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Betsson AB's Q2 report shows 27% rise in revenue – though active users for H1 falls slightly

Updated:2024-03-20 10:43    Views:177

Betsson AB has posted its Q2 2023 report, showing that it made €236.8m ($265.2m) in group revenue for the period – representing an annual increase of 27%.

Betsson’s Q2 report has highlighted the Nordic business’s strong quarter, as it further posted EBITDA of €67.6m – a 72% rise on Q2 2022’s €39.3m.

The graph below shows Betsson’s revenue since 2019 and how Betsson has gone from strength to strength, including during the impact of the Covid-19 pandemic; when its online gaming saw significant growth while land-based equivalents saw huge falls at the same time.

Breaking down its revenue by region, Betsson made 22% of its business from the Nordic countries, with a further 22% coming from the ever-expanding LatAm market. Western Europe was responsible for 11%; however, the largest chunk of its revenue came from Central and Eastern European & Central Asia (CEECA), which accounted for 43%.

The graph below shows its revenue by product, with the vast majority coming from Betsson’s casino division.

Overall its casino revenue totalled €165.1m, a rise of 35% on Q2 2022 – for the same period in 2021 Betsson’s casino revenue stood at €120.6m, showing a steady increase rate over the past three years.

Furthermore, its sportsbook revenue totalled €69.5m for Q2 2023, up from the €61.6m it posted during the same period last year – however, the biggest jump it saw came during Q2 2021 – Q2 2022,Online Casino Games for Real Money which saw its revenue rise from €50.3m to the aforementioned €61.6m.

The results for Betsson are strong; however, one figure that notably fell is in the company’s active customers. For Q2, Betsson recorded 1.1 million as its number of active customers, which dropped by 10% on Q2 2022.

The graph below shows the number of Betsson’s active customers in the previous five quarters – including Q2 2022.

While Betsson’s number of active customers fluctuates in each quarter, H1 2023 has seen slightly fewer people betting with the company than H1 2022 did. Once its Q3 report comes in, then the bigger picture for how many customers Betsson is retaining will become clear.

For its H1 results, Betsson posted revenue of €458.7m – representing a 29% increase on H1 2022. Breaking that figure down, its EBITDA has increased by 68% to €121.9m and its gross profit has reached €310m for the first six months of 2023, beating H1 2022’s €225.8m.

Furthermore, for H1 2022, its net income rose by 69% to €83.5m – meanwhile, its casino revenue reached €317.1m, 36% above the same period last year.