The Latin American business of the company reached a historic high in operations, generating revenues of EUR 69.4m.
Sweden.- The Swedish gaming group Betsson has published the financial results for the third quarter of the year. Revenues increased by 17.9 percent year-on-year to reach EUR280.1m. There was also a 3.1 percent increase compared to the previous quarter.
Once again, the casino was the largest contributor to the revenues during the period with a record of EUR209.9m, a 22 percent increase from the third quarter of 2023, while sports betting revenues increased by 7.8 percent to EUR68.3m.
Other products, which include bingo and poker, saw a 7 percent drop in revenues to EUR2m. The total revenues for the third quarter include B2B revenues of EUR66.7m, compared to EUR55.9m in the corresponding period last year.
The CEO of Betsson, Pontus Lindwall, said: "High customer activity continued during the third quarter with new record levels in customer deposits and gaming turnover. Betsson is again recording quarterly records in revenues and EBIT, marking the eleventh consecutive quarter with sequential growth at the EBIT level."
He added: "Growth was widespread with high and sustained activity in the regions of Latin America, Western Europe, and Central and Eastern Europe and Central Asia (CEECA). "The share of revenues from locally regulated markets continues to increase and amounted to 58 (45) percent in the quarter."
See also: Betsson expands its presence in sports in Latin America
Latin America recorded the highest growth during the third quarter, with revenues increasing by 34 percent to EUR69.4m, driven by growth in Argentina, Colombia, and Peru.
The Rest of the World region saw a revenue growth of 23 percent to EUR4.4m; revenues in Central and Eastern Europe and Central Asia (CEECA) increased by 20 percent to EUR116.3m; revenues in Western Europe increased by 14 percent to EUR44.7m, and revenues in the Nordic region decreased by 1.8 percent to EUR45.3m.
The strong revenue growth helped operating profit rise to EUR64.5m in the third quarter, a 15 percent year-on-year increase, with an EBIT margin of 23 percent.
The net profit for the period from July to September decreased by 6 percent to EUR43.4m, as net financial costs increased by 52 percent to EUR7.9m, mainly due to the early amortization of outstanding bonds and increased interest expenses related to a higher volume of bonds compared to the corresponding period last year.
Net profit was also affected by a higher corporate tax of EUR13.2m, compared to EUR4.6m a year ago, as the company implemented global rules against base erosion earlier in the year.
Betsson increased its active customer base by 10 percent year-on-year to 1.4 million, while customer deposits increased by 20 percent to a record EUR1.480m.
In the first nine months of 2024, the group's business volume increased by 15 percent to EUR799.8m, while EBITDA increased by 20 percent to EUR229.5m. The operating result for the nine-month period was EUR186.5m, a 21 percent increase from the same period last year, and net profit increased by 1 percent to EUR130.6m.
