B90 Holdings completes shift to B2B in FY23, returns to profit in Q1 2024
( ) , a marketing and service provision company for the online betting industry, announced its final results for FY23 ended December 31, 2023.
B90 reported revenues of €3.0m for FY23, up from €2.1m last year. The group added €6.6m to its balance sheet via convertible loan notes and equity placements during the period. Net loss increased to €5.5m from €4.3m in FY22, primarily due to impairment charges relating to bet90.com, financial treatment of convertible loan notes, increased investment in Bet90 and Spinbookie, and additional marketing spend.
Despite the wider loss in FY23,
reached EBITDA profitability post-period, with every month in the quarter showing positive EBITDA.Operationally,
completed a strategic shift from B2C to a B2B with a focus on optimising operations around performance marketing and affiliate services. The group relaunched bet90.com as an affiliate website, significantly reducing costs. Additionally, acquired Emwys to bolster its digital marketing reach within the online betting sector. The group reported over 200 partnerships established during the period, including major industry players such as Bet365 and ComeOn Group.Executive Chariman Ronny Breivik commenting: "Looking ahead, we are very optimistic about the future of B90. Management delivered on several key operational milestones during 2023, which are expected to help the Group achieve profitability in 2024. Our refocus on B2B operations, coupled with a strong management team and Board, and a much stronger balance sheet, positions us well to achieve our goal of returning to profit, realising substantial potential for driving shareholder value."
View from Vox
A positive and transformational year for
. The group completed a major restructuring of its casino and sportsbook operations towards outsourced solutions to focus on its core strengths, continuing to emphasise B2B operations. The shift was underscored by a strategic relaunch of 's flagship brand bet90.com as an affiliate website.Net loss widened by €1.2m, indicative of the transitional phase the company was in FY23. However, with the transition complete,
returned to profitability in FY24, reporting positive EBITDA every month of FY24 so far. Based on the success of the B2B strategy so far, we expect the trend to continue and the company to report a profitable FY24.also added €6.6m to its balance sheet through a fundraise, ensuring ample working capital and financial flexibility to continue executing the new strategy. The fundraise supported the acquisition and integration of Emwys, which should materially bolster 's digital marketing reach, further helping EBITDA visibility.
Overall,
has become leaner and more focused as a result of the shift to core B2B, with more streamlined operations and associated cost reductions across the board. The company is moving full steam ahead with its B2B performance marketing strategy, which has shown great results so far. 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.Follow News & Updates from B90 Holdings:
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