Betsson, the leading holding company within the growing iGaming industry, released its latest financial results, outlining the company’s performance for the third quarter of 2022.
The Company Reports Best Quarter Ever
On Wednesday, the company acknowledged that it has seen its best quarter ever with revenues hitting €200.3 million ($200.7 million). This result marked an increase of 18% when compared to Q3 2021. Betsson’s gross profit in Q3 this year increased as well. The company revealed its gross profit hit €133.8 million ($134.1 million), up 22% from the €109.9 million ($110.1 million) result from the same quarter last year.
“Betsson’s best quarter ever, driven by both sports and casino,“
reads a statement released by the company
Similarly, EBITDA increased for the period by 19% to €48.6 million ($48.7 million). In Q3 this year, Betsson revealed that its net income increased as well. Overall, the company’s net income for the period hit €32.6 million ($32.7 million), up 16% when compared to the net income of €28.2 million ($28.3 million) reported during the same period in 2021. In addition, the operating income (EBIT) for the period increased by 21% to €38.4 million ($38.5 million).
Sportsbook and Casino Revenue on the Rise
Judging by the recent figures released by the company, its growth during the third quarter of this year was primarily driven by casino and sportsbook operations. In Q3, the company’s casino revenue increased by 8% to €135.4 million ($135.7 million). On the other hand, Betsson’s sportsbook revenue for the period soared by 45% to €61.9 million ($62 million). At the same time, the company revealed that during the third quarter, its active number of customers increased by 7% to 1,056,400.
It was earlier this month when Betsson released a trading update outlining it expects to see record revenue and EBIT during the third quarter of this year. Now, the latest figures reaffirm the company’s prediction was correct. Just as predicted, Betsson enjoyed a boost in its revenue and EBIT primarily driven by casino and sportsbook operations.
Strong Results despite Missing Revenue from the Netherlands
Pontus Lindwall, Betsson’s president and CEO, said about the recent results that the company has seen a record revenue and operating profit. According to him, the revenue and profit were both driven by the strong performance of casino and sports betting operations.
“We are excited as we look forward to the rest of the fourth quarter and the World Cup in football, which has good chances of becoming the biggest sports event ever for Betsson.“
Pontus Lindwall, president and CEO at Betsson
Focusing on the jurisdictions where the company operates, Lindwall said that the Q3, 2022 results were boosted by good performance in Latin America and Central and Eastern Europe and Central Asia (CEECA). With that in mind, he acknowledged that Betsson has seen strong growth during the quarter, despite the missing revenue from the Netherlands where the company currently awaits approval of license applications. In conclusion, Lindwall said that the company is looking forward to the success the World Cup will bring.