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Betsson forecasts record revenue for third quarter

| By Robert Fletcher
Gambling operator Betsson said it expects to post record revenue for the third quarter of its financial year as a result of high customer activity during the period.
Bragg Q1

In a trading update, Betsson said revenue for the three-month period is likely to amount to between €199.0m (£175.1m/$194.4m) and €201m, either of which would be an all-time quarterly high for the operator and an increase from €170.0m in Q3 of 2021.

Betsson added that earnings before interest and tax (EBIT) could also reach a record high of between €37.5m and €39.0m, up from €31.7m in the same period last year. 

The operator said growth was driven by its operations in Central and Eastern Europe and Central Asia (CEECA), as well as in Latin America. 

During its second-quarter results announcement, Betsson revealed that Latin America was its largest market, with the region generating €45.7m of the total €186.3m revenue in the quarter.

Betsson also noted that the earlier start to European football leagues, ahead of the 2022 Fifa World Cup in Qatar this winter, helped its sports betting operations. The World Cup traditionally takes place in the summer, but has this year been moved to winter due to the hot weather in host nation Qatar.

Preliminary sportsbook margin for Q3 was placed at 8.3%, which is at the same level as in the previous two quarters in 2022, but higher than the average 7.7% of the eight quarters before this.

“The sportsbook continues to develop into a more important part of the total business for Betsson, thanks to investments to strengthen the product in recent years and geographical expansion to several new markets,” Betsson said. Betsson expects to publish its third-quarter results in full on 26 October.

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