Betsson hails “best year ever” as 2024 revenue hits €1.1bn

Betsson has heralded 2024 as its “best year ever” as revenue at the Stockholm-listed firm jumped 17% year on year (YoY) to €1.1bn (£917m).

Profits were also up, with EBITDA rising 20% from €262.7m to €316m, generating an EBITDA margin of 20%.

The 2024 performance was boosted by a strong Q4 for the Betsafe and Noricbet parent company, with revenue for the three months to the end of December up 22% to €306.8m from €251.9m.

EBITDA for the quarter increased 20% YoY from €71.9m to €86.4m. Betsson’s EBITDA margin for the reporting period came in at 28.2%.

The publication of the report sent Betsson’s shares up more than 6% in early trading in Stockholm to SEK162 (£11.92).

Betsson said its Q4 and full-year 2024 gains were propelled by progress made in Latam and Central and Eastern Europe and Central Asia (CEECA), with both regions combining to represent the lion’s share of revenue.

In fact, CEECA accounted for 43% of Q4 revenue, or €132.2m, which was an all-time high for that part of the world.

Within CEECA, Georgia, Lithuania, Croatia and Greece all reported all-time highs for revenue and deposits, with growth mainly driven by sports betting.

Latam, which represented 26% of total revenue (€78.2m), also achieved an all-time revenue high during the period.

Casino was the main driver of growth on the continent, as Peru and Argentina were named as key beneficiaries of improved online gaming output.

Western Europe revenue landed at €52.7m, up 26.3% YoY and representing 17% of the group revenue. Steady gains were supported by all-time highs in Italy.

Betsson’s Nordic heartlands represented just 13% of group revenue as the segment suffered a13.8% decline to €40m.

In terms of product, casino revenue amounted to €213.9m, up 17% YoY. The vertical accounted for 69% of all revenue, down three percentage points YoY.

An expansion of the company’s portfolio of almost 300 games in Q4 also saw total casino turnover reach a record €9.7bn.

In sports betting, revenue was another record for the quarter at €91.3m, up 36.3% from the €67m posted in Q4 2023.

Total stakes were also an all-time high at €1.7bn, while sportsbook margin leapt to 9.8% against the rolling eight-quarter average of 7.8%.

Active customers remained flat at just over 1.3 million, though total deposits rose 14% YoY to almost €1.6bn.

Betsson’s revenue from locally regulated markets soared 58% YoY from €115.7m to €182.6m, with 59.5% of group revenue now coming from regulated jurisdictions.

B2B revenue jumped from €65.1m to €82.4m, as bosses noted the acquisition of Sporting Solutions helped secure more customers and support its existing KickerTech product.

Elsewhere, Betsson said the number of total registered customers dipped slightly by 1.1% due to the firm leaving certain markets. EGR understands these were in Europe and Africa.

Pontus Lindwall, Betsson AB CEO, 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 characterised 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.

“We continue to forge new paths and act as pioneers in everything we do and look forward to continuing our growth journey in 2025. Geographic expansion and diversification remain key words for us, and we have a full pipeline of activities to support continued growth.

“With disciplined capital allocation, promising strategic initiatives and our commitment to strengthening the customer experience, we are confident we can continue to create long-term value for our shareholders and customers,” he added.

The post Betsson hails “best year ever” as 2024 revenue hits €1.1bn first appeared on EGR Intel.

 All-time highs in revenue and deposits across casino, sports and multiple geographies drive strong 12 months for the Swedish operator
The post Betsson hails “best year ever” as 2024 revenue hits €1.1bn first appeared on EGR Intel.