Betsson reports 15% revenue growth in Q2 2024

EBITDA for the quarter was €77.6 million, up 15% year-on-year, and EBITDA margin increased to 28.6% from 28.5%. Operating profit (EBIT) increased by 18% to €64.1 million and EBIT margin improved to 23.6% from 23.0%. Despite this, net profit fell by 5% to €44.4 million, equivalent to €0.33 per share, and operating cash flow fell by 15% to €75.8 million. The company's net debt improved by 29%, and the number of active clients increased by 25% to 1.4 million.

For the first half of 2024, group revenue increased by 13% to €519.7 million, with organic growth of 32%. EBITDA for the period increased by 22% to €149.2 million, and the EBITDA margin was 28.7%, up from 26.6% in the same period last year. Operating profit (EBIT) increased by 25% to €122.0 million and EBIT margin improved to 23.5% from 21.3%. Net profit increased by 4% to €87.2 million, or €0.63 per share. Operating cash flow decreased by 8% to €125.8 million. A dividend of €88.5 million was approved to shareholders, corresponding to €0.645 per share, with the first installment distributed in June.

Betsson CEO Pontus Lindvall noted that the second quarter of 2024 was another period of high growth and strengthening profitability for the company. “Revenue increased 15% and operating income increased 18%, while operating margin increased to 23.6%. This is our tenth quarter in a row with operating income growth,” he emphasized. Lindvall also noted that growth was driven by high customer activity, including during high-profile events such as UEFA and the Copa America.

The improvement in operating margin and operating income was achieved despite an increase in the share of revenue subject to local gaming taxes. Revenue from locally regulated markets accounted for 55%, including Peru, where the tax was assessed during the second quarter. Betsson has also received the first local licenses in Peru for the Betsson and Betsafe brands and is awaiting additional licenses for the Inkabet brand.

In June 2024, Betsson entered into a partnership with Inter Milan, which will feature the Betsson.sport brand on the team's jerseys for the next four years. In addition, the company received an AAA rating from Morgan Stanley Capital International (MSCI) ESG Ratings, an upgrade from its previous AA rating and recognition of its efforts in environmental, social and governance issues.

The results for the second quarter of 2024 confirm Betsson's sustained growth and successful development, supported by strategic partnerships and positive financial performance. Improving margins, increasing the number of active clients and recognition in the ESG field highlight the company's significant achievements against the backdrop of global challenges and a competitive environment.