Betsson Group has reported a 12 per cent increase in revenue for Q1 to €248.2m, with casino revenue climbing by 19 per cent.
CEO Pontus Lindwall noted the group’s “strengthened profitability” as operating income reached a new high of €57.9m, up 35 per cent from Q1 2023’s €43m.
The group’s operating cash flow for the quarter was €50m, up from €48.8m a year ago and adjusted EBITDA rose by 32 per cent to €71.6m, climbing from €54.3m.
While casino revenue jumped for Betsson, there was a three per cent decline in sportsbook revenue, with the sportsbook margin at 6.6 per cent.
However, active customers climbed by 15 per cent to 1.28m.
Lindwall noted Italy is a market with “great potential” for Betsson, whose recent activity in the jurisdiction includes the launch of its flagship brand and a collaboration with former Italy football star Francesco Totti.
“After the positive start to the year, we now look forward to following the final rounds of the European football leagues and cups, before it is time for the best national football teams to measure their strengths in the UEFA Euro 2024 and Copa America in June and July,” he said.
“There is football fever out there and within the entire organisation a number of activities are already underway to ensure that Betsson will be able to deliver a powerful player offering for new and existing customers during these major championships. See you this summer!”
