Betsson AB has announced an 18% year-on-year (YoY) jump in Q1 revenue to €293.7m (£249.5m), as bosses said the business remained positioned for “continued profitable growth going forward”.
Revenue increased from Q1 2024’s return of €248.2m, as the market reacted positively, with Betsson’s shares up more than 3% at the time of writing.
EBITDA for the first three months of the year increased 9% YoY from €71.6m to €77.7m, with a corresponding EBITDA margin of 26.5%, down from 28.8%.
Operating income, or EBIT, rose 11% YoY from €57.9m to €64m while actives managed to hit 1.4 million, up from Q1 2024’s 1.3 million.
Management said that despite the quarter having fewer days, as well as seasonal effects and wider macroeconomic conditions, customer deposits and gaming turnover hit new record levels.
Breaking revenue down by vertical, casino revenue improved 17.6% YoY from €180.5m to €212.3m, with the division accounting for 72% of total group revenue.
Those gains were driven by the addition of 470 new casino games and “strong, regionally customised offerings in live casino”.
Sports betting revenue was up 21.6% from €65.5m to €79.7m, with the sportsbook margin hitting 8% versus 9.8% in Q4 2024. The vertical represented 27% of group revenue.
B2B revenue rose from €68m to €90.2m for the quarter, while revenue from locally regulated markets increased 60%. Locally regulated revenue now takes a 59% slice of group revenue, up from 43.6%.
In terms of geography, the Central and Eastern Europe (CEE) and Central Asia segment continued to dominate the revenue share, taking 42% of group revenue.
The region reported an 11% jump in revenue from €110.2m to €122.3m, with Croatia and Greece namechecked as top-performing markets.
Latam, where Betsson has recently launched in Paraguay and Brazil, saw revenue soar 70.3% YoY from €43.7m to €74.5m.
Record levels of customer deposits as well as turnover and revenue in casino were cited as core drivers in the region.
Western Europe revenue rose 28.1% to €55.6m, as Italy returned all-time-high revenue amid record deposits, turnover and actives in the market.
The Nordics, however, continued to dip. Revenue was down 19.3% YoY to €37.8m on the back of lower customer activity in casino.
Away from financial performance, Betsson revealed it had acquired Italy-facing brand BetClic for a small fee at the start of the year.
In Poland, the firm also snapped up the remaining shares in a former joint venture, Bukmacherska.
Despite attempting to make ground in those markets, Betsson has decided to wind down operations in Nigeria as part of a wider review of its African arm.
A trading update for the start of Q2 was also provided, which noted that average daily revenue up to and including 27 April was 17% higher than the full Q2 2024.
Sportsbook margin is also tracking higher than the average for the past eight quarters, the company added.
Pontus Lindwall, Betsson AB CEO, said: “The world around us is currently characterised by great uncertainty and concerns about reduced world trade, higher inflation and a weakening economy.
“We are closely monitoring macroeconomic developments, but at the same time we note that demand for gaming products has historically been relatively unaffected by the general economic cycle.
“Betsson operates in an attractive sector, with structural growth driven by the continued online migration of gaming. The share of online gaming in the world will continue to increase for many years to come and we have a clear vision to deliver the best customer experience in the industry.
“With a scalable, global business model and proprietary products and technology, we are well positioned for continued profitable growth going forward,” he added.
The post Betsson AB Q1 revenue spikes 18% on Latam surge first appeared on EGR Intel.
Stockholm-listed operator announces record customer deposits and gaming turnover in another strong quarter, with revenue inching towards €300m
The post Betsson AB Q1 revenue spikes 18% on Latam surge first appeared on EGR Intel.