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Polish bookmaker STS Group reported record revenue of €32m in Q3 2022, an increase of 26.1% year-on-year.

The operator also increased its adjusted EBITDA for the quarter by 40.4% to €15.6m, while consolidated net profit grew by 63.3% to €10.4m.

The Q3 figures helped bring the firm’s revenue for the first nine months of 2022 to €88m, up 8.4% year-on-year, and adjusted EBITDA for the period to €40.5m, up 6.7%.

Consolidated net profit between January and September came in at €23.6m, representing a 4.3% decrease year-on-year, while the firm handled bets totalling some €703m during the period.

The number of active users with the brand for the first three quarters was around 576,000, with 273,000 new registrations and 163,000 customers making their first deposit between January and September.

“In Q3 2022, there was a high activity of players observed, which was primarily related to a very intense calendar of sporting events,” said STS president Mateusz Juroszek.

STS president Mateusz Juroszek: “The ongoing World Cup in Qatar is a perfect event for increased acquisition of new players. Additionally, the participation of 32 teams and several dozen matches played means that the activity of bettors will certainly be high.”

“Football competitions due to the World Cup in Qatar started already in the holiday season. In addition, Polish volleyball and basketball players and [tennis player] Iga Świątek proved their good form during international tournaments.

“As a result, the players had a number of opportunities to place bets. The ongoing World Cup in Qatar is a perfect event for increased acquisition of new players. Additionally, the participation of 32 teams and several dozen matches played means that the activity of bettors will certainly be high.”

Warsaw-listed STS Group is the largest bookmaker in Poland by turnover, with an additional operating presence in both Great Britain and Estonia. 

The business relies on a mobile-first strategy built on proprietary technology, and is the largest shareholder in Czech technology company Betsys, its main provider of IT solutions in Poland.

In addition to its online and mobile operations, STS operates land-based betting venues throughout Poland, where it boasts more than 400 properties.

The firm floated its shares on the Warsaw Stock Exchange in December 2021, selling 30% of its share capital for some €234.4m. President Mateusz Juroszek and his family maintain a 70% shareholding in the business.