Betsson: Q4 revenue up 22%, FY24 hits $1.15bn

Casino was the primary driver, with Betsson also reporting growth in LatAm across the full-year period.

Betsson AB has posted its latest financial figures, unveiling a Q4 2024 revenue rise of 22% to a total of $317.8m, with full-year 2024 revenue surpassing the $1.1bn mark.  

Overall, revenue rises during the final quarter of 2024 attributed to a strong financial year overall, with the FY24 revenue figure marking a year-over-year increase of 17%. Elsewhere, EBITDA also experienced rises across the board. Net debt, however, increased drastically over the final quarter of the year.  

Betsson’s Q4 2024 

Indeed, Q4 revenue rose by a healthy margin for Betsson in comparison to results from Q3 2023. Further, the same could be said for gross profit, which rose by 21% to a total of $207.5m for the period.  

Regarding EBITDA, Betsson’s figure for the final quarter of the year settled at $89.5m – a 20% increase from the year prior – while operating income also rose by 23% to total $72.7m. EBITDA margin experienced a slight drop of 0.4% when compared to results from Q4 2023, settling at 28.2%. Number of active customers remained the same for Q4 2024 in comparison to Q4 2023. 

The primary revenue driver for Betsson during the year’s final quarter was casino. Indeed, despite sportsbook’s gross turnover rising 2% year-over-year to a total of $1.78bn during the Q4, it’s revenue figure of $94.6m was eclipsed by that of the $221.6m generated by casino operations. Both casino and sportsbook, however, experienced respective year-over-year revenue rises of 17% and 36%.  

In juxtaposition to these positive indicators, Betsson’s net debt increased by some 84.2% during the final quarter of the year, increasing from -$58.9m to -$139.8m.

Betsson’s FY24 

Regarding the company’s full-year financial results, the revenue rise of 17% year-over-year was followed by a gross profit figure up by 14% compared to the previous year – settling at $745.5m.  

EBITDA also experienced a healthy rise year-over year of 20% to $327.3m, with a margin of 28.6% – 0.9% higher than at the end of 2023. Net income also experienced an uptick of 6% to $190.3m – with operating cash flow also rising by 18%.  

In results that mirror the findings from 2024’s final quarter, casino revenue accounted for the bulk of the overall figure for Betsson, generating $823.9m during the year, up again by 18%. Of the year’s $6.7bn sportsbook gross turnover – up 15% year-over-year – $314.3m was generated in revenue, up 14% in comparison to the year prior.  

Growth in the LatAm region 

These latest Betsson results mark a record-breaking period for the company in LatAm, with Q4 2024 revenue (related to end users) reaching its highest-ever recorded margin for the company in the region. Indeed, revenue from LatAm hit $81m for Betsson during the final quarter, marking a rise of 46.8% year-over-year. General revenue in the region hit $52.9m.  

As stated by the company, the growth in this region is attributed to a strong development in the casino product sector, as well as an increasing sportsbook margin in markets including Peru, Argentina and Colombia.  

Good to know: Betsson is one of the first companies to have become licensed the recently regulated Brazilian landscape  

Highlights from the year 

After gaining official license to operate in the Peruvian market in June, Betsson penned a new partnership with Inkabet in the region. Earlier in the year, the company also helped introduce Light & Wonder to the Argentinian market via a content distribution partnership arrangement.  

Most recently, last month, Betsson also extended its pre-existing sponsorship deal with Argentine football club Boca Juniors. 

Outside of LatAm, the organization announced plans to acquire a range Sporting Solutions’ verticals from FDJ Group in 2024, as well as ceasing its operation in Colorado in September.  

Commenting on these latest financials, Betsson AB CEO Pontus Lindwall said, “As we put 2024 behind us, we can conclude that it was the best year ever for Betsson, where we continued to strengthen our position as one of the global leaders in gaming and betting. The year was characterized by high growth, strengthened profitability and strategic investments in line with our long-term goals and our vision to offer the best gaming experience in the industry.” 

“Our investments in the Latin America and Central and Eastern Europe and Central Asia (CEECA) regions continue to be a key driver of the Group’s growth, and we have successfully built a strong position in several key markets using our expertise in online gaming and our proprietary technology platform and sportsbook. Our commitment to sports and marketing through strategic sponsorships has also played an important role in strengthening Betsson’s brand and engaging our players globally.” 

Will Underwood

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