LiveScore FY23 Reports a Significant 48.9% Revenue Increase

LiveScore, a prominent player in the sports media and gambling sectors, has unveiled its annual financial results for the year 2023. These results have taken the industry by storm, with a staggering 48.9% increase in revenue, reaching a total of £129.6 million. This remarkable growth is attributed to the company's operations within its Virgin Bet, LiveScore Bet, and sports media business.

One of the most notable aspects of LiveScore's financial success is the substantial rise in gambling-related revenue, which reached £108.0 million, marking a remarkable 57.3% increase compared to the previous year. Advertising revenue also witnessed a healthy boost, surging by 17.7% to reach £21.6 million.

In a forward-looking statement, LiveScore CEO Sam Sadi shared the company's ambitious plans to become the leading sports media operator worldwide, distinguishing itself from being solely a betting operator.

Examining revenue by geographical location, the UK and Ireland contributed significantly, generating £100.3 million, reflecting a 40.0% increase. However, the most significant surge in revenue occurred in the Rest of Europe division, nearly tripling year-on-year to reach £14.0 million. The Rest of World division contributed the remaining £15.2 million.

The number of employees at LiveScore also experienced growth, rising from 416 in 2022 to 492 in 2024.

While LiveScore's gross profit increased by 45.1%, distribution costs and administrative expenses led to an operating loss of £61.7 million, although this still marked an improvement from the previous year. Interest-related expenses contributed to a pre-tax loss of £65.5 million, with taxation on the loss bringing the total loss for the year to $65.4 million, an improvement of 6.5% year-on-year.

Furthermore, LiveScore's EBITDA loss decreased by 14.4%, and the company's parent company, Anzo Group Limited, took strategic steps to ensure financial stability, including share issuances and a significant investment from Ringier Sports Media Group AG.

LiveScore's remarkable financial performance in FY23 has positioned it as a major player in the sports media and gambling industry, with ambitious plans for global expansion and continued growth.