LiveScore Group revenue jumps 49% on the back of UK gains
Revenue for the 52 weeks to 31 March 2023 reaches £129.7m as Regulus Partners praises firm for becoming “a significant UK online gambling challenger”
LiveScore Group has reported a 49.1% increase in revenue and shrinking losses in the 52-week period to 31 March 2023.
In a financial report filed with Companies House, the privately owned media brand and online bookmaker confirmed revenue reached £129.7m, up from £87m in the previous reporting period.
Breaking revenue down geographically, the UK and Ireland accounted for the lion’s share with £100.4m, up from £71.7m in 2022.
Elsewhere, the ‘rest of Europe’ saw revenue almost treble from £5m to £14m, while the ‘rest of the world segment’ returned revenue of £15.2m, up from £10.3m.
The group, which comprises its B2C operator brands LiveScore Bet and Virgin Bet as well as its LiveScore media app, also detailed revenue by division.
Revenue from LiveScore Bet and Virgin Bet increased from £68.6m to £108m, while advertising revenue derived from its media arm rose slightly from £18.4m to £21.6m.
Additionally, EBITDA losses shrank 14.4% from £58.9m to £50.4m and operating losses fell 11.6% from £69.9m to £61.8m. However, gross profit leapt from £68.9m to £99.9m.
LiveScore Group said the losses were “in line with expectations and overall growth plans as the business incurred significant expansion and marketing costs”.
The operator added that the decrease in operating losses was due to an “increase in gross profit which outpaced continued significant investment in marketing and the LiveScore brand”.
LiveScore Group also reported that its headcount rose from 416 to 492, with total staff costs rising from £17.1m to £22.4m.
In a note published this morning, Regulus Partners praised LiveScore’s ability to carve out a space in the mature UK market.
The boutique analyst firm wrote: “LiveScore has become a significant UK online gambling challenger in just four years after being left behind by what is now Bally’s.
“LiveScore has done a lot of expensive heavy lifting to get to this position, with a cumulative net loss of over £200m (albeit a drop in the US ocean). However, LiveScore’s revenue and growing market share success demonstrates that it is never too late to challenge and that difficult macro/regulatory trends can be bucked by innovation and strong operations management.
“LiveScore is also demonstrating that there is still strong growth in an engaged relatively mass-market gambling segment which likes well-delivered sports content and an accessible UX. Again, this is much easier to say than to deliver, which also underpins LiveScore’s rare success in penetrating a mature market with strong growth.
“LiveScore’s power to disrupt and grow the segment in the UK and elsewhere, rather than just engage in a nil-sum fight for share, is likely to get considerably stronger in our view, as indeed a £450m valuation suggests.”