Betsson concluded 2022 on a high note, generating €220.6 million (equivalent to $237.4 million USD) in revenue during the final quarter. This signifies a substantial 40% increase compared to the corresponding period in 2021.
This robust quarter culminated in a record-breaking year for the company, elevating their overall 2022 revenue to €777.2 million, marking an 18% rise compared to 2021.
Although casino gaming revenue experienced a commendable 27% growth in Q4 2022, it was eclipsed by the remarkable 76% surge in sports wagering revenue.
Profits exhibited a comparable pattern. Earnings before interest, taxes, depreciation, and amortization (EBITDA) soared by an impressive 68% to reach €51.1 million. This exceptional fourth-quarter performance contributed to boosting the full-year EBITDA growth to 12%, accompanied by a profit margin of 22.2%.
The company declared a net income of €32.7 million for Q4, with earnings per share standing at €0.26. Operating cash flow for the quarter amounted to €75.5 million.
Nevertheless, the company’s performance was not without its challenges. Betsson encountered a notable increase in debt, transitioning from a positive net position of €2.5 million to a net debt of €65.7 million.
Reviewing the year’s accomplishments, Betsson CEO Jesper Svensson remarked, “Reflecting on Betsson’s most successful year to date, we have witnessed robust growth and profitability fueled by prudent capital allocation, geographic expansion and investments in emerging markets, along with ongoing enhancements to our technological infrastructure and product portfolio.”
He further elaborated, “Revenues ascended by 18% for the entire year, while profit before tax rose by 11%. From an organic growth standpoint, revenues expanded by 27% throughout the year.”
Svensson’s remarks followed his recent recognition as CEO of the Year at the 2023 Global Gaming Awards London.
At the 2023 ICE London conference, I had the opportunity to speak with Betsson’s top executive, Pontus Lindwall, along with Mr. Stevenson. Our conversation revolved around the current state of the iGaming sector.
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