Betsson AB Eyes Strong 2024 Finish with Record Growth Driven by LATAM Expansion

Betsson AB has released its Q3 2024 results, marking its eleventh consecutive quarter of growth with revenues of €280 million, an 18% rise from €237 million in 2023. This achievement reflects record customer engagement, with a 10% rise in active users and total deposits reaching €1.48 billion.

Betsson’s casino unit led the way with an all-time high turnover of €9.5 billion, contributing to record Q3 revenues of €209 million—22% above 2023’s figures. Meanwhile, the sportsbook unit maintained solid growth, adding €68 million to quarterly income despite flat trading margins.

CEO Pontus Lindwall commented:

“The high customer activity continued during the third quarter with new record levels in customer deposits and gaming turnover. Yet again, Betsson reports quarterly records in revenue and EBIT, marking the eleventh consecutive quarter with sequential growth at the EBIT level.”

Betsson saw robust growth across key markets, including Latin America, Western Europe, and Central & Eastern Europe, which saw revenues increase by 20%. A decline in Nordic revenues was offset by double-digit growth in Western Europe, driven by record performance in Italy.

In Latin America, revenues grew by 34%, bolstered by local regulations in Peru and a strong performance in Argentina and Colombia. Lindwall noted:

“After several years of delay, Brazil will introduce a new gaming regulation in January 2025. The potential market in Brazil is large, while competition is expected to be tough…we will carefully evaluate and compare the likely returns on marketing in Brazil with other countries.”