Cup results

Betsson Group has posted robust financial performance in both the concluding quarter of 2022 and the full year, the company reported in its latest financial update, featuring a comment from its chief executive. Both quarterly and annual results surged with the company posting €220.6m in group revenue in Q4 2022, resulting in a 40% organic increase.

Betsson said that its casino revenue increased by 27% and sportsbook revenue soared by 76%, bolstered by an interest in the Qatar World Cup. Group CEO and President Pontus Lindwall explained that the event turned out to be the largest on record, driving key performance markers for the company, and allowing the Group to reach new milestones.

Results were solid across the board, Lindwall noted, with casino and sportsbook turnover, active customers, and customer deposits moving one way – up. EBITDA for the company stood at €51.1m in the fourth quarter, with operating income hitting €40m during the period. Active customers increased to 1,424,794, the Group said, or an increase of 23%.

"Strong finish to the best year ever for Betsson, driven by high activity and new customers," Lindwall remarked. Meanwhile, the full-year results proved equally reassuring. The company saw its Group revenue reach €777.2m, up 18%, and an organic increase of 27%.

Net income was €114.7m the company noted in the official highlights of the full year. EBITDA stood at €172.4m, also up 12%. The year was truly "the best for Betsson," enjoying both a strong growth and profitability. The FIFA World Cup was a contributing factor to the Group’s bottom line, but not the only one, Lindwall noted.

Betsson had successfully achieved strong geographical diversification and was able to invest in new markets. Furthermore, the Group’s products have been performing strongly across the board, including the tech platform and product offering.

Lindwall saw the continuous effort that had gone into the development of Betsson’s tech platform as one of the core drivers of its most recent performance. Scalability allowed Betsson to handle more bets better, quicker, and to a greater overall success. The Champions League final brought in a substantial chunk to the company’s bottom line as well, and Betsson was also able to launch a native app in theGreekmarket.

These strong results will carry over to 2023, but the chief executive urged the Group to remain cautious of the constantly emerging regulatory challenges and what he described as geopolitical uncertainties.

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