Canada
United States
New Zealand
Australia
Ireland
FL Entertainment, a leading digital entertainment and iGaming company, has announced its H1 2023 financial results, highlighting significant growth in its online sports betting and gaming segment.
Revenue Growth in Sports Betting and Gaming Segment
The company reported a revenue of €489.3m from its sports betting and online casino segment, marking a substantial 23.3% increase from the previous year. This segment is managed by the Betclic Everest Group, which operates both Bet-at-home.com and Betclic catering to the German market.
The overall revenue for the first half of the year reached €1.92bn, showing a 6.8% year-on-year increase. Content production and distribution accounted for €1.43bn of this total. François Riahi, CEO of FL Entertainment, attributed this success to an increase in unique active players and the company’s robust business model.
Riahi stated, “We delivered excellent first-half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams. Our online sports betting and gaming business maintained its double-digit revenue growth across all activities thanks to an increased number of unique active players and our geographic and product diversity.”
In the sports betting and gaming segment, sportsbook revenue was the most significant contributor at €389.2m. The Live Casinos segment, however, saw the most substantial growth with a 40.5% increase to €65.4m. Poker generated €28.6m in revenue, with another €6.1m coming from turf betting.
Profit and Expenses Breakdown
External expenses for the first half of the year amounted to €993.5m, up from €861.3m, mainly due to an increase in betting tax aligned with the growth in sports betting and online gaming activity. Staff costs stood at €679.1m, while depreciation and amortization expenses were €60.3m. Other operating expenses reached €26.7m, resulting in an operating income of €5.7m.
Considering these figures, the operating profit for the period was €169.4m, slightly down by 0.6%. Other costs, including net debt and other costs, totalled €147.0m. After accounting for income tax expenses of €9.5m, the net profit for the six months was €11.6m, a considerable increase of €29.8m from H1 2022.
Revenue by Location
FL Entertainment earned most of its revenue – €1.47bn – from Europe. US operations contributed €251.8m, while the rest of the world accounted for €201.0m. For online sports betting and gaming alone, €471.1m of the revenue came from Europe, with €18.2m from the rest of the world. No revenue was recorded from the US for this segment.
