The fast-growing bookmaker in Central Europe and leading operator in Poland, STS Group, released its latest trading update Friday. The company revealed it enjoyed a strong performance for the third quarter, boosted by an increase in customer activity because of an action-packed sports schedule.
STS Posts Third Quarter Results
Overall, STS Group reported PLN 150 million ($33.3 million) in revenue for the third quarter of this year. This result, when compared to the PLN 119 million ($26.4 million), reported for the corresponding period in 2021, marked a strong increase of 25%. Adjusted EBITDA in the third quarter of this year increased as well, hitting PLN 73 million ($16.2 million). When compared to the PLN 52 million ($11.5 million) adjusted EBITDA reported in Q3, 2021, this year, an increase of 39% is observed.
More importantly, STS Group reported a strong consolidated profit in the third quarter of this year. Overall, the company’s net consolidated profit in Q3 hit PLN 49 million ($10.9 million), up by 65% when compared to the PLN 30 million ($6.6 million) in consolidated net profit reported for the same period in 2021.
Additionally, the company released details regarding the net profit of STS SA, its main operating company. Those results once again showed a strong increase as STS SA’s net profit between July and September this year hit PLN 48 million ($10.6 million). This marked a strong increase of 42% when compared to the PLN 34 million ($7.5 million) reported for the same period in 2021.
Busy Sports Schedule Boosts Q3 Results
Mateusz Juroszek, STS Holding’s president of the Management Board, acknowledged that the company enjoyed a strong third quarter. He explained that the busy sports schedule helped significantly increase customer activity during the quarter. Juroszek added: “Football competitions due to the World Cup in Qatar started already in the holiday season.” Additionally, he pointed out that Polish basketball and volleyball players proved they are in good shape which boosted the interest of sports fans to place wagers.
“In Q3 2022, there was a high activity of players observed, which was primarily related to a very intense calendar of sporting events.“
Focusing on the World Cup, Juroszek, said that the event creates unique opportunities for rapid player acquisition. Finally, the president of the management Board said: “the participation of 32 teams and several dozen matches played means that the activity of bettors will certainly be high.”
Source: Read Full Article