LiveScore has reported a significant increase in revenue in its full year 2023 results, reaching £129.6m ($165.0m/€150.8m), which represents a substantial 48.9% increase compared to the previous year.
The company’s full year period ended on 31 March 2023, with its report focusing on operations within its Virgin Bet, LiveScore Bet, and sports media business. Gambling accounted for £108.0m of the total revenue, reflecting a 57.3% increase from the previous year. Additionally, advertising revenue totaled £21.6m, showing a 17.7% increase.
In an interview with iGB in October 2023, LiveScore chief executive Sam Sadi outlined the company’s plans to become the leading sports media operator globally, rather than solely focusing on being the top betting operator.
The majority of LiveScore’s revenue was generated in the UK and Ireland, totaling £100.3m, up by 40.0% from the previous year. The Rest of Europe division saw the largest spike in revenue, nearly tripling to £14.0m, while the Rest of World division accounted for the remaining £15.2m.
The number of LiveScore employees also increased significantly during the year, rising from 416 in 2022 to 492 in 2024.
While LiveScore’s gross profit increased by 45.1% to £99.9m, the company incurred a loss for the year due to distribution costs, mainly attributed to marketing, totaling £83.7m, and administrative expenses rising to £77.8m, resulting in an operating loss of £61.7m. However, this still represented an £8.1m improvement from the previous year’s operating loss.
After factoring in various financial elements, LiveScore reported a pre-tax loss of £65.5m, with a taxation of $88,883, bringing the total loss for the year to $65.4m, which represented a 6.5% improvement year-on-year.
The company’s EBITDA improved, with a loss of £50.4m, reflecting a 14.4% improvement compared to the previous year.
Additionally, LiveScore’s parent company, Anzo Group Limited, issued £38.6m in shares and created a loan facility of £20.0m for the company. Ringier Sports Media Group AG also made a £50m investment in LiveScore during the year. These financial moves indicate strong confidence and investment in the company’s future growth and success.