Betsson reports record Q3 revenue of $302.2 million amid sustained global expansion

Betsson Group posted record revenue of €280.1 million ($302.2 million) for the third quarter of 2024, marking a 17.9% year-on-year growth. This is the second consecutive quarter in which Betsson has achieved record revenue. Operating profit also reached an all-time high, driven by increased customer activity and global expansion.

Betsson CEO Pontus Lindwall attributed the company’s strong performance to high customer engagement across its platforms, with both customer deposits and gaming turnover reaching new heights. “Yet again Betsson reports quarterly records in revenue and EBIT,” Lindwall stated. “This marks the 11th consecutive quarter of EBIT growth.”

The CEO also highlighted Betsson’s continued global expansion, which has significantly contributed to its success. Revenue share from locally regulated markets surged to 58% in Q3 2024, up from 45% in the same quarter last year. Key regions such as Latin America, Western Europe, Central and Eastern Europe and Central Asia (CEECA) saw strong growth.

Lindwall emphasized Betsson’s strategy of tapping into new markets and bolstering its presence in existing ones. “Growth was broad-based, with sustained high activity in Latin America, Western Europe, and CEECA,” he said.

In August, Betsson acquired Sporting Solutions’ trading, pricing, and sports betting risk-management services from FDJ. Lindwall stated that the acquisition would enhance Betsson’s sportsbook offerings, improving speed and flexibility in odds setting and strengthening risk management. “This will strengthen our B2C and B2B sportsbook products,” he added.

Betsson's casino division remained its primary revenue generator in Q3, contributing €209.9 million, a 22% increase from the same period last year. Casino turnover reached a record €9.42 billion, up 13.7%.

The sportsbook segment also performed well, with revenue climbing 7.9% year-on-year to €68.3 million. The rise was supported by an 18.6% increase in total turnover, with the sportsbook margin standing at 7.4% for Q3.

CEECA continued to be Betsson’s largest revenue-generating region, with €116.3 million, up 20% from last year. Croatia and Greece delivered record-high revenues, while Estonia, Latvia, and Lithuania also showed strong growth.

Latin America was another standout, with revenue rising 34.2% to €69.4 million, driven by growth in Argentina, Colombia, and Peru. Betsson also applied for a gaming license in Brazil during Q3 to expand further in the region.

In Western Europe, revenue increased by 14.2% to €44.7 million, with Italy delivering a record performance. Betsson also increased its stake in Betsson France, raising its ownership from 49% to 67%.

However, in the Nordics, revenue dipped by 1.8% to €45.3 million due to lower casino activity.

Betsson’s Q3 results were further bolstered by record customer deposits of €1.48 billion, a 19.8% year-on-year increase. Active customers also rose 9.8% to 1.4 million, with total registered customers up 5.9% to 31.1 million.

Despite higher operating costs, pre-tax profit rose 11.4% to €56.6 million. Net profit dipped slightly by 6.1% to €43.4 million, attributed to increased financial costs. EBITDA for the quarter stood at €80.3 million, up 16.6% from Q3 2023.

Looking ahead, Lindwall expressed optimism for the final quarter of 2024. “Daily revenue at the start of Q4 has been 14% higher than the average for Q4 last year,” he said, adding that the fourth quarter is typically the strongest for customer activity.
  
For the first nine months of 2024, Betsson’s revenue reached €799.8 million, a 14.8% increase from the same period last year. Operating profit grew 21.5% to €186.5 million, with net profit standing at €130.6 million.

Lindwall said: “There is reason to feel confidence about the last quarter of the year, which is usually also the seasonally strongest quarter for customer activity.”