Revenue for the three months to 31 December 2024 amounted to €306.8 million (£255.3 million/$318.8 million). This surpasses Q4 of the previous year by 21.8% and is the first time quarterly revenue has exceeded €300 million.
Betsson, which published its full-year results today (6 February), reported increases within both its casino and sports betting operations. The group also saw revenue rise across several regional markets around the world, with Latin America posting the most growth.
In Q4 the company recorded an increase in overall customer deposits to a record €1.58 billion, a new quarterly record. Active customers edged up to 1.3 million, although the number of registered players dipped 1.1% to 29.4 million following the decision to exit certain markets.
CEO Pontus Lindwall put this regional growth down to constant investment in core markets. He said this has allowed Betsson to grow its presence and establish a “strong” presence in key regions.
“Our investments in the Latin America and Central and Eastern Europe and Central Asia(CEECA) regions continue to be a key driver of the group’s growth,” Lindwall said. “We have successfully built a strong position in several key markets using our expertise in online gaming and our proprietary technology platform and sportsbook.
“Our commitment to sports and marketing through strategic sponsorships has also played an important role in strengthening Betsson’s brand and engaging our players globally.”
Records tumbles across casino and sports betting
Looking first at how Betsson performed across its core businesses, online casino remains its main source of revenue. During Q4, casino revenue jumped 17% year-on-year to a high of €213.9 million.
During the quarter, Betsson’s offering expanded with 293 new casino games. This helped to also drive group-wide casino turnover up 6.4% to an all-time high of €9.75 billion.
As for sports betting, revenue here also increased by 36.3% to €91.3 million, another new record for Betsson. Sports betting turnover increased 2.3% to a record €1.71 billion.
Revenue from other products, including poker and bingo, dropped 23.8% year-on-year to €1.6 million. These accounted for 1% of the overall revenue.
Double-digit growth across key regions in Q4
In terms of regional performance, operations in CEECA continued to draw the most revenue at €132.2 million, up 23.8%. Betsson noted growth across both sports betting and casino, highlighting record figures across Croatia, Georgia, Greece and Lithuania.
Latin America ranked next in terms of the proportion of total revenue, while the region also saw the most growth. Revenue climbed 46.8% to €78.2 million, another all-time high, as the group benefitted from growth across Argentina, Colombia and Peru.
Into Western Europe and here revenue increased by 26.3% to €52.7 million. This was helped by a record performance in Italy, while growth in Belgium, on the back of Betsson securing an online casino licence at the start of 2024, also contributed to the increase.
However, revenue in the Nordics declined 13.8% to €40 million due to lower casino activity. Meanwhile, rest of world revenue remained level at €3.7 million.
Bottom line success at Betsson
Turning towards the bottom line, gross profit for the quarter increased 21.3% to €200.3 million. Operating expenses were also 20.2% higher at €130 million but such was the impact of revenue growth that operating income jumped 23.2% to €70.2 million.
After financial income and expenses, pre-tax income hit €65.4 million, an increase of 28.5% from the previous year. Betsson paid €12.3 million in tax, leaving €53.1 million in net profit, up 22.6%.
However, after also including a €1.1 million benefit from net investments in foreign currency and €700,000 from foreign currency exchange, the final figure was slightly higher. Bottom line net profit was €54.9 million, an increase of 59.1%.
In addition, EBITDA for Q4 amounted to €86.4 million, up 20% year-on-year.
Record year for Betsson
As for the full-year, Betsson did not go into as much detail on its performance as it did with Q4. It did, however, publish key financial data for the 12 months to 31 December 2024.
Revenue for the year hit €1.11 billion, up 16.8% and a new record for Betsson. It was also the first time the group saw annual revenue surpass the €1 billion mark.
Casino revenue was up 18.4% at €795.4 million, while sports betting revenue also climbed 13.6% to €303.4 million. Data on regional performance for the year was not published.
Group gross profit increased by 13.9% to €719.4 million, while after €463 million in costs, operating profit hit €256.7 million, up 22% year-on-year. When also accounting for finance costs, pre-tax profit was €233.7 million, a rise of 20%.
Betsson paid €50 million in taxes, resulting in a net profit of €183.7 million, up 6.2% year-on-year. After accounting for foreign currency impact, bottom line net profit hit €189 million, an increase of 11.2%.
On top of this, EBITDA for the year jumped 20.3% to €316.0 million.
“As we put 2024 behind us, we can conclude that it was the best year ever for Betsson, where we continued to strengthen our position as one of the global leaders in gaming and betting,” Lindwall said.
“We continue to forge new paths and act as pioneers in everything we do and look forward to continuing our growth journey in 2025. Geographic expansion and diversification remain key words for us and we have a full pipeline of activities to support continued growth.
“With disciplined capital allocation, promising strategic initiatives and our commitment to strengthening the customer experience, we are confident that we can continue to create long-term value for our shareholders and customers.”
