Betsson reports record quarter following Euro 2024 and Copa América gains

Betsson has recorded a 15% year-on-year (YoY) increase in revenue for Q2 2024, driven by the success of the operator’s sportsbook offering during a busy summer of sport.  

The company posted revenue of €271.5m for the quarter, up from €236.8m in Q2 2023, representing a 38% organic increase. 

Betsson’s casino performance was the biggest contributor (70%) to its revenue total as revenue from the vertical hit €191.1m, up 15.8% from the previous year.  

Sportsbook revenue, which accounted for 29% of the company’s quarterly total, increased 12.8% YoY to €78.4m, as Q2 coincided with both Euro 2024 and the Copa América.  

The gains in casino and sportsbook revenue both represented a new all-time high for the group.

Sportsbook margin after free bets increased slightly YoY, up 0.4 percentage points to 8.6% from 8.2%. Revenue from other verticals such as poker and bingo amounted to €2m. 

Meanwhile, active customers rose 25.4% to 1,404,147 during the quarter.  

The company once again experienced a record quarter for EBIT by recording figures of €64.1m, up 18% compared to the €54.5m generated in Q2 2023.  

EBITDA for Q2 2024 was €77.6m, up from €67.6m in Q2 2023.  

During the quarter, the company obtained licences in the newly regulated Peru market for its Betsson and Betsafe brands.  

This helped contribute to a 21.8% rise in Latam revenue to €62.6m, with the region making up 23% of revenue for the three months to 30 June.  

Central and Eastern Europe and Central Asia (CEECA) continued to be the most profitable region with revenue of €114m – up 11.1% YoY and representing 42% of overall Q2 revenue. 

Revenue for Western Europe leapt 61.9% to €43.7m, while revenue for the Nordics fell 8.5% YoY to €47.3m. 

Rest of the world (RoW) revenue declined 6.6% to €3.9m, which the firm attributed to decreased activity in Nigeria. 

For H1 2024, Betsson reported revenue of €519.7m, which represented an increase of 13% and an organic increase of 32%.

Casino and sportsbook revenue both increased during the period, rising 17% to €371.6m and 5% to €143.9m respectively.  

EBIT for the first half of the year grew 25% to €122m, while EBITDA increased 22% to €149.2m.  

CEO Pontus Lindwall was effusive in his praise for the record quarterly performance in spite of the increased level of taxation in local markets. 

He said: “The second quarter of 2024 meant continued high growth and strengthened profitability with new records in both revenue and operating income for Betsson. 

“I am particularly delighted to note the improved operating margin in the quarter and the highest-ever operating income, given the increased proportion of revenue that was subject to local gaming taxes.

“I am pleased with what we have delivered so far this year and see good growth opportunities in the second half of the year as well. We continue to invest in geographic expansion and the product offering to enable continued profitable growth and value creation for a long time to come,” he concluded. 

Betsson shares tumbled 6% in early trading before rallying slightly to SEK127.50 at the time of writing.