B90 Holdings has announced its final results for 2023, which included a revenue increase and positive EBITDA figures.
The company posted a revenue for the year of €3m (£2.57m/$3.26m) which was a 42.8% rise from 2022’s €2.1m. However, net loss also increased from €4.3m to €5.5m due to impairment charges related to the website, financial treatment of the convertible loan note, increased expenses and additional marketing spending.
B90 raised €6.6m across the year, before transaction costs, through strategies that included convertible loan notes and equity payments, improving working capital and strengthening the balance sheet.
In the year the business also conducted a “major restructuring of casino and sportsbook operations” towards outsourcing in order to refocus its activities. It was also able to acquire and integrate Emwys to help boost its digital marketing capabilities.
B90 also noted the establishment of over 200 partnerships including Bet365 and ComeOn Group. The company across the year made personnel hires to restructure its leadership team, which included the appointment of Andrew McIver to the board and Mark Blandford as strategic advisor.
As well as B90.com the company also owns other sports affiliate brands in Oddsen.nu for the Scandinavian markets and Tippen4you focused on the German market.
Ronny Breivik, B90 executive chairman, said that the company is optimistic about the future after the management delivered on several operational milestones in 2023 allowing them to take advantage of this year.
“Our efforts to reduce operating costs and leverage our new business model have already resulted in much improved EBITDA over the first quarter of 2024,” said Breivik.
“During the first three months of 2024, the group has recorded positive EBITDA every single month. In January 2024, we partnered with a specialised platform and operations partner – and we are now fully focused on our performance marketing strategy.”
He concluded by confirming B90’s commitment to “growth, operational excellence and financial discipline”.