Gambling revenue jumps 29% in Q3 for Betclic and bet-at-home owner FL Entertainment

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Betclic and bet-at-home owner FL Entertainment reported a 29.3% uptick in online sports betting and gambling revenue for Q3 2022 to €194.4m.

FL Entertainment is the publicly listed parent company of Betclic Everest Group (which also owns the bet-at-home brand) and Banijay Group, a television production and distribution company said to be the world’s largest international content producer and distributor.

While content production and distribution accounted for the majority (€717.6m) of FL Entertainment’s total Q3 revenue (€912.1m), the betting and gaming segment played a significant role in the business and has shown encouraging growth.

The majority of online gambling revenue was derived from sportsbook products at €154.8m, while casino and poker accounted for €25.3m and €11.7m in revenue, respectively. Other online gambling products made up the remaining €2.6m of the €194.4m Q3 total.

Those figures brought gambling revenue for the first nine months of 2022 to €591m for FL Entertainment, an increase of 5.7% year-on-year. Over that period, revenue growth was driven by a 15% uptick for the Betclic brand, while bet-at-home reported an 11% year-on-year reduction in revenue.

Adjusted EBITDA from the online gambling segment was €150.8m for the first nine months of the year, an increase of 8.4%.

The firm said revenue was boosted by a positive effect from the 2022 FIFA World Cup, with the bet-at-home brand in particular set to benefit from the tournament.

The brand was able to successfully implement reorganisation measures which resulted in reductions in costs across the business. Those savings were then channelled into additional investments in marketing around the World Cup, according to the operator.

FL Entertainment CEO François Riahi: “With an 11% growth in unique active players year-on-year, Betclic is well placed to capitalise on opportunities from the football World Cup, underpinned by its robust commitment to the highest standards of responsible gaming.”

Following the release of the results, bet-at-home has revised previously issued earnings guidance for the full-year 2022 from a range of €45m-€50m to €52m-€54m.

FL Entertainment held current assets of €2.1bn including cash and cash equivalents of €332.4m as of 30 September 2022. The business has net debt of €2.27bn.

“FL Entertainment delivered strong group revenue growth for the first nine months of 2022, demonstrating continued high profitability and cash generation,” said François Riahi, CEO of FL Entertainment.

“Our online sports betting and gaming business performed very well also, with an outstanding earnings growth, driven by its appealing digital platform and lean cost structure. 

“With an 11% growth in unique active players year on year, Betclic is well placed to capitalise on opportunities from the football World Cup, underpinned by its robust commitment to the highest standards of responsible gaming. 

“The positive momentum seen in the year to date, combined with our leading positions in attractive and growing segments of the entertainment industry, puts us in a strong position to maintain continued sustainable growth in line with our 2022 guidance and mid-term outlook,” Riahi concluded.

About the author

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Conor Mulheir

Conor entered the gaming industry in 2018 producing high-level live event content for audiences in London, Amsterdam and São Paulo. From 2020, he went on to report news and commission exclusive content for various gaming media brands before joining iGaming NEXT as editor in January 2022.

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