Betsson Ends 2023 on a High Note with Strong Q4 and Full-Year Results

A prominent online gaming enterprise, Betsson, concluded 2023 with positive results, announcing robust expansion in both earnings and profitability for the final quarter and the entirety of the year.

In the concluding quarter of 2023, Betsson generated €251.9 million (equivalent to roughly $270.3 million) in revenue, a 14% surge contrasted with the corresponding period in the preceding year. This commendable accomplishment was driven by a notable 36% natural revenue upswing. While casino revenue escalated by an impressive 25%, sports wagering revenue witnessed a minor decline of 5%. This reduction was mainly ascribed to the elevated standard established in the prior year, which benefited from a surge in betting engagement due to the FIFA World Cup.

Notwithstanding the slight decrease in sports wagering, Betsson’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by a significant 40% to €71.9 million. Likewise, operating income (EBIT) underwent a healthy 42% increase, reaching €57 million. The company’s net earnings for the quarter amounted to €43.3 million, with operational cash flow totaling €47.6 million. Notably, the count of active patrons diminished by 6% to 1,345,129, indicating evolving patron conduct within the online gaming sphere.

Examining the complete year, Betsson’s revenue attained an impressive €9.482 billion, signifying a substantial 22% rise compared to 2022. EBITDA encountered a remarkable surge of 52%, reaching €2.627 billion, while operating income (EBIT) witnessed a significant 60% leap, hitting €2.105 billion. Betsson’s net earnings for the year reached €1.73 billion, translating to €1.29 per share. Operational cash flow for the year amounted to €2.304 billion.

Supported by this robust performance, Betsson’s board has put forward an impressive 48% boost in dividends to €0.645 per share. Pontus Lindwall, Chief Executive Officer of Betsson AB, conveyed confidence regarding the future, remarking, “I am optimistic about 2024.”

Betsson exudes assurance in its capacity to generate shareholder value, referencing its robust financial standing, state-of-the-art technology, unparalleled customer care, and above all, its committed workforce. The firm conveyed appreciation for the remarkable contributions of its staff throughout 2023 and extended gratitude to its shareholders for their unwavering confidence.

The organization proudly emphasized its recent accolade as the recipient of the “Socially Accountable International Gaming Provider of the Year” award. Furthermore, Betsson’s Chief Executive Officer engaged in a prominent interview with Gambling Insider at the ICE London gathering, anticipated to spark further engagement.

Notwithstanding these favorable advancements, Betsson’s share value witnessed a decline of 7% this morning subsequent to the publication of its report. This oscillation is presumably attributed to investor expectations surrounding the forthcoming financial outcomes and potential market instability. The proposed share repurchase initiative and the dividend proposition, both contingent upon these results, are also contributing elements to the market’s wary scrutiny.

Betsson’s Q3 2023 report revealed earnings of €237.6 million, establishing the groundwork for a robust conclusion to the year. This impetus persisted, with Q4 2023 earnings attaining €251.9 million.