Betsson's revenue soars by 22% to $1 billion in 2023, casino vertical contributes 72% in Q4

Online gambling company Betsson reported a robust financial performance for the year ending December 31, 2023, clocking a 22% increase in revenue, reaching €948.2 million ($1 billion), with a 40% growth organically.

Over the same period, EBITDA surged by 52% to €262.7 million ($282.6 million), displaying an improved margin of 27.7%, compared to 22.2% in the previous year. Operating income (EBIT) also marked a substantial 60% increase to €210.5 million ($226.5 million), achieving a margin of 22.2%, a rise from 16.9% in 2022.

Sportsbook revenue saw a 7% uptick to €267 million ($287.27 million), while deposits rose by 37% to €5.01 billion ($5.39 billion) compared to 2022 figures.

In the fourth quarter of 2023, Betsson reported a group revenue of €251.9 million ($270.3 million), showcasing a 14% increase over the same period in the previous year.

During this quarter, the company experienced a significant 36% organic growth, with casino revenue contributing 72% to the group revenue and witnessing a substantial 25.1% YoY increase to €182.8 million ($196.65 million). Mobile devices played a significant role, representing 86% of total casino revenue.

Despite a slight dip of 5% in sportsbook revenue to €67 million ($72 million), attributed to the absence of the soccer World Cup event that was held in Q4 2022, EBITDA surged by 40% to €71.9 million ($77.35 million) during the quarter. Operating income also showed a notable 42% increase, reaching €57 million ($61.31 million).

For the same quarter, Betsson reported a net income of €43.3 million ($46.57 million), accompanied by an operating cash flow of €47.6 million ($51.2 million). Active customers experienced a 6% decrease to 1,345,129, reflecting shifts in customer behavior.

Sportsbook revenue constituted 27% of the group revenue, with mobile devices contributing €51.2 million ($55 million), representing 78% of total revenue.

Revenue from other products, including poker, bingo, and others, amounted to €2.1 million ($22.59 million), constituting 1% of total revenue. License revenue for system delivery to B2B customers reached €65.1 million ($70 million), up from €48.8 million ($52.48 million) in Q4 2022, accounting for 26% of group revenue, compared to 22% the previous year. Betsson attributed the increase to enhanced products within both casino and sportsbook, along with the acquisition of 80% of the shares in KickerTech Ltd at the beginning of Q4.

Betsson CEO Pontus Lindwall stated: "I look forward to 2024 with confidence. Betsson is well positioned for continued value creation thanks to a strong financial position, proprietary technology, an attractive customer offering and – above all – our employees. I would like to thank our employees for all their great efforts in 2023 and also extend my gratitude to our shareholders for the trust they have shown."