FL Entertainment, the parent company of Betclic, anticipates its online sports wagering and gaming operations to maintain robust growth in 2023, building upon a successful 2022.
The company reported that its online sports betting and gaming division is performing exceptionally well and will continue its upward trajectory in 2023. They experienced a highly successful year in 2022.
In a recent announcement, FL Entertainment indicated that all aspects of their business are thriving, encompassing online sports wagering, gaming, as well as content creation and distribution.
FL attributed the expansion of their betting and gaming operations to the widespread popularity of the Betclic digital platform. They witnessed a substantial surge in wagers placed on the FIFA World Cup at the end of 2022, exceeding the volume observed during the 2020 European Championship.
FL further disclosed that the number of individuals utilizing their betting and gaming services experienced a significant increase in 2022 compared to the preceding year.
Regarding content production and distribution, FL reported a 25% expansion of their content library compared to 2021. They also acquired 12 production companies.
FL Entertainment, which commenced trading in July, is the newly adopted name for the entity formed through a merger with a special purpose acquisition company known as Pegasus Entrepreneurial Acquisition Company Europe.
This arrangement encompasses all subsidiary companies of Betclic Everest, including Bet-at-home, as well as the television production firm Banijay, which initially combined with Betclic to form FL Entertainment, and later merged with Pegasus. Nevertheless, the media division of the enterprise, including production company Banijay, is considerably larger.
Currently, as a publicly traded entity, FL declares it has been investigating capital market opportunities that will contribute to diversifying its funding sources, fortifying its capital structure, and providing balance sheet adaptability to carry out its strategic plan.
In this context, FL asserts it is presently assessing potential convertible bond financing, contingent on market conditions.
FL Entertainment also stated it intends to augment its free float and stock liquidity over time, which could involve some shareholders divesting their holdings in a methodical manner after the initial lock-up period concluded earlier this month.
Bet-at-home’s Challenges
However, 2022 did not solely bring positive developments for FL, which has considerably reduced the operations of the Bet-at-home brand in certain regions, particularly in Austria.
In October 2021, the company encountered a legal setback against an Austrian players’ association, which sought compensation from unlicensed operators. Subsequent to this, Bet-at-home announced it would withdraw from the market and gradually cease operations of the Maltese company it had established for it.
In the month of July, Bet-at-home declared their intention to relinquish their United Kingdom license and permanently depart from the market. This decision followed the suspension of the operator by the Gambling Commission due to alleged infractions related to anti-money laundering and social responsibility.
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