A premier gaming enterprise, Betsson, concluded 2023 with exceptional achievements, posting robust financial figures for both the final quarter and the entirety of the year. Their accomplishments stemmed from a blend of revenue expansion and heightened profitability.
In the concluding quarter of 2023, Betsson generated €251.9 million (equivalent to $270.3 million) in revenue, signifying a 14% rise compared to the corresponding timeframe in 2022. This remarkable outcome was propelled by a substantial 36% organic revenue surge. While their casino division flourished with a 25% upswing, sports wagering revenue experienced a marginal 5% decline – primarily attributed to the challenging benchmark established by the 2022 FIFA World Cup.
Notwithstanding the dip in sports wagering, Betsson’s earnings before interest, taxes, depreciation, and amortization (EBITDA) escalated by a considerable 40% to €71.9 million. Likewise, their operating income (EBIT) witnessed a robust 42% increase, reaching €57 million. The corporation declared a net income of €43.3 million for the quarter, with operating cash flow amounting to €47.6 million. Notably, the count of active patrons contracted by 6% to 1,345,129, suggesting certain fluctuations in customer patterns.
Examining the full year, Betsson’s revenue attained an impressive €9.482 billion, a significant 22% leap compared to 2022. Their EBITDA soared by 52% to €2.627 billion, while EBIT observed a 60% surge, settling at €2.105 billion. Net income for the year reached €1.73 billion, with earnings per share at €1.29 and operating cash flow totaling €2.304 billion.
Furthermore, Betsson’s board of directors has put forward a 48% dividend enhancement to €0.645 per share. Pontus Lindwall, President and CEO of Betsson AB, conveyed his assurance in the company’s prospects, remarking, “I am optimistic about 2024.”
Betsson expresses strong belief in its capacity for sustained value generation, highlighting its robust financial standing, distinctive technology, exceptional customer support, and above all, its committed workforce. The firm conveyed appreciation for its staff’s diligent efforts throughout 2023 and extended gratitude to its investors for their continued confidence.
The organization was recently honored with the esteemed “Social Responsibility Global Gaming Award” at the ICE London gathering. Further amplifying the positive developments, Betsson’s Chief Executive Officer was recently featured in an interview for the Gambling Insider podcast, with the segment slated for broadcast shortly.
However, Betsson’s shares witnessed a decline this morning, retreating by 7%. Market response to the company’s latest report has been varied, as investors maintain a cautious stance and anticipate possible fluctuations following the publication of the complete financial outcomes for the year. This guarded sentiment might also be connected to the proposed share repurchase initiative and the dividend to be disbursed to stakeholders based on these results.
It is noteworthy that Betsson recorded a substantial revenue surge in the final quarter of 2023. Income ascended to €251.9 million, marking an increase from €237.6 million in the preceding quarter of the same year.
