Betsson’s Q2 2024 performance showcases the company’s robust market position and effective growth strategies. The company’s focus on organic growth, customer acquisition, and market expansion has resulted in a significant 15 percent increase in revenue.
Financially, Betsson has shown impressive results. The EBITDA for the quarter was €77.6 million, marking a 15 percent rise from the previous year. The EBITDA margin was 28.6%, slightly higher than last year’s 28.5 percent. This increase in EBITDA and the margin indicates healthy profitability for the company. Operating income (EBIT) also saw an impressive increase of 18 percent to €64.1 million. The EBIT margin improved to 23.6 percent from 23.0 percent, reflecting Betsson’s efficient operations and effective cost management.
The company’s customer base also saw a significant increase, with active customers rising by 25 percent to 1.4 million. This growth in the customer base is a testament to Betsson’s strong brand appeal and effective customer acquisition strategies. Total customer deposits in Q2 were 15.0 percent higher at €1.43 billion, setting a new record for the group.
Betsson has also expanded its footprint in locally regulated markets. The company secured its first local licenses in Peru for the Betsson and Betsafe brands. This expansion into new markets is expected to contribute to Betsson’s future growth.
Organic growth fuels Betsson’s success
Betsson’s CEO, Pontus Lindwall, (photo above), expressed optimism about the company’s future. He highlighted the continued high growth and strengthened profitability, with new records in both revenue and operating income. Lindwall attributed this growth to high customer activity during events such as the UEFA and Copa America in June.
Betsson also announced a partnership agreement with Serie A champions Inter Milan, which will feature the Betsson.sport brand on the team’s jerseys for the next four years. This partnership is expected to enhance Betsson’s brand visibility and attract more customers.
Overall Betsson’s Q2 2024 performance mirrors its robust market position and effective growth strategies. The company’s emphasis on organic growth, customer acquisition, and market expansion has resulted in a robust 15 percent increase in revenue. With its strategic initiatives and partnerships, Betsson is well-positioned for continued growth and success in the future. When compared to other industry players, Betsson’s performance stands out, indicating a promising future trajectory. The casino segment witnessed a 16 percent increase in revenue, while the sportsbook segment saw a 13 percent rise.
These figures underscore a robust performance in both segments, contributing to the overall revenue growth. The company’s strategy of geographical expansion has further bolstered its strong performance. This expansion into new markets is anticipated to fuel Betsson’s future growth.
Today, Betsson AB (BETS-B.ST) is trading at 124.80, which is a decrease of 3.98 or 3.09 percent from the previous trading session.
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