From Red to Black: How B90’s Pivot Paid Off
Let’s cut to the chase: B90 Holdings’ latest results aren’t just a step forward – they’re a full-blown pirouette. The company has swung from a €3.3 million EBITDA loss in 2023 to a €0.7 million profit this year. For a firm that’s been playing 4D chess with its business model, these numbers are more than respectable – they’re revelatory.
The B2B Gambit That Changed Everything
B90’s decision to pivot from direct-to-consumer operations to a B2B model wasn’t just smart – it was survivalist. Here’s why it worked:
- 200+ partnerships secured with industry heavyweights
- Legacy operations outsourced, slashing overheads by 31.6%
- Focus shifted to high-margin activities like affiliate marketing
As Executive Chairman Ronny Breivik puts it: “We’ve traded complexity for scalability.” The numbers back him up – monthly EBITDA positivity became the new normal in 2024.
Financial Fireworks (With One Damp Squib)
Let’s break down the headline acts:
Revenue Growth
- 16.4% YoY increase to €3.52 million
- Flagship brands Oddsen.nu and Bet90.com driving expansion
Cost Control
- Salary costs down 32.6%
- Other admin expenses slashed by 73%
The Elephant in the Room
That €1.4m Spinbookie impairment charge? It’s the scar tissue from their B2C days. Management has clearly drawn a line under legacy issues – the future is B2B.
Risk Factors: Not All Sunshine and Rainbows
While the ship is steadier, investors should note:
- Cash position: €364k reserves (down from €829k in 2023)
- Regulatory risks: Gaming laws remain a moving target
- VIP reliance: Top 5% of players still drive disproportionate revenue
Breivik’s team appears alert to these challenges, with plans to diversify revenue streams and maintain strict cost discipline.
The Road Ahead: 2025 and Beyond
Management’s playbook for growth reads like a masterclass in focus:
- Double down on performance marketing expertise
- Leverage existing partnerships for cross-selling
- Maintain “ruthless” (their word, not mine) cost control
As Breivik notes: “We’re not just chasing growth – we’re engineering it.” With the B2B foundation laid and profitability achieved, the next act could be B90’s most interesting yet.
Final Thought: A Textbook Transformation
B90’s turnaround isn’t just about numbers – it’s a case study in corporate reinvention. They’ve:
- Jettisoned capital-intensive operations
- Pivoted to higher-margin activities
- Maintained growth while slashing costs
For investors, the question isn’t “did they turn around?” – they’ve answered that. It’s “how much runway does this model have?” On current evidence – quite a lot.
