A prominent online gaming enterprise, Betsson, has announced robust financial results for the twelve months concluding December 31, 2023, showcasing substantial expansion in both turnover and earnings.
In the final quarter of 2023, Betsson’s turnover escalated by 14% year-over-year, hitting €251.9 million ($270.3 million). This upswing was propelled by a noteworthy 36% surge in inherent revenue.
Although the company’s casino revenue leaped by an extraordinary 25%, sports wagering revenue witnessed a marginal contraction of 5%. This decrease can be partly ascribed to the exceptionally elevated sports betting engagement during the corresponding timeframe last year, fueled by the FIFA World Cup.
Notwithstanding the minor dip in sports wagering revenue, Betsson’s profitability metrics presented a favorable outlook. Earnings before interest, taxes, depreciation, and amortization (EBITDA) escalated by 40% to €71.9 million, while operating income (EBIT) observed a 42% rise to €57 million.
The company’s net earnings for the quarter amounted to €43.3 million, with operating cash flow reaching €47.6 million. The count of active patrons contracted by 6% to 1,345,129, mirroring shifting customer engagement trends.
For the entirety of 2023, Betsson’s turnover ascended to €9.482 billion, signifying a 22% increment compared to the preceding year. EBITDA underwent a substantial 52% growth, attaining €2.627 billion, while EBIT surged by 60% to €2.105 billion.
Betsson’s net earnings for the year reached €1.73 billion, equating to earnings per share of €1.29. Operating cash flow for the year totaled €2.304 billion.
The company’s governing board has put forward a remarkable 48% dividend increase to €0.645 per share.
Conveying his positivity, Pontus Lindwall, President and CEO of Betsson AB, stated, “I am assured about 2024.”
Betsson exudes assurance in its capacity to sustain its achievements, attributing its success to a robust financial standing, cutting-edge technology, exceptional customer care, and above all, an outstanding team. The company expresses profound appreciation for its employees’ dedication throughout 2023 and the unwavering confidence of its stakeholders.
The company has garnered recent attention, clinching the “Global Gaming Awards Social Responsibility Award” at the ICE London gathering. Furthermore, their Chief Executive participated in an interview at the Gambling Insider Huddle, slated for imminent publication.
Notwithstanding this favorable news, Betsson’s share value experienced a 7% decline this morning. The market appears to be adopting a cautious stance, potentially anticipating fluctuations following the release of the comprehensive financial outcomes. This measured reaction might also stem from the proposed share repurchase initiative and the forthcoming dividend determination based on these results.
Betsson’s Q3 2023 financial statement revealed earnings of €237.6 million, establishing a foundation for a robust conclusion to the year. The company then surpassed this with an even more impressive Q4, achieving €251.9 million in earnings.
