B90 Holdings announced revenue growth of 16.4% to €3.52 million (£2.99 million/ $4 million) in 2024 from €3.0 million, resulting in a positive EBITDA of €700,000 after a loss of €3.3 million in 2023.
The affiliate also reported a positive EBITDA for each month last year, with H1 revenue reaching €1.4 million.
Financial highlights
Ronny Breivik, B90 executive chairman, attributed the positive results to the group’s shift towards a B2B-focused model and said the company’s decision to outsource operations to a white-label solution has “markedly decreased operational costs and optimised resources for performance marketing”.
B90’s total administrative expenses were reduced by 31.6% year-on-year to €5.24 million, down from €7.61 million in 2023. These include a 32.6% drop in salary expenses from €2.36 million to €1.59 million, a 53.7% fall in marketing and selling expenses from €1.63 million to €0.75 million and a 73% decrease in other administrative expenses from €2.71 million to €0.73 million.
The group also significantly reduced its net loss to €1.7 million from €5.5 million, following an impairment charge for Spinbookie, which it acquired in December 2021 and now operates under a white label solution of Famagousta NV. Operating loss for the year was €1.72 million, down 62.6% from €4.59 million in 2023.
Current liabilities were reduced from €2.3 million at 31 December 2023 to €1.3 million at 31 December 2024, contributing to a decrease in year-end cash reserves to €0.36 million. However, the group’s working capital position remained negative at €0.2 million by year-end, despite an improvement from 2023’s negative position of €0.2 million.
Operation highlights
Aside from the operational realignment to a “streamlined, high-margin business focused on marketing-led acquisition” to reduce “the myriad complexities and risks associated with operating gaming platforms directly”, Breivik highlights the group’s acquisition of Emwys AB in July 2023 which has helped unlock cross-selling opportunities and reinforce EBITDA profitability, particularly in German-speaking regions.
In addition, B90 announced that it has “transitioned to more targeted campaigns, focusing on customer retention strategies, leveraging data analytics to refine engagement and reduce acquisition costs”. The company now has over 200 commercial partners including major industry players such as Bet365 and ComeOn Group.
The affiliate also focused on improving the performance of its flagship brands Oddsen.nu and Bet90.com in 2024, expanding their global footprint to open new revenue streams. The successful finalisation of Oddsen.nu’s fixed listing fee marketing agreements generated €0.20 million in additional revenue with “further upside potential”.
Looking ahead
The B90 board evaluated principal risks and uncertainties in its FY24 report including potential changes in gambling laws, reliance on VIP players in outsourced B2C operations, indirect taxes, cyber risks, data protection risks, reliance on third-party monitoring tools and search engine algorithm updates.
It is concerned that a large percentage of the company’s commission-based revenues from marketing activities in the sportsbook and casino vertical is generated by around 5% of players making regular deposits. In respect of its Spinbookie brand, the group has introduced terms and conditions to limit the daily win of a single player in order to mitigate the impact of large winnings.
In 2025, Breivik said B90 remains “committed to building on 2024’s solid foundations” by continuing the move to a B2B-focused model. Although the affiliate cannot guarantee it will become cashflow positive this year, its directors “remain confident that the current strategy will allow the group to expand its operations and generate a positive operational cash flow within a reasonable time”.