Betsson Group revenue up by over 30% in Q1 2023
In its latest report covering its financial performance in the first three months of the year, Betsson Group has noted an over 30% increase in revenue.
The report’s headline figure comes from total revenue of just under 222 million Euros, which went up from the 170 million Euros recorded in the same period of 2022. The company also mentioned that the organic increase in its revenue was slightly higher at 38%.
Broken down by gambling type, the corporation’s casino operations generated 37% more revenue than in the first quarter of 2022, while the sports wagering side of the business grew by nearly 20%. Moreover, the business reported its sports betting margin, which had declined slightly from 8.3% to 8%.
Continuing with the main figures, Betsson’s EBITDA has seen a significant increase in the period of over 60%, going from 33.4 million Euros to 54.3 million Euros. Its EBITDA margin went up as well and is now sitting at 24.5%.
All of the increases resulted in a boost in the company’s net income, which increased by just over 75% from under 21 million Euros to 36.6 million Euros. This also drove Betsson’s earnings for each of its shares, which went up by a similar proportion from 0.16 Euros to 0.28 Euros.
Lastly, despite all of the noteworthy increases, the company’s active player numbers went down by 11% to 1.1 million. Its total net debt also went up significantly, with the firm now having over 100 million Euros in liabilities compared to the last year’s under 17 million Euro figure.