B90 Holdings announced its financial results for the first half of 2024. Overall, the business's total revenue was 1.4 million euros (1.6 million USD), an 83% increase year-over-year, while net losses decreased from 1.8 million euros to 300,000 euros. During this period, EBITDA was 200,000 euros, up from a loss of 1.3 million euros last year.
This result stems from B90's shift from a B2C model to a B2B model. This transition was fully implemented at the end of 2023, with its Bet90.com brand relaunched as a B2B affiliate brand, using subsidiary brands such as Emwys, Oddsen.nu, and Tippen4you for potential customer development through SEO and other methods. We interviewed Executive Chairman Ronny Breivik about this in the April edition of Trafficology.
The company acquired Oddsen.nu in September last year and began its global affiliate business in April. Subsequently, Oddsen.nu launched the 2024 European Cup King competition, aimed at increasing user engagement with the event through a grand prize of 9,000 euros. B90's H1 performance report specifically mentioned this competition as an "excellent opportunity for engagement with key audiences."
Looking closely at the first half-year performance, one factor affecting the net loss was the reduction in other administrative expenses, from 900,000 euros in the first half of 2023 to 300,000 euros in the first half of 2024. Marketing and sales expenses also significantly decreased from 400,000 euros to 200,000 euros.
Regarding the performance, Breivik stated: "For B90, it has been a transformative six months, with the group achieving profitability at the EBITDA level for several consecutive months, marking a solid foundation for sustainable growth and a significant milestone."
"EBITDA profitability continued into the second half of the year, and I believe our continued focus on B2B operations and strategic investments will bring long-term growth and value to our shareholders."
"Looking ahead, we are optimistic about the future of B90."
