Betsson reports strong 2023 year-end results: CEO optimistic about future growth

Betsson AB (PUBL), one of the leading names in the remote gambling industry, announced its year-end report for the period from 1st January to 31st December 2023.

The report reveals strong figures, showcasing substantial growth and strong financial performance throughout the year despite a year-on-year decrease in sportsbook revenue. Betsson attributed this to lower sportsbook margins stemming from favourable football results, together with a tough comparative period.

Fourth Quarter Highlights:

• Group revenue saw a significant increase, reaching EUR 251.9 million, marking a 14% rise compared to the same period in the previous year.
• Notably, there was an organic increase of 36%, demonstrating Betsson's robust operational performance.
• Casino revenue surged by 25%, underlining the company's strength in this segment.
• Sportsbook revenue experienced a slight decrease of 5%, with the sportsbook margin at 6.2% compared to 7.3% in the previous year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a substantial increase of 40%, totaling EUR 71.9 million.
• Operating income (EBIT) rose by 42% to EUR 57.0 million, with an impressive EBIT margin of 22.6%.

Full Year 2023 Performance:

• Betsson reported a remarkable annual revenue of EUR 948.2 million, reflecting a substantial 22% increase from the previous year.
• EBITDA for the full year soared to EUR 262.7 million, marking a remarkable 52% increase.
• Operating income (EBIT) surged by 60% to EUR 210.5 million, with an operating margin of 22.2%.
• Net income for the year reached EUR 173.0 million, corresponding to EUR 1.29 per share.
• The company reported a strong operating cash flow of EUR 230.4 million for the full year.

CEO's Perspective:

Betsson CEO  Pontus Lindwall expressed his satisfaction with the company's performance, noting that 2023 marked a new record year for the company. He highlighted several strategic initiatives undertaken to strengthen the product offering, manage risks through geographic diversification, and pave the way for continued profitable growth in regulated markets.

The CEO emphasised Betsson's commitment to innovation and digitalisation in the gaming industry, highlighting the company's role as a pioneer in the field. He also expressed confidence in Betsson's future prospects, citing the strong financial position, proprietary technology, attractive customer offerings, and dedicated employees as key drivers of future value creation.

Looking ahead to 2024, the CEO expressed optimism about Betsson's prospects, noting the company's involvement in various football sponsorships and preparations for expansion into new markets like Peru and Brazil.