Betsson’s Q3 Revenue Hits €326.5M as Operating Profit Falls 31%

The October 22 interim report shows EBITDA at €63.4 million, down 23%, and 1.87 million active B2C customers, up 40%. Casino sales increased 14%, while sportsbook revenue rose by less than 1%.

Latin America Contributes 129% of Net Growth

Revenue from Latin American customers reached €116.1 million, against €76.5 million in the third quarter of 2025. Betsson cited higher activity in Peru, Argentina and Colombia, alongside World Cup marketing.

Latin America added €39.6 million year on year, but Betsson’s group revenue increased by only €30.7 million, from €295.8 million to €326.5 million. A 15M calculation puts the region’s increase at 129% of the net group gain.

The remaining regional movements were:

• CEECA (Central and Eastern Europe and Central Asia) – down €20.1 million to €99.2 million;
• Nordics – down €3.7 million, with lower sportsbook and casino revenue in Sweden and Denmark;
• Western Europe – up €7.9 million;
• Rest of the world – up €7.1 million, helped by the acquisition of Rhino Entertainment in Canada.

Betsson says the lower CEECA figure reflects declining B2B licence revenue, even as its consumer-facing business grew in Croatia, Georgia, Lithuania, Latvia and Estonia.

B2B Licensing Revenue Falls 39%

Revenue from B2B system delivery fell to €46.7 million from €76.9 million. That represented 14% of group revenue, down from 26% one year earlier. Betsson attributed much of the annual drop to one B2B customer and the quarter-on-quarter decline to a lower sportsbook margin.

Casino contributed €253.5 million, or 77% of group revenue, while sportsbook generated €71.8 million. The sportsbook margin fell to 8.1% from 8.8% a year earlier and 10.5% in Q2.

The group still recorded higher activity across its consumer business. Customer deposits rose 6% to €1.55 billion, and casino turnover increased 7%.

Betting Duties Account for 71% of Cost Increase

Cost of services rose from €106 million to €145.4 million, a 37.2% increase against revenue growth of 10.4%. Betting duties climbed from €41.4 million to €69.4 million. That €28 million increase equals 71% of the €39.4 million rise in total service costs, according to a 15M calculation.

Betsson also cited higher payment-provider charges. Revenue from locally regulated markets reached €253.8 million, representing 77.7% of group sales, against 63.8% a year earlier.

Marketing expenditure excluding affiliate and partner commissions increased to €41.6 million from €34.4 million, driven by activity in Latin America. The EBIT margin narrowed by 8.5 percentage points to 14.1%.

Operating profit improved from €42.2 million in Q2.

October Revenue Rises, but Profitability Remains Unclear

In its early Q4 update, Betsson said average daily revenue through October 18 was 11% above the full-quarter 2025 average. The sportsbook margin, however, was significantly below its eight-quarter average.

The update contains no EBIT estimate. Following Q3’s €28 million year-on-year increase in betting duties, the revenue comparison alone gives no indication that operating profitability has recovered.