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Betsson Publishes Interim Report for Q2 2023

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Betsson AB has published its interim report for the second quarter of 2023.

Highlights

  • Group revenue was EUR 236.8 (186.3) million, an increase of 27%. Organic increase of 43%.
  • Casino revenue increased by 35%. Sportsbook revenue increased by 13% and the sportsbook margin was 8.2% (8.3%).
  • EBITDA was EUR 67.6 (39.3) million, an increase of 72%. The EBITDA margin was 28.5% (21.1%).
  • Operating income (EBIT) was EUR 54.5 (29.2) million, an increase of 87%. The EBIT margin was 23.0% (15.7%).
  • Net income was EUR 46.9 (28.6) million, corresponding to EUR 0.37 (0.21) per share.
  • Operating cash flow was EUR 89.2 (37.8) million.
  • Net debt was EUR -138.8 (-19.8) million.
  • Active customers decreased by 10% to 1,119,803 (1,246,719).
  • Acquisition of the Belgian B2C operator betFIRST.

CEO Comments

“I am pleased to look back at another record quarter for Betsson with continued high customer activity and strong financial performance. During the second quarter of 2023, revenue increased by 27 percent and operating profit (EBIT) by 87 percent, compared to the corresponding quarter last year. New revenue records were set in both B2C and B2B. The EBIT margin increased to 23.0 (15.7) percent.

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“Betsson’s long history of profitable growth is based on diversified revenues, both in terms of products and geographic markets. As before, the business generates strong cash flows, and the robust balance sheet constantly facilitates new growth initiatives. It is the mix of investments in new markets, organically and via acquisitions, that has contributed to the good financial performance over time. The geographical diversification continues to serve Betsson well and revenues increased in all regions during the quarter. In particular, Central and Eastern Europe and Central Asia (CEECA) continued to show high growth.

“In June, the leading Belgian sports betting operator betFIRST was acquired and at the same time a new strategic partnership was entered into with the publicly listed French casino operator Groupe Partouche to offer online casino games in some regulated markets, with Belgium being the first country for this collaboration. These strategic initiatives together enable a competitive offering in sports betting and casino for the Belgian market. The investment in Belgium resonates well with Betsson’s ambition to deliver long-term profitable growth.

“In June, an important sponsorship was entered into with the long-standing Argentinian football club Boca Juniors, previously home to perhaps the greatest player ever in football history, Diego Armando Maradona. The sponsorship, one of the largest ever for Betsson, means that the club’s iconic match shirt will feature the Betsson logo during local and international matches until the end of 2024. The collaboration with Boca Juniors strengthens Betsson’s brand and rapid expansion in Argentina and throughout Latin America, and we will be following the team’s development with excitement together with fans and customers.

“We look forward with confidence to the second half of the year, with continued investments into geographic expansion and constant further development of Betsson’s offering to future-proof our competitiveness.”

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The 8th AskGamblers Awards Officially Enters the Voting Stage

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AskGamblers has announced that the final voting stage of the 8th annual AskGamblers Awards has started.

The voting phase kicked off on 28 April, and will last until the award ceremony scheduled for 12 June.

As in previous editions of the Awards, players can cast their votes for one of the top 10 finalists in the following categories: Best Casino, Best New Casino, Best Sportsbook, Best New Slot and Best Software Provider.

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The Best Crypto Casino, Best Partner and Best Manager categories will traditionally be chosen by the AskGamblers team. This year’s edition introduces a new category, the Superstar Award, a crown achievement handed out to one operator that best represents the values of brands, whose laureate will also be chosen solely by AskGamblers.

Another novelty in this year’s Awards cycle is the Forum vote: the votes from the members of AskGamblers Forum will be counted towards the final tally of votes as a separate voting tier.

Commenting on the launch of the 8th AskGamblers Awards voting stage, Dijana Radunović, General Manager at AskGamblers, said: “Now that we have the finalists, we are entering the final stages of preparation for our biggest night of the year. To say that we are excited about the 8th edition of the AskGamblers Award would be an understatement.”

“As everybody in the team is working tirelessly to make the gala ceremony a night to remember, we invite our players to do their bidding: to give a vote to their favourite contestants and help us choose the rightful winners in the five categories that are open to public vote,” Radunović added.

Before the award ceremony on 12 June, AskGamblers will host the traditional Charity Night on 11 June, where the partners will bid for positions on the website, with the money raised allocated to a humanitarian cause.

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Flexion Reports Revenue Increase of 9% for 2024

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Flexion, the games marketing company, has announced that its revenue grew 9% to year-end December 2024. The growth is attributed to the Company’s success in the alternative app store market.

Since its IPO in 2018, the company has built a well-positioned games marketing business around the alternative stores and grown annual revenue 50-fold to almost US$100 million. Its game portfolio represents several billion US$ in gaming IP for alternative market partners like Samsung, Amazon, Huawei, OneStore and Xiaomi.

“With the Digital Markets Act (DMA) coming into force in Europe and recent legal actions in the US, mobile game developers have felt a new-found freedom to explore their market options. We’ve already moved beyond the era when Google and Apple controlled everything. Developers are looking for alternatives that offer better margins, and additional audiences and revenue. Partnering with Flexion opens up a range of market channels with very little up-front investment,” said Jens Lauritzson, CEO of Flexion.

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Flexion currently distributes more than 30 high-profile titles on the alternative stores. Top-tier games in the Flexion portfolio make on average US$ 10 million a year based on Q4 2024 run rate. That’s income in addition to their Google and Apple revenue with a business model that adds little to their costs.

In Q4 2024, Flexion-serviced games were, on average, generating 9.3% through the alternative stores of the revenue they made on Google Play. This is a significant boost for Flexion’s partners without major costs or effort.

“If you scale for the size of the stores, the alternatives massively out-performed Google in Q4 for our games. This is exciting both for Flexion’s business and for the future of the games industry as a whole. We’re seeing the beginning of a sea change in games marketing,” Jens said.

“We’re seeing just the beginnings of a major shift in how top-tier developers address their markets. Using Flexion to access alternative stores is an easy first step into the post- Google and Apple world. Many developers are already looking at their options beyond that and Flexion will be right there with them providing the technology and expertise they need to maximise the potential of their games,” Jens added.

The post Flexion Reports Revenue Increase of 9% for 2024 appeared first on European Gaming Industry News.

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Players Reclaim Close to $7M Through AskGamblers Complaint Service in 2024

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The latest AskGamblers Complaint Service report for 2024 has officially been released. The comprehensive report highlights the most important accomplishments and records of the AskGamblers Complaint Service team for the previous year.

In 2024, The AGCS team (formerly known as AGCCS) managed to return $6,890,547.11 to players. Over 7259 players turn to AskGamblers, submitting complaints against 1114 casino brands. Out of all the accepted and processed complaints, the team had a 68% resolution success rate. One of the notable milestones that reached was returning a total of $70 million to the members.

Dijana Radunović, General Manager at AskGamblers, said: “It’s amazing to see the trust players put in us year after year, and we’re able to repay them by helping them recover their funds from operators or solve other related issues. We’ve had another successful year, with a few records broken and amazing milestones achieved and we can’t wait to see what lies in store in the years ahead.”

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