Betsson reported a robust financial performance for the first quarter ending on March 31, with revenue reaching €248.2 million, marking an 11.9% increase from the same period last year.
This growth was fueled by expansion across various key markets.
Notably, the company launched a second brand in Italy, accompanying its flagship Betsson brand, which went live in March alongside StarCasinò, an established entity in the Italian market.
During the quarter, Betsson also introduced Betfirst in Belgium, expanding its presence in Western Europe.
Additionally, it acquired Holland Gaming Technology and game studio Holland Power Gaming, further bolstering its portfolio.
Further afield, Betsson expanded into Cordoba, Argentina, broadening its offerings under local gaming licenses in three Argentine provinces, though Latin American revenue experienced a slight decline.
CEO Pontus Lindwall emphasized Betsson’s long-term strategy for stable earnings growth, focusing on geographic diversification and investment in existing and new markets, B2B, and mergers and acquisitions.
In terms of financial breakdown, casino revenue surged by 18.7% to €180.5 million, driven by the launch of 306 new games.
Mobile casino revenue accounted for 84.0% of the total casino revenue.
However, sportsbook revenue decreased by 2.5% to €65.5 million, despite a significant increase in gross sports betting turnover.
Geographically, Central and Eastern Europe and Asia remained Betsson’s core region, with revenue climbing by 18.0% to €110.1 million.
Western Europe also saw substantial growth, with revenue jumping by 59.9% to €43.4 million.
However, revenue declined in other regions, including the Nordics and Latin America.
Total operating costs increased slightly, resulting in an operating profit of €57.9 million, a record high for Betsson.
Pre-tax profit surged by 33.3% year-on-year to €54.5 million. Adjusted EBITDA for the quarter reached €71.6 million, up by 31.9%.
Despite the positive financial performance, regulatory challenges emerged.
Betsson’s subsidiary, BML Group, was blacklisted by Finland’s National Police Board, and the Dominican Republic announced a blacklist of more than 40 major operator brands, including Betsson, as the country prepared to re-regulate its online gambling market.