GCIB90 Holdings achieves EBITDA profitability and 83% revenue surge in H1 amid strategic shift
() , a marketing and service provision company for the online betting industry, announced its interim results for the 6 months to June 30, 2024 (H1 2024). 's leading brands include Bet90, Oddsen.nu, and Tippen4you.
reported an 83% year-on-year increase in revenues to €1.4m, mostly attributed to its shift from a B2C to a B2B model, as well as cost restructuring initiatives completed in Q1 2024. 's net loss for the half narrowed significantly to €0.3m, compared to €1.8m for the same period last year.
The business maintained a positive EBITDA for each month in H1 2024, resulting in a €0.2m EBITDA for the half. The trend continued post-period through July and August 2024. expects its final results for FY24 to meet current market forecast.
Ronny Breivik, Executive Chairman, commenting: "This has been a transformational six months for B90, with the Group achieving consecutive months of profitability at the EBITDA level, marking a significant milestone as we build a strong foundation for sustainable growth. This EBITDA profitability has continued into the second half, and I am confident that our sustained focus on B2B operations and strategic investments will lead to long-term growth and value for our shareholders."
View from Vox
A positive set of interim results from as its strategic shift to B2B initiated last year began to bear fruit. In FY23, the group completed a major restructuring of its casino and sportsbook operations towards outsourced solutions to focus on its core strengths, emphasising B2B operations eg performance marketing and affiliate services. The shift was underscored by a strategic relaunch of 's flagship brand bet90.com as an affiliate website, significantly reducing costs.
The shift away from B2C to B2B, together with stringent cost control measures, yielded an 83% jump in turnover, as well as positive EBITDA each month in H1 and post-period into July and August. Consistent profitability at the EBITDA level YTD and a significantly narrowed net operating loss of only €0.3m from €1.8m LY are excellent signs of strong momentum as the group advances toward profitability. 's new direction was further validated during the recent Euro 2024 tournament when the group's promotional activities and marketing campaigns across multiple channels delivered strong results.
Newly formed partnerships with industry giants such as Bet365, Unibet, and ComeOn Group, as well as improved digital marketing should further accelerate growth this year and next. Currently, full-year results are expected to be in-line with market expectations, while the company maintains excellent visibility into FY25.
Follow News & Updates from B90 Holdings:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.