GCIB90 Holdings pivots to B2B, targets profitability in FY24
() , an online marketing and service provision company for the iGaming industry, issued a trading update for the year ended December 31, 2023 (FY23).
B90 expects revenue and reported loss to be in line with market expectations, with an increased adjusted EBITDA loss over FY22 resulting from higher marketing and administrative expenses, including one-off restructuring costs. B90 noted several operational milestones in FY23 aimed at achieving profitability in FY24, notably the restructuring of its casino and sportsbook operations and transition to an outsourced solution.
To this end, B90 underwent a significant shift to business-to-business (B2B) operations during the period, including the discontinuation of B2C gambling on bet90.com and relaunch of the platform as an affiliate site, offering a range of content including casino reviews and information about available bonuses. A similar restructure and relaunch was carried out for spinbookie.com.
B90 also said platforms Emwys and oddsen.nu, dedicated to engaging users with online iGaming forums and maintaining affiliate agreements within the Nordic region, have performed in line with management expectations in FY23. Full integration of Emwys, acquired in July 2023, into the group has now been completed.
View from Vox
An expected set of results from B90, in line with market expectations. The higher loss resulting from the company's restructuring initiatives should be a temporary setback on the path to profitability.
B90's strategic shift to B2B is paying off, having already reduced operating costs and bolstered affiliate links. The relaunch of bet90.com and outsourcing of spinbookie.com have put the company firmly on track to reaching profitability in FY24.
B90 can leverage its extensive industry experience and partnerships to achieve a smooth transition, now being fully committed and focused on its B2B performance marketing strategy. B90 boasts over 200 partnerships, including notable names Bet365, Unibet, ComeOn Group and Betsson Group.
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.