Betsson (BETS) Q4 2024 earnings summary

Executive summary

• Achieved record quarterly and full-year 2024 results, with all-time highs in revenue, EBITDA, EBIT, customer deposits, and turnover.

• Group revenue up 22% year-over-year in Q4 to EUR 307 million and EBITDA up 23% to EUR 70 million.

• Full-year 2024 revenue surpassed EUR 1 billion for the first time, up 17% year-over-year, and EBITDA reached EUR 257 million, up 22% year-over-year.

• Growth was broad-based, with high activity in Latin America and CEECA, supported by geographic expansion and disciplined capital allocation.

• Continued investment in technology, product development, and marketing, especially in Latin America and CEECA, supported growth.

Financial highlights

• Q4 2024 revenue: EUR 307 million (+22% YoY); EBIT: EUR 70 million (+23% YoY); EBIT margin: 22.9%.

• Full-year 2024 revenue: EUR 1,107 million (+17% YoY); EBITDA: EUR 316 million (+20% YoY); net income: EUR 184 million (+6% YoY); EPS: EUR 1.32 (+2% YoY).

• Q4 customer deposits rose 14% year-over-year to EUR 1,583 million; active customers stable at 1.3 million.

• Casino revenue increased 17% year-over-year, sportsbook revenue up 36% year-over-year, with a sportsbook margin of 9.8%.

• Operating cash flow for FY 2024: EUR 273 million (+18 YoY); net cash at year-end: EUR 139.8 million.

Outlook and guidance

• Positive outlook for continued structural growth in online gaming, driven by migration from offline to online.

• Q1 2025 average daily revenue up 20% versus Q1 2024, with sportsbook margin above historical average.

• Geographic expansion and diversification remain key priorities for 2025.