Betsson has reported an 18% year-on-year (YoY) increase in Q3 2024 revenue as online casino revenue reached an all-time high for the Stockholm-listed operator.
Group revenue for the three months to 30 September amounted to €280.1m (£233.6m), up from €237.6m in Q3 2023. Betsson added that this represented an organic increase of 51%.
EBITDA also increased, rising 17% YoY from €68.9m to €80.3m, in what was another strong quarter for Betsson.
The earnings report release has seen Betsson’s shares spike by 8% in early morning trading to SEK138 (£10.08).
The strong top and bottom-line figures were supported by a new record in customer deposits during a quarter, up 19.8% YoY to €1.5bn.
Additionally, registered customers jumped 5.9% from 29.4 million to 31.1 million, while actives spiked 9.8% to 1,357,953.
Breaking revenue down by vertical, casino revenue reached a record high of €209.9m, up 22% YoY, driven by the launch of 359 new games across Betsson’s brands.
Sports betting revenue improved 7.8% to land at €68.3m with a corresponding margin of 7.4%, slightly up from 7.3% in Q3 2023.
In turn, casino accounted for 75% of total group revenue, with sports betting making up 24% and other products taking the nominal 1%.
Geographically, Central and Eastern Europe and Central Asia (CEECA) continued to dominate the revenue mix, accounting for 42% of group revenue for the quarter.
The region reported an all-time high revenue of €116.3m during the reporting period, with casino growth pushing markets such as Croatia and Greece to achieve record levels of performance.
Latam also noted an all-time high revenue of €69.4m, with Peru, Argentina and Colombia all reporting growth.
In Western Europe, which returned revenue of €44.7m, Italy was yet another market to confirm an all-time record revenue amid fresh records for actives, deposits and turnover.
The rest of the world segment grew 22.9% to €4.4m, while the Nordics region continued to prove a struggle for Betsson with revenue slipping 1.8% to €45.3m.
The Rizk parent company also reported a significant increase in its revenue derived from locally regulated markets for the third quarter of the year, up 54% to €163m.
In turn, the total percentage of group revenue from locally regulated markets soared from 44.6% to 58.2%.
Looking at B2B revenue, driven by the KickerTech brand, the figure rose from €55.9m to €66.7m.
Outside of financial performance, Betsson snapped up Sporting Solutions in August, acquired a Peruvian licence in July and increased its ownership stake in Betsson France from 49% to 67%.
Reflecting on Q3, Betsson AB CEO Pontus Lindwall said: “The high customer activity continued during the third quarter with new record levels in customer deposits and gaming turnover.
“Yet again Betsson reports quarterly records in revenue and EBIT, which means the 11th quarter in a row with sequential growth on the EBIT level.”
Touching on his plans for Brazil, the CEO added: “As always for Betsson, we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries in order to find the right mix and allocation of investments between our markets.
“The focus on efficient capital allocation is and has always been an important part of our strategy to create shareholder value.”
The operator also provided a brief Q4 trading update in which daily average revenue up to 20 October was 13.9% higher than Q4 2023.
The post Betsson shares spike on back of revenue records in Q3 first appeared on EGR Intel.