Betty Canada has announced that cumulative net revenue for the second quarter surged 113% year on year to $90.2m (£68m), with management hailing the startup’s continued “strong financial trajectory”.
In a business update posted on LinkedIn by Betty Canada CEO and co-founder Chavdar Dimitrov, net revenue climbed 11% on the first three months of the year and active players in Ontario peaked at 167,000 in June.
The Q2 performance translates to an annualised run rate (ARR) of $378m in revenue.
Meanwhile, EBITDA amounted to $8.4m, while EBITDA grew from around break-even at the start of the year to $3.7m in June, which the company said marked the strongest monthly profitability since Betty Canada’s launch in early 2023.
The slots-only operator’s update said that from a financial perspective, the combination of sustained revenue growth, improving gross margins and disciplined operating leverage has “transformed the business into a consistently EBITDA-positive operation”.
“The predictability of key operating metrics continues to improve, providing greater confidence in forecasting and supporting more efficient capital deployment,” the company added.
The big focus in the second quarter was gearing up Betty’s expansion from Ontario into Alberta, after the province opened up its market to commercial operators on 13 July.
The operator received a licence from the regulator, Alberta Gaming, Liquor and Cannabis, in the first quarter.
Bosses said dedicated teams across live operations, customers success, VIP account management and business operations were established to serve the market from launch.
A pre-registration campaign resulted in 10,000 signing up to Betty, which was a “strong indicator of brand appetite” and a “meaningful head start on Betty Canada’s growth targets”.
Betty Canada, which noted that Alberta is the country’s third-largest province based on GDP and the first based on GDP per capita, said the province should be tracking toward an ARR of $60m by the end of 2026.
The operator expects Alberta to reach 35% to 40% the size of its Ontario operation. Dimitrov said he and his team were committed to securing the number one position in Alberta.
Ahead of the province’s launch, around 50 operators – including the usual heavyweights of FanDuel, DraftKings and BetMGM – were approved by AGLC to offer legal online gambling.
From a product perspective, Betty Canada stepped up gamification efforts in Q2 with ‘Collections’, a mechanic giving players the chance to collect 10 sets of cards themed around ‘Canadian Summer’.
The firm also introduced a direct checkout for merchandise such as branded T-shirts, caps and mugs bought with Betty Coins.
Betty launched its slots-only offering in the UK earlier this year under a franchise model headed up by Adele Baker, a setup likened to the “McDonald’s of icasino” by Betty co-founder and group CEO Justin Park.
In an exclusive interview with EGR, Park said the UK was chosen because of its size and because it was a market where he felt the Betty brand would resonate.
The timing was unfortunate, however, with the UK government hiking remote gaming duty from 21% to 40% as of 1 April.
In February, former Playtech and Entain executive Boris Tejeda was announced as the firm’s new managing director.
The post Betty Canada’s Q2 net revenue doubles as bosses target top spot in Alberta first appeared on EGR Intel.
Slots-only challenger brand posts an annualised run rate of $378m, while the platform’s active players in Ontario peak at 167,000 in June
The post Betty Canada’s Q2 net revenue doubles as bosses target top spot in Alberta first appeared on EGR Intel.