Swedish gambling group Betsson has published financial results for the second quarter of the year. Revenue rose 15 percent year-on-year to 271.5 million euros ($295.6 million).
The operator noted organic growth of 38 percent. Casino revenue grew 16 percent and sports betting revenue rose 13 percent. The bookmaker’s margin increased from 8.2% to 8.6%.
The growth was driven by customer activity ahead of Euro 2024 and the America’s Cup in June. The number of active customers grew by 25 percent to 1.4 million, and deposits by 15 percent. Gross gaming turnover increased by 7 percent for casinos and 17 percent for sports betting.
EBITDA in the second quarter rose 15 percent to €77.6 million and EBITDA margin was 28.6 percent, up from 28.5 percent. Operating profit (EBIT) increased by 18 percent to €64.1 million. Net profit fell 5 percent to €44.4 million and operating cash flow fell 15 percent to €75.8 million.
The improvement in operating margins and revenue was achieved despite the majority of revenue being subject to local gambling taxes. Revenues from local regulated markets accounted for 55 percent of total revenues after obtaining licenses in Peru for the Betsson and Betsafe brands. Betsson also expects to obtain a Peruvian license for Inkabet.
Betsson CEO Pontus Lindwall said:
The second quarter of 2024 continued strong growth and improved profitability, driven by new records in both Betsson’s revenue and operating income. Revenue increased 15 percent and operating profit increased 18 percent, with operating margin rising to 23.6 percent. This was our tenth consecutive quarter of operating profit growth. Organic revenue growth was 38 percent, driven primarily by B2C operations.
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