Odyssey Europe Holdco S.á r.l. (“Holdco”) 2023 Q3 report is now available at http://oeg-bond.com/.
We will hold an investor update call in January, date and time to be announced closer to the call date.
The Group recorded its best quarter for revenues and EBITDA in the third quarter. Record results were a combination of strong online performance and robust summer visitation in land-based locations. Online gaming revenues before taxes increased 55% and adjusted EBITDA increased over 5 times over Q3 2022. Latvia rebounded from second quarter performance to 11.9 million gaming revenues before tax and 3.1 million EBITDA. Online and Croatia land-based revenue growth were standouts.
Financial results for the third quarter showed growth with 70.4 million gaming revenues up 16% over last year and record-level adjusted EBITDA of 17.7 million, up 39%. The balance sheet remains strong as of 30 September with net debt of 162.3 million and cash balance of 45.2 million.
Geographic diversity continues to be a strength for land-based operations with stable performances in the Baltic region and growth in Croatia where we increased investments in operations, marketing capabilities and more locations. Online is continuously robust in the Baltics where we gain market share and exceed market growth rates all in territories. The rebrand of Spanish operations to OlyBet was successful and we are seeing exceptional increases in registrations, FTDs, APDs and ARPU. The growth of OlyBet and online operations as a regulated markets only operator is a core principle of the Group, and we will close additional acquisition expansion before the end of 2023.
Going forward, we are focused on expanding the OlyBet brand across retail, digital and non-gaming revenue streams and ensuring that land-based retail is operating effectively at integrating all customer touch points.
Current trading looks positive for online and land-based operations. Latvian retail is on level with 2022 results as we adjust operational scale to the seasonality and land-based trends. Online shows growth across major customer KPIs and the outlook remains positive for year 2023, as does the overall Group.
I want to thank my CFO, my management team, all local teams, and the stakeholders who support our Group.
Best, Corey Plummer Chairman and CEO