Betsson, sportsbook and casino operator, has announced a 30% increase in revenue for Q1 of 2023. The company reached €221.9m ($170.2m), rising steadily each quarter since the beginning of 2022.
Pontus Lindwall, President and CEO of Betsson, cited long-term perspective investments in further geographical expansion and strengthening product offering as key efforts from Betsson.
Lindwall commented on Latin American markets specifically, “The new business in Argentina is developing well – revenue increased strongly during the quarter, and Betsson continues to invest in marketing to build brand awareness in this regulated market.
“In February, a third license in the country was obtained, in the province of Cordoba, where a launch will take place later this year. During the quarter, Betsson was the main sponsor of the tennis tournament ATP 250 Chile Open, which took place in February and March in Santiago, Chile.”
Casino revenue increased 37%, while sportsbook revenue increased by 19%. Betsson’s net income reached €36.6m, with a share price of €0.28 per share.
EBITDA came to €54.3m, a rise of 62% year-over-year, with an EBITDA margin of 24.5%. Operating income (EBIT) reached €43m, an increase of 82% from Q1 of 2022, but a steady climb from Q4’s result of €40m.
Lindwall concluded his statement with, “We can look ahead to the rest of the year with a solid financial position that enables continued investments in sustainable growth and value creation for our shareholders.”
Though financial results seem to be on the rise, Betsson did report a decline in active customers. The decrease was 11% to a total of 1,115,641 for the quarter.
