Betsson AB has released its financial results for the first quarter of 2022, showing a revenue of €170.2 million, up eight per cent on the €157.4 million reported a year earlier.
These strong figures came as sportsbook revenue exploded by 45 per cent to counter a slight decline of five per cent in casino revenue.
Earnings before interest, tax, depreciation and amortisation (EBITDA) hit €33.4 million, representing a decrease of seven per cent on the €35.8 million reported in the Q1 2021.
This came as operating income reached €23.6 million, down 13 per cent, and earnings before interest and tax margin sunk to 13.9 per cent, from 17.3 per cent the year before.
Net income was €20.9 million, corresponding to €0.16 per share, while operating cash flow hit €26.9 million.
Promisingly, Betsson’s active customers increased markedly by 33 per cent to 1,256,449, up from 948,109 a year earlier.
The group’s CEO Pontus Lindwall summarised the quarter, saying: “All in all, the year has been off to a good start as there are many important activities that we look forward to during the remainder of 2022.”
“Once again,” he said, “new records were set for sportsbook revenue and in several individual markets.”
Betsson continues to reach new milestones in its global expansion, in March launching its proprietary sportsbook in the United States.
The company’s investment in this sector is primarily focused on presenting the US-adapted sportsbook to other operators within the framework of the B2B offering.
Elsewhere, Mr Lindwall states that the Latin America region is “developing very satisfactorily” with the Betssson’s market presence being strengthened through the launch of its offering in both the city and province of Buenos Aires, Argentina.
To support the region’s growth, Betsson has built up a regional hub with central functions to serve local markets based on their respective conditions.
Although the company has several highlights to celebrate in the past quarter, the geopolitical developments in the surrounding world are described as “concerning” by Mr Lindwall.
“The Russian invasion of Ukraine has led to incredible human suffering and created a high level of uncertainty in many countries,” he expanded.
“Belarus’ active choice to get involved in the conflict on the Russian side led to Betsson’s decision to return the local license and completely shut down the operations that was building up in the country.”
This conflict has also seen Betsson-contracted developers be evacuated to Malta and Budapest, and in other cases to less dangerous areas of Ukraine.
Looking ahead, Mr Lindwall shared that Betsson have more undertakings on the horizon.
“Our ambition is to further strengthen our presence in North America by operating under a new license in the Ontario region in Canada starting this summer. We also aim to launch in Mexico together with our local partner Big Bola Casino in 2022.”
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