Betfan with PLN 3.75 Million Net Profit in First Half of 2023

Betfan, a legal Polish bookmaker and one of the industry leaders, generated a total turnover of PLN 213.5 million (EUR 48 million) in the first half of 2023. This is an increase of 8% year-on-year. Bookmaker’s NGR from January to June this year increased by 26% year-on-year to PLN 20.7 million (EUR 4.7 million).

In Q2 2023 alone, the company’s NGR growth was even faster and amounted to 44% year-on-year. In the first half of this year, Betfan generated a net profit of PLN 3.75 million (EUR 0.8 million).

Betfan is an online bookmaker with 98% of its turnover in the first half of 2023 coming from online betting. Hence, the organization primary investments are directed towards the mobile application. In 2023 users saw its new version, both on iOS and Android. The bookmaker focused on the transformation from a marketing-oriented organization to a technology oriented one. The company intends to invest further in this area in the future.

“In 2023, we have been operating according to a new strategy that is already bringing measurable results,” the Chief Executive Officer for Betfan, Lukasz Lazarewicz (pictured), said. “The dynamics of the total turnover, after deduction of bonuses and ‘free bets’, exceeded 10% in the first half of the year and our NGR has been growing even faster. In the first quarter it increased by 23% and in the second by 44%. This shows the high effectiveness of the introduced changes.

“As an e-betting company, we put emphasis on constantly improving our product and the customer experience. We want the Betfan website and the app to be even more engaging, intuitive and fast. We have built solid internal competences in this area and we rely less and less on external partners. We want to actively listen to users because it is for them that we build our product.

“At the same time, we pursue a prudent customer acquisition policy with targeted marketing based on analytics without the industry-wide artificial boosting of bonuses. The result is a high net profit in the first half of this year worth PLN 3.75 million.”

One of the positive effects of the new Betfan strategy was an increase in conversion from registration to the first deposit to 76% and in users activity on the platform. In 2023, the customer base grew substantially, which at the end of June 2023 was 37% higher than in June 2022. One of the ways of its further development is also the newly launched affiliate program and unique media partnerships with market leaders.

At the same time, Betfan is developing a network of stationary betting terminals. As a result, at the end of June Betfan had over 100 of them in Poland. The turnover and NGR in this area have been growing by leaps and bounds. In the first half of 2023, these were higher by 161% and 228% respectively, compared to the first half of 2022. The bookmaker plans to launch another 30 terminals this year.