The third quarter financial results for Betsson Group, covering July to September 2023, have been released. Throughout the seventh consecutive quarter, Betsson reported an increase in revenue during the reporting period.
In the third quarter, the company registered €237.6m ($250.6m) in revenue, a 19% increase compared to the same quarter in 2022. There was also a 39% increase from organic factors. Betsson's total revenue increased by 17% to €156.6m.
Earnings from casino games contributed €172.1m, up 27%, while sports betting earnings contributed €63.3m, up just 2%. Betting on sports saw a 24% increase to €1.3bn in gross revenue.
However, Betsson's operating costs rose 5.5% in Q3 to €100.6m, with payroll costs taking up the lion's share (€34.8m). Despite this, the live casino brand showed impressive financial growth, with an EBIT of €56.0m (a 45.8% increase from the prior year). Profit before taxes increased by 44.7% to €50.8m after subtracting €5.2m in financing charges.
Betsson's net profit in the third quarter was €46.2 million, a year-over-year increase of 41.7% after accounting for income tax payments of €4.6 million. The organization's EBITDA also grew significantly by 41.8% to €68.9m.
The report further reveals that the primary markets for Betsson remain in CEECA, recording a 23.0% increase in revenue to €97.0m in the region. Positive results in operations in Georgia, Latvia, Estonia, Greece and Croatia significantly contributed to this expansion. Betsson is anticipating continued development in the area, which should be aided by the company's Q3 acquisition of a new casino license in Serbia. Argentina and Colombia contributed heavily to Latin America's 33.2% sales growth, totaling €51.7m.
Pontus Lindwall, CEO of Betsson AB, said:
"I look forward with confidence to the final sprint of the year. Geographical diversification, a solid balance sheet and strong cash flows create good conditions for continued investments in profitable growth to deliver long-term value creation for our shareholders."
Lindwall added that Q3 was the sixth consecutive quarter of sequential increase for the operator and that revenue and EBIT were the "highest ever" for Betsson in a single quarter.
