Betsson posts record Q2 revenue, driven by 25% jump in active players

Online gambling giant Betsson reported a 14.8% increase in second-quarter revenue to €271.8 million ($295.9 million), a new quarterly record for the Swedish firm. The surge was driven by a 25.4% rise in active players, reaching 1,404,147, and a 15% increase in total customer deposits to €1.43 billion.

Casino operations remained Betsson's primary revenue source, generating €191.1 million, up 15.8% year-on-year and accounting for 70% of total revenue. Sportsbook revenue also saw a significant rise, increasing by 12.8% to €78.4 million.

The Central and Eastern Europe and Central Asia (CEECA) region continued to be the company's main revenue driver, with €114 million, an 11.1% increase. Latin America revenue jumped 21.8% to €62.6 million, while Western Europe saw a 61.9% increase to €43.7 million. Conversely, the Nordic region's revenue declined by 8.5% to €47.3 million, and revenue from the rest of the world decreased by 6.6% to €3.9 million.

Despite the revenue growth, Betsson's net profit for Q2 decreased by 4.7% to €44.4 million due to increased costs. However, EBITDA rose by 14.8% to €77.6 million. For the first half of the year, revenue increased by 13.3% to €519.7 million, net profit rose by 4.4% to €87.2 million, and EBITDA jumped 22.4% to €149.2 million.

"The second quarter of 2024 meant continued high growth and strengthened profitability with new records in both revenue and operating income for Betsson," said CEO Pontus Lindwall. "I am pleased with what we have delivered so far this year. I see good growth opportunities in the second half of the year as well. We continue to invest in geographic expansion and the product offering to enable continued profitable growth and value creation for a long time to come."

Betsson's focus on geographic expansion and enhancing its product offering was underscored by its recognition with an AAA rating from Morgan Stanley Capital International ESG Ratings. In other recent highlights, the company has also entered into a partnership with Italian football club Inter Milan, featuring its Betsson.sport brand on the team's jerseys for the next four years.

"This was our tenth consecutive quarter with increasing operating income. Organic revenue growth was 38 per cent, primarily driven by the B2C operations," noted Lindwall. He also highlighted Betsson's growth opportunities for the future, including markets such as Peru, where in June the group received its first local licences for the newly regulated market in the country for the Betsson and Betsafe brands; and in July another licence for the Inkabet brand.