Betsson’s Focus at LatAm: Record-Breaking Revenue in Q2
Betsson AB announced its latest report with numbers and statistics. The second quarter of Betsson’s work turned out to be record-breaking as the Q2 revenue was as significant as €186.3m (£158.9m/$189.5m), with the net income equal to €28.6 million or €0.21 per share. Though the results in Western Europe fell by about 40%, the market that succeeded was Latin America.
Pontus Lindwall, CEO at Betsson, commented on this:
Betsson’s second quarter featured continued good growth with all-time high revenue and further investments to support our expansion.
Lindwall is sure that organic growth is a perfect strategy for the company, and the Latin America direction increased the growth by 13% in April-June 2022. That’s especially true for sportsbook development as its gross turnover increased by 20%. As for LatAm, this direction and year were statistically the most successful, thanks to the €45.7m revenue, which increased by 86.2% compared to the previous year. And sports betting showed the same results in Central and Eastern Europe and Central Asia, rising by 23.4% to €61.1m. Unfortunately, the segment of online casinos didn’t show such a rapid rise as it increased by 1% only.
However, the numbers weren’t that thrilling in the Nordics as they were down by 5.7% to €51.2m. Yet, the company is sure that the thing is that in the 2020 European Championship, which led to outstanding results last year.
And the problems with the Western Europe market took place because the company left the Dutch market. As a result, the revenue fell to €24.8m. The German market also didn’t succeed due to the strict regulations in this area. So the company applied for only a single license here (Zecure Gaming Ltd).
The other thing that led to the company’s growth this quarter is the more significant number of customers, as 21% more people registered. This quarter, the company boasts 1,246,719 people compared to 1,027,635 in the first quarter. The World Cup in June also added to such results, as well as the launch of the Betbonanza sports betting platform.
Of course, the company’s primary goal is to continue growing sports betting solutions, so Betsson is now a sponsor of Copa America Femenina 2022 and awaits excellent results during the upcoming World Cup in Qatar. But previous investments were quite consuming for Betsson, as acquiring sportsbook Inkabet resulted in a loss of €14.8m. Better still, iGaming solutions are also developing. For example, the company holds 40% of Strive, a company keen on developing gambling products.
As for some more numbers and statistical data, the company’s year-to-date revenue is €356.4m, which resulted from a 7.9% rise. However, the gross profit is down by 3.5%, at €225.8m. The EBITDA is €72.7m (11.6% loss). The annual operating income is currently marked as €52.8m, and operating expenses stand at €173m.
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