Betsson attributes revenue growth in Q3 to ‘high activity’ in LatAm
The CEO said the fourth quarter is off to a good start.
Key Points
- The operator reported third-quarter growth in revenue
- Its EBITDA margin reached 27.4% in Q3
Betsson AB has released its financial results for the third quarter. The company said its 18% revenue growth was attributed in part to “sustained high activity” within the Latin American region.
During the third quarter, group revenue reached $696.3m. EBITDA for the quarter totaled $190.8m, while the company’s EBITDA margin reached 27.4%.
Company President and CEO Pontus Lindwall discussed the upcoming Brazilian market launch and what impact that could have on the company.
He said, “The potential market in Brazil is large while competition is expected to be tough with many operators willing to invest large amounts in marketing. As always for Betsson, we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries in order to find the right mix and allocation of investments between our markets.
“The focus on efficient capital allocation is and has always been an important part of our strategy to create shareholder value.”
Lindwall went on to give an update on the company’s fourth-quarter progress.
Good to know: Brazil is scheduled to open its regulated sports betting iGaming markets in January
He said in closing, “The fourth quarter is off to a positive start with 14% higher daily revenue than the average for the full fourth quarter last year.
“Hence there is reason to feel confidence about the last quarter of the year, which is usually also the seasonally strongest quarter for customer activity.”
Betsson Group recently announced a decision to stop operating in the state of Colorado. The company ceased all activity at the end of September.
Betsson first launched its sportsbook in Colorado in March 2022 under its Betsafe brand after receiving GLI 33 certification. The company also opened an office in Denver to support its B2B operations.
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