In its financial report for the fiscal year ending March 31, 2023, LiveScore disclosed a substantial surge in revenue, reaching ￡129.6 million ($165.0 million/€150.8 million), reflecting an impressive year-on-year increase of 48.9 percent. LiveScore’s strategic focus on its operations, which include Virgin Bet, LiveScore Bet, and the wider sports media sector, has been instrumental in driving its robust financial performance.

Global sports media operator

Of the total revenue, ￡108.0 million was attributed to gambling activities, marking a remarkable uptick of 57.3 percent compared to the corresponding period in 2022. The remaining ￡21.6 million stemmed from advertising, reflecting a commendable 17.7 percent increase in this revenue stream.

LiveScore’s Chief Executive, Sam Sadi, (in photo above), outlined the company’s future trajectory articulated an ambition to position LiveScore as the pre-eminent global sports media operator, diverging from a primary focus on becoming the leading betting operator.

Geographically, the UK and Ireland constituted the primary revenue-generating regions for LiveScore, contributing ￡100.3 million, signaling a substantial 40 percent increase. Notably, the Rest of Europe division experienced an extraordinary surge, nearly tripling its revenue to ￡14.0 million, while the Rest of World division accounted for the remaining ￡15.2 million.

Headcount of 492

The company’s workforce also witnessed a notable expansion, growing from 416 employees in 2022 to 492 in 2024.

Despite the commendable revenue growth, LiveScore encountered a marginal loss, primarily attributed to distribution costs and administrative expenses. Distribution costs, primarily comprising marketing expenses, amounted to ￡83.7 million for the year. Administrative expenses registered a 28.6 percent increase, reaching ￡77.8 million, resulting in an operating loss of ￡61.7 million. Nonetheless, this represented an improvement of ￡8.1 million from the previous year’s operating loss.

Additional factors contributing to the loss included interest repayable and similar expenses totaling ￡4.1 million, resulting in a pre-tax loss of ￡65.5 million. A tax of $88,883 on the loss led to a total loss for the year of $65.4 million, showcasing a positive 6.5% year-on-year improvement in the group’s operating margin.

Despite the overall loss, LiveScore demonstrated enhanced EBITDA performance, revealing a loss of ￡50.4 million for the year, marking a 14.4 percent improvement compared to the ￡58.9 million EBITDA loss in 2022.

Noteworthy financial developments during the year included Anzo Group Limited’s issuance of ￡38.6 million in shares in September and October 2022, serving as a means to settle outstanding party loan balances. Additionally, Anzo Group’s shareholders established a ￡20.0 million loan facility for LiveScore in September 2023, deviating from the typical liquidity provision approach. During December 2023, ￡10 million of this loan facility was utilized.

Furthermore, Ringier Sports Media Group AG injected a substantial ￡50 million investment into LiveScore, underscoring the company’s attractiveness for strategic investments within the industry.

Related topics:

Stop Press: the next Eurasia Summit takes place in Dubai between 25 – 27 February!

Raketech faces leadership shift with departure of CEO Mulbach (www.latestlivemovies.com)

Ivan Toney’s return to football highlights persistent gambling issues (www.latestlivemovies.com)

California AG proposes two sports betting measure pre-election (www.latestlivemovies.com)