Betsson reports record Q3 revenue as casino growth offsets duty hit

Betsson AB has posted record quarterly revenue of €326.5m (£273.7m) for the three months to September 2026, up 10% year-on-year, the operator said in results reported by SBC News.

Revenue for the first nine months of the year reached €922.1m, a 3.2% rise on the same period last year.

EBITDA told a different story, falling 23% to €63.4m from €82.5m, with the EBITDA margin contracting from 27.9% to 19.4%. Betsson pointed to higher betting duties and gaming taxes, rising payment provider costs, a decline in higher-margin B2B licence revenue and increased marketing spend.

Betting duties nearly doubled year-on-year, climbing from €41.4m to €69.4m, as the share of group revenue generated in locally regulated markets expanded from 63.8% to 77.7%. Gross profit fell 5% to €181.1m, while operating expenses rose to €135m from €122.9m.

Active customers reached a record 1.87 million, up 40%, which Betsson attributed to the closing stages of the 2026 FIFA World Cup and the start of domestic football seasons across its markets.

"The high level of customer activity continued during the third quarter, supported by the FIFA World Cup and the start of the major European football leagues," said Betsson president and chief executive Pontus Lindwall. He added that "customer deposits and total gaming turnover increased, while the number of active customers rose by 40% to a new record."

Sportsbook revenue was close to flat, up 0.8% to €71.8m and representing 22% of group revenue, with the margin after free bets slipping to 8.1% from 8.8% a year earlier.

Casino was the main driver of growth, with revenue up 13.7% to €253.5m, now 77% of the group total. Lindwall said the performance reflected "the strength of our diversified business model, with a broad geographical presence, several strong brands and competitive offerings in both sports betting and casino that complement each other."

Latin America delivered record revenue of €116.1m, up 51.8%, and now accounts for 36% of the group, with Argentina, Peru and Colombia leading growth; Betsson describes itself as market leader in those three countries plus Chile. Lindwall said the region benefited from "the successful execution of marketing activities in connection with the FIFA World Cup."

Western Europe also hit a record €64.8m, up 13.8%, driven by casino turnover in Italy. Central and Eastern Europe and Central Asia (CEECA) revenue fell 16.8% to €99.2m on weaker B2B licence income, while the Nordics, Betsson's home region, dropped 10% to €32.7m. Rest of World revenue surged 106% to €13.7m following the firm's entry into Alberta and re-entry into Ontario.

The quarter included completion of Betsson's €64.5m acquisition of Rhino Entertainment, aimed at strengthening its B2B business, and the rebranding of its Belgian betFIRST operation under the Betsson name. The group also signed a €75m multi-currency revolving credit facility in July with an unnamed Nordic bank, running two years with a one-year extension option.

Betsson said average daily revenue up to and including 18 October was 11% higher than the full-quarter average for Q4 2025, though sportsbook margin has been "significantly lower than the average for the last eight quarters."

Shares in the company were trading at SEK 96 at the time of the SBC News report, having closed the previous session at SEK 93.75.

Lindwall said the group was looking ahead to "an intensive end to the year" with a full pipeline of customer-facing activity, and described Betsson as "well positioned to return to earnings" growth on the back of its scalable model and market positions.