BETBY Reports 82.7% Growth in Q3 Active Players and 33.4% Rise in Network GGR

Revenue Per Player Has Fallen for Three Quarters Running

BETBY gave these figures in percentages only, not absolute GGR figures. The GGR it quotes is the sum of GGR generated across its network of partners, not its direct revenue. BETBY’s wager figures are more modest: GGR growth was broadly in line with bet volume growth (+31.9%), but significantly lagged behind its user growth figures.

BETBY Games, the operator’s esports arm, also performed well by GGR (+32.2%) and bet volume (+45.4%). That was not quite to the extent of its skyrocketing active users (+123.3%). Its user base more than doubled, but GGR by only a third.

Dividing the GGR index by the active-player index gives GGR per active player. That metric has been declining considerably. Across the operator’s first three quarters in 2026, GGR per active player was up 16.7% in Q1. It was down 2.9% at the half-year, and down 27.0% in Q3.

Using the same methodology, Betby Games’ GGR per active player was up 7.6% in Q1. It was down 12.3% at the half-year, and down 40.8% in Q3. Finally, bet volume per active player in its sportsbook was down 27.8% in Q3. All these figures are taken solely from BETBY’s percentage growth updates in its press releases of 16 April, 22 July and 29 October. BETBY does not publish absolute GGR figures.

There are two ways to interpret the figures. The network could be integrating operators whose players generate less revenue than its current average. Alternatively, the operator base could be inflated with low-value players during promotions linked to major events. The company maintains that betting in Q3 was largely stimulated by new product launches and marquee events, not a change in its acquisition mix.

The Quarter Had Two World Cups in It

"What matters most to us is not just achieving strong results in one quarter, but maintaining that consistency over time," said Leonid Pertsovskiy, Chief Executive Officer at BETBY.

According to the bookmaker, the final rounds of the FIFA World Cup and the Esports World Cup drove Q3 betting activity. The provider also launched its SlotBets offering and introduced interactive tools such as Watch & Bet and User Chat. BETBY entered the regulated Polish market through Lebull and Betters, but said it had a negligible effect on Q3 betting activity.

The licensee behind the brand is Earlybird Ltd, a Malta company (C 94530) holding MGA licence MGA/B2B/780/2020 since 3 August 2020. This is based on a register check, not a company assertion. Earlier this year, the supplier introduced a fixed-odds prediction markets feed, a product category in which Utah has filed a 14-count criminal case.

What This Means

• For operators: ask your supplier for GGR per active player, not growth rates. A feed adding players faster than revenue shifts the margin question onto your side of the integration;
• For affiliates: falling revenue per player on a supplier’s network usually precedes tighter CPA terms from the operators running it. If you push esports traffic, note the 123.3% player growth against 32.2% revenue growth and price accordingly;
• For providers: event-driven quarters flatten player counts. Competitors will be asked why their own disclosures stop at percentage growth.

What’s Next

Fourth-quarter numbers are due in January on the pattern of the last three releases. Poland is the one new market with a full quarter ahead of it.

Source: BETBY, "BETBY maintains growth momentum in Q3 amid major sporting events and product innovation", https://betby.com/en/blog/betby-maintains-growth-momentum-in-q3-amid-major-sporting-events-and-product-innovation/