Betsson (BETS) Q3 2024 earnings summary

Executive summary

• Achieved all-time highs in revenue (EUR 280.1 million, +18% YoY) and EBIT (EUR 64.5–65 million, +15% YoY) for Q3 2024, marking the eleventh consecutive quarter of sequential EBIT growth.

• Growth was broad-based across Latin America, Western Europe, and CEECA, with increased share of revenue from locally regulated markets (58%).

• Casino revenue rose 22% YoY, sportsbook revenue up 8% YoY, with a stable sportsbook margin of 7.4%.

• Customer activity remained robust, with record deposits (+20% YoY), turnover, and active customers (+10% YoY to 1.36–1.4 million).

• Q4 2024 started strong, with average daily revenue up 13.9–14% YoY.

Financial highlights

• Q3 2024 revenue: EUR 280.1 million (+18% YoY, 51% organic growth); EBIT: EUR 64.5–65 million (+15% YoY), margin 23.0%.

• Gross profit: EUR 179 million, margin 63.8% (down from 65.9% YoY).

• Operating cash flow: EUR 62.5 million; cash and cash equivalents at EUR 337.5 million; net cash position of EUR 128.3 million.

• Customer deposits reached EUR 1,483 million (+20% YoY); active customers at 1.36–1.4 million (+10% YoY).

• Casino revenue accounted for 75% of total, sportsbook 24%.

Outlook and guidance

• Q4 2024 average daily revenue up 13.9–14% YoY; sportsbook margin above historical average.

• Effective tax rate expected to be influenced by Pillar Two minimum tax (15%) and local tax rates in growth markets.

• Positive momentum expected to continue, with Q4 typically the seasonally strongest quarter.