Betsson Group, one of the largest iGaming companies with a strong presence in Malta, has released its financial figures for the period between April and June 2023, during which it experienced “continued high customer activity and strong financial performance”.

Group revenue reached €236.8 million during the period under review, an increase of 27 per cent over the same period of 2022.

The increase was largely driven by higher casino earnings, which grew by 35 per cent. Sportsbook revenue increased by 13 per cent.

The improved revenue drove earnings before interest, tax, depreciation and amortisation to increase by 72 per cent, to €67.6 million, while net income grew by 64 per cent to €46.9 million.

Net debt decreased by €19.8 million, to €138.8 million.

These results were underpinned by a continuing increase in the value of total customer deposits, which increased by 47 per cent over the same quarter of last year, despite a marked 10 per cent decrease in active customers.

Commenting on the results, CEO Pontus Lindwall noted that “Betsson's long history of profitable growth is based on diversified revenues, both in terms of products and geographic markets”.

“As before, the business generates strong cash flows, and the robust balance sheet constantly facilitates new growth initiatives. It is the mix of investments in new markets, organically and via acquisitions, that has contributed to the good financial performance over time.”

He remarked that revenues increased in all regions during the quarter with the Central and Eastern Europe and Central Asia market continuing to show high growth.

In June, Betsson acquired leading Belgian sports betting operator betFIRST, which operates across approximately 450 points of sale in Belgium and also owns a gaming arcade, in addition to the online business, for €120 million. At the same time, a new strategic partnership was entered into with the publicly listed French casino operator Groupe Partouche to offer online casino games in some regulated markets, with Belgium being the first country for this collaboration.

“These strategic initiatives together enable a competitive offering in sports betting and casino for the Belgian market. The investment in Belgium resonates well with Betsson's ambition to deliver long-term profitable growth.”

On the other hand, during the quarter, Betsson decided to withdraw license applications in the Netherlands, following significant delays in the licensing process and resource allocation considerations given the attractive current project pipeline for Betsson in other markets.

Also in June, Betsson confirmed “one of [its] largest ever” sponsorships, with Argentine football club Boca Juniors, which will see the club's match shirt feature the company’s logo during local and international matches until the end of 2024.

“The collaboration with Boca Juniors strengthens Betsson's brand and rapid expansion in Argentina and throughout Latin America, and we will be following the team's development with excitement together with fans and customers,” said Mr Lindwall.