Unibet momentum continues as Q3 revenues soar 65%
Operator reports strong growth across all core markets and verticals as underlying EBITDA increases 73% year-on-year
Unibet’s positive momentum continued in Q3 after it recorded a 65% year-on-year rise in revenues, driven by at least double-digit growth across all core markets and product verticals.
Gross winnings revenue (GWR) during the quarter were an all-time high of £142.3m, up from £86.1m in Q3 last year, with recent acquisitions iGame and Stan James adding £14.8m to the total.
Sports betting revenues were up 68% year-on-year to £66.7m, while the operator’s casino & games business also recorded a 62% increase to £68.5m.
Poker was the fastest growing vertical during the quarter after reporting a 146% year-on-year increase in revenues. However poker still only accounts for 2% of Unibet’s total revenues.
On a regional basis, GWR increased 57% and 74% in the Nordics and Western Europe respectively, while revenues from Central, Eastern and Southern Europe were up 89%.
The strong revenue growth, driven by 59% growth in active customers and a strong mobile performance, helped the operator record 73% year-on-year rise in underlying EBITDA to £33.9m.
“High activity levels driven by the ability to retain the customers from the Euro tournament that started in the second quarter has led to a continued gain in market shares,” Unibet CEO, Henrik Tjärnström (pictured), said.
“Margin in the sportsbook was in line with the prior year and the long-term averages, so it was pure activity growth that delivered a new all-time high in gross winnings revenue of £142.3m.
“It is of course particularly satisfying that the excellent top line growth converted into a new all-time high in EBITDA, demonstrating again the scalability of the Group’s business model which is structured to meet the future challenges of further regulation.”
Today’s Q3 announcement comes after the operator recently announced plans to change the name of the holding company from Unibet Group to Kindred Group to reflect the multi-brand nature of the business.
The proposed name change will be voted on by the firm’s shareholders next month but will not impact its customer-facing brands such as Unibet, MariaCasino, Stan James and iGame.
The operator’s share price was up 4.23% to SEK 83.75 at the time of writing.