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B90 Holdings has reported its financial results for the financial year 2023. In total, the marketing and service provider saw revenue of €3m ($3.3m), up 42.9%, though net loss increased 27.9% year-on-year to €5.5m. This was on account of impairment charges related to the Bet90.com brand, increased payment service provider expenses to certain brands and additional market spend, among other factors.
The company also raised €6.6m in funding before transaction costs, made possible via convertible loan notes and equity placements. Examples include a €2m funding run completed in September, which was followed by the acquisition of pay-per-click Swedish marketing company Emwys.
B2B rebrand
B90 Holdings shifted its operations from B2C to B2B in November 2023, relaunching the Bet90.com brand as an affiliate site. The site utilises various B90 Holdings subsidiaries to generate leads, with platforms including Tippen4you, Oddsen.nu and Emwys among others, which were acquired throughout 2021 and 2022.
Other subsidiaries include Spinbookie, which was acquired in 2021 and was one of two brands noted as having seen increased payment service provider expenses in 2023.
Following this B2B rebrand, we spoke to Ronny Breivik in our April edition of Trafficology. On the rebrand, Breivik said: “For us, being a smaller player… we have to re-invent the wheel and come up with a plan that allows us to go to where we want to be.”
In a statement on B90 Holding’s FY23 results, Breivik described 2023 as “the year in which we transformed B90,” following the company’s strategic realignment.
Q1 and full-year 2024
In 2024 so far, B90 Holdings has reported positive adjusted EBITDA profits, with each month of Q1 2024 so far generating a profit. The affiliate has also predicted that FY24 will be up 66.7% year-on-year, with growth of 58.3% in FY25.
Looking forward, Breivik said: “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.
“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.”
