Betsson, a leading operator in the online gaming industry, has reported record revenue in the first quarter of its financial year. The company witnessed growth in both its sports betting and casino segments and achieved all-time high figures in various geographical markets. Betsson's President and CEO, Pontus Lindwall, attributed the growth to the company's long-term strategy of expanding into new markets and strengthening its product offering.
The company's revenue for the first quarter reached €221.9m, an increase of 30.4% from the same period last year. Casino was the primary source of revenue for Betsson in Q1, with revenue reaching a record €152.0m, up 36.9% year-on-year. Sportsbook revenue was also up 19.1% to €67.2m, with €55.7m of this coming from mobile betting.
Looking at geographical performance, the Central and Eastern Europe and Central Asia (CEECEA) region was the company's core region, with €93.5m in revenue, an all-time high helped by record revenue in Croatia, Greece, and Lithuania. The Nordics revenue slipped 4.2% to €51.9m, while Latin American revenue was 23.1% higher at €45.2m.
Betsson also noted an increase in spending, with the cost of services up by 17.9% to €74.4m and operating expenses up 25.2% to €104.5m. The company paid €4.3m in income tax, with net profit for the quarter reaching €36.6m, a rise of 75.1% from Q1 of 2022. In addition, EBTIDA jumped 62.6% to €54.3m.
Betsson's strong Q1 results showcase the company's commitment to sustainable growth and value creation for its shareholders.