Betsson AB has posted a trading update ahead of its Q2 2023 trading results.
Q2 2022 Trading Update
- Revenue for the second quarter 2023 is expected to be around EUR 235.5–237.5 million, which is the highest level ever for Betsson in a single quarter.
- Operating profit (EBIT) is estimated to be around EUR 53.5–55.0 million for the quarter, which is a new record and above the analyst consensus estimate for the period. Increased revenue and Betsson’s scalable business model have contributed to the high level of operating profit.
The second quarter 2023 has been characterised by continued high customer activity both in casino and sports betting, which has resulted in a strong financial development for Betsson.
The preliminary sportsbook margin was approximately 8.2% for the quarter, which is in line with the corresponding quarter last year (8.3%) but higher than the rolling average for the last eight quarters (7.8%).
Group revenue increased in all regions compared to the corresponding quarter in the previous year, and the revenue split by region is expected to be approximately the following: Nordics 22%, Latin America 22%, Western Europe 11%, Central & Eastern Europe and Central Asia (CEECA) 43% and Rest of the World 2%.
License revenue for system delivery to B2B customers is expected to amount to EUR 64.0–65.5 million in the quarter, corresponding to approximately 27% of Group revenue.
The average daily revenue so far in the third quarter 2023, up until and including 9 July has been 13.7% higher than the average daily revenue of the full third quarter 2022. Adjusted for currency effects and acquisitions, the average daily revenue until and including 9 July has been 22.6% higher than the average daily revenue of the full third quarter 2022.
According to plan, on July 5, 2023, the acquisition of betFIRST, one of the leading gambling operators in Belgium, was completed.
All the above mentioned figures are solely estimates and have not been reviewed by the company’s auditor. Complete information will be reported in connection with Betsson AB’s interim report for the second quarter, which will be published on July 20, 2023.
