Odyssey Europe Holdco S.á r.l. (“Holdco”) 2022 consolidated annual report is now available on the secured bond investor website at http://oeg-bond.com/.
Investor update call date will be announced next week.
We are very pleased with the overall performance and transformation of the Group in 2022. The year began with closures and disruptions due to Covid 19 restrictions, including complete closure in Latvia. We agreed with bondholders to amend and extend the debt indenture and to restructure the Group to include Croatia, Lithuania and Online. OlyBet, the brand, was transformed and expanded to land-based operations and is now the leading brand of the Group. Sports betting performed strongly, all year, across all platforms and online sports revenue grew 68%. Online revenues overall grew nearly 25% despite the reopening of land-based operations and the start of conflict in Ukraine.
Financial results of the year include total net revenues of Euro 214.3 million, up 81% YoY and adjusted EBITDA of Euro 47.6 million, up 110% YoY. Net debt of Euro 149.6 million at end of December along with stabilised country operations and strong online performance are the highlights of 2022, one of the Group’s most successful years.
Online operations continued to show strong trends throughout the year for customer acquisitions, active player days and player retention rates. Growth rates were strongest in Q4 as we integrated online and land-based World Cup events and marketing. The Group continues to have success integrating all channels of the customer journey and life cycle in all markets. More than 60 premises now have the OlyBet brand as part of Olympic branding or as complete standalone operations.
Going forward, we are focused on driving the OlyBet brand and capturing market share with multi-channel strategies. The coming year 2023 will see:
Focused OlyBet brand expansion in the Baltic region, Croatia, and new markets to support multi-channel strategies across the Group. This includes OlyBet TV, sports partnerships, and further rebranding of existing operations. Expanding our businesses and products through land-based developments, digital products, and M&A. Driving land-based visitation in all markets through large-scale poker events and partnership activations. Focusing on growth with conviction and investment. We will continue as a market acquirer and continue to expand our brands, operations, and products in regulated markets.
I remain optimistic about the future of Group operations and OlyBet brands. We look forward to achieving ambitious objectives and reaching significant milestones in 2023. I want to thank my management team, office colleagues and frontliners for their hard work and dedication during Covid times to accomplish a strong 2022 and to have the foundation for further growth. Thank you to all local teams, advisers, partners, and the stakeholders who support our Group.
Best, Corey Plummer Chairman and CEO