Betsson is expecting record revenue and EBIT through the year’s third quarter, driven by high customer activity across both the sportsbook and online casino verticals.
Ahead of publishing a Q3 interim report on October 26, 2022, the online gambling group has issued a trading update that projects upticks across both the aforementioned financial segments.
Revenue through the July to September period is anticipated to fall between the range of €199m to €201m, a highest level ever for the group in a single quarter, with operating profit expected to reach €37.5m-€39m.
It is noted that, when contrasted to the corresponding figures in Q3 2021, revenue at the midpoint would represent a 17.64 per cent uptick from €170m, while the latter would increase 21.45 per cent from 2021’s €331.7m.
Furthermore, it is added that this aforementioned growth can be attributed to a continued push across Latin America, Central and Eastern Europe and Central Asia.
In addition, Betsson also noted that “another growth driver” through the third quarter was an early start of the major European football leagues in August due to the upcoming World Cup in November-December.
The company’s trading update continued: “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.
“The preliminary sportsbook margin was 8.3 per cent for the quarter, which is at the same level as in the previous two quarters in 2022, but somewhat higher than the average of the past eight quarters of approximately 7.7 per cent.”