Betsson Netts Grabs Impressive €200.3 Million Third Quarter Profits
Rewritten Article:
Live it up, folks! Betsson, a leading player in the thriving iGaming biz, has announced their financial results for the third quarter of 2022, shedding light on their skyrocketing performance during that period.
Quarter of a Century in Revenue!
Betsson recently confessed to experiencing their most lucrative quarter to date, raking in an eye-popping €200.3 million ($200.7 million) in revenue. That's an impressive 18% increase when compared to the same quarter in 2021. Talk about raising the stakes! With their gross profit for Q3 2022 climbing to €133.8 million ($134.1 million), up 22% from the same period last year, one might say they've hit the jackpot.
"Betsson's record-breaking quarter, fueled by both sports and casino."
This quarter also saw EBITDA increase by 19%, hitting €48.6 million ($48.7 million). Net income for the period increased as well, reaching €32.6 million ($32.7 million), marking a 16% jump from the net income of €28.2 million ($28.3 million) during the same period in 2021. Operating income (EBIT) for the period increased by 21% to €38.4 million ($38.5 million).
Double Down on Casino and Sportsbook
The recent figures reveal that Betsson's growth during Q3 2022 was primarily propelled by their casino and sportsbook operations. During the same period, casino revenue jumped by 8% to €135.4 million ($135.7 million). Meanwhile, sportsbook revenue soared by a whopping 45% to €61.9 million ($62 million). With the total number of active customers increasing by 7% to 1,056,400, it looks like Betsson's winning strategy is paying off.
Earlier in the month, Betsson unveiled a trading update projecting they'd see record revenue and EBIT during Q3 2022. Now, the latest numbers prove they were spot on! Just as predicted, Betsson enjoyed a revenue and EBIT surge, predominantly thanks to their casino and sportsbook operations.
Triumph despite the Omission
According to Pontus Lindwall, Betsson's president and CEO, the recent results demonstrate record revenue and operating profit. He attributes the success of these figures to the robust performance of casino and sports betting operations.
"We're ecstatic as we gaze towards the remainder of Q4 and the World Cup in football, which has every chance of turning into the biggest sports event ever for Betsson."
Betsson's revenue growth in Q3 2022 can be attributed to several factors, including market shifts, strategic decisions, and financial performance. Highlights include the global market expansion, local focus, innovative offerings, financial strength, strong brand, and customer engagement. Despite missing revenue from the Netherlands where they are currently awaiting license approval, Betsson has observed a robust growth trajectory, bolstered by strong showings in Latin America, Central and Eastern Europe, and Central Asia (CEECA). Hoping for a winning streak at the World Cup, Betsson looks forward to tallying up their profits in the future!
- Betsson's sportsbook and casino operations contributed significantly to their Q3 2022 profit, with a 45% increase in sportsbook revenue and an 8% jump in casino revenue.
- The casino and sportsbook sectors played a pivotal role in Betsson's record-breaking EBITDA and net income during Q3 2022, with EBITDA increasing by 19% and net income by 16%.
- Despite the delay in revenue from the Netherlands due to pending license approval, Betsson registered a robust growth trajectory, powered by strong performances in Latin America, Central and Eastern Europe, and Central Asia (CEECA).
- The iGaming industry giant Betsson, despite awaiting license approval in the Netherlands, is currently eyeing the World Cup in football, hoping for another boost in profits.
- The profitable third quarter of 2022 for Betsson, amidst the thriving iGaming business and investing in sports betting, demonstrated a 18% rise in revenue compared to the same period in 2021.
- With the success of their Q3 2022 financial results, Betsson, a business leader in sports betting and casino, is preparing to encounter more opportunities in the iGaming industry and finance, especially during the upcoming World Cup.
