BetFan, a Polish operator, achieves a turnover of $515.8m in H1 2023
BetFan, a leading legal Polish bookmaker, has released its financial results for the first half of 2023.
During this period, the company achieved a total turnover of PLN 213.5m ($515.8m), representing an impressive 8% increase compared to the same timeframe last year.
Net gaming revenue (NGR) from January to June 2023 also saw notable growth, with a year-on-year surge of 26% to reach PLN 20.7m ($50m).
In the second quarter of 2023 alone, BetFan experienced even faster NGR growth of 44% compared to the previous year. Additionally, the company achieved a net profit of PLN 3.75m in the first half of the year.
BetFan owes its success primarily to its online operations, with online betting activities accounting for 98% of its turnover in the first half of 2023.
The focus of the company has been on enhancing its mobile application, with the launch of a new version for both iOS and Android users in 2023. Through its shift from a marketing-oriented approach to a technology-focused strategy, BetFan has witnessed increased customer engagement, including improved conversion rates and user activity on the platform.
BetFan’s customer base has grown significantly, with a remarkable 37% increase compared to June 2022. This growth can be attributed to the company’s new affiliate program and strategic media partnerships with industry leaders.
Furthermore, BetFan is expanding its reach through a network of stationary betting terminals. Currently operating over 100 terminals in Poland, the company has seen remarkable growth in turnover and NGR from this segment.
Łukasz Łazarewicz, CEO of BetFan, stated, “The first half of the year saw a turnover increase of over 10% after deducting bonuses and ‘free bets,’ and our NGR growth has been even more remarkable. As an e-betting company, we are committed to constantly improving our product and the customer experience. We aim to make the BetFan website and app more engaging, intuitive, and fast.”
BetFan has plans to further expand its presence by launching an additional 30 terminals later this year.