FL Entertainment Reports Strong First Quarter Growth Driven by Betclic
The company emphasized the robust expansion of its gaming branch, Betclic, in the initial three months, with earnings rising by 16%.
FL’s online sports wagering and gaming earnings climbed to €244 million in the initial three months, a 14.5% upswing from the corresponding period last year. This expansion was primarily fueled by the robust performance of Betclic, which witnessed a 16% surge in earnings.
Chief Executive Francois Riahi stated that the company’s betting and gaming division continued to perform admirably during the quarter. He added that the enterprise benefited from the positive influence of the 2022 FIFA World Cup, which resulted in double-digit revenue growth across all operations.
The company also observed a substantial increase in the number of new active participants, up 55% year-on-year. FL attributed this to the football tournament as well as the effective cross-selling strategy of other products within the business.
FL First Quarter Segment Growth
All verticals experienced growth during the period. The company’s sports wagering revenue increased by 11.3% to €194.8 million. Casino grew by 31.6% to €30.6 million, while poker and other segments witnessed revenue growth of 23.8% to €15.2 million.
Although FL’s sports betting business expanded at a slower pace than other segments, it accounts for the vast majority of the company’s earnings and growth.
Despite this, the Bet-at-home division experienced a more moderate rise in income, decreasing by 0.7% compared to the previous year. The enterprise introduced a fresh betting and gaming platform on February 1st, declaring that they “anticipate all nations to reap the benefits commencing in the second quarter of 2023.”
As part of the organization’s dedication to ethical gambling standards, FL declared that the percentage of income generated in regulated markets has risen from 96.5% in the previous year to 98.4%. The operator attributed this to “Bet-at-home’s expansion into regulated markets.”
“FL Entertainment had a positive beginning to 2023, boasting a robust financial standing and strong business drive,” stated Riahi.
The group, which primarily generates its income from content creation and distribution, produced a total income of €900 million in the initial quarter.
Net earnings for the quarter declined by 78.7% to €8.4 million, in comparison to €39.6 million during the same period last year.
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