SpinCore started off the year 2026 with an expansion across its combined business. The gross win figure reached €6.7 million in Q1, up 22.9% compared to the same period in the previous year. Similarly, EBITDA improved, increasing from €130,000 to €260,000.
The Netherlands was the strongest growth contributor. In particular, hardrockcasino.nl generated turnover of €84.7 million compared to the €62.6 million it reported in the previous year. Gross win grew by 42.1% to €3.78 million, and gross profit reached €587,000.
Dutch Revenue Rises, but Costs Stay Heavy
Nevertheless, the Dutch result was not yet profitable at EBITDA level. The loss was reduced from €570,000 to €450,000, which is a positive trend, but the unit is still in the investment stage.
Several cost pressures were noted by SpinCore. The Dutch business carries platform costs, brand licensing expenses related to Hard Rock Digital, and the effect of stringent regulations. Higher gaming taxes add pressure on the company at a time when the operator is still building scale.
Belgium Keeps the Group Profitable
SpinCore’s footing became more stable thanks to Belgium. Online gross win in the country increased by 14.4% year-over-year, driven mainly by the Blitz performance. The company said that SuperGame was not promoted strongly in the reporting quarter. Rebranding and technology work are still being planned.
Land-based operations in Belgium did not perform well. Gross win from that segment decreased by 28.6% to €450,000 from €630,000. This reduced part of the benefit from online operations.
Despite the challenges in Belgium, the company managed to stay profitable. The EBITDA from this market reached €710,000 in Q1. That helped the group to absorb the investment costs.
Licence Plans Point to a Wider Footprint
SpinCore is gearing up for new product development and market openings. In the Netherlands, it has filed an application for a sportsbook license. If successful, the roll-out might be expected by the end of Q3 2026.
The second path of expansion will see SpinCore in Finland. The company has applied for a license prior to the regulated online gambling market launch, which is expected on 1 July 2027.
The Q1 update indicates a company seeing rising online volumes, yet also carrying significant execution risk. Currently, Belgium is the source of the company’s earnings. The Netherlands provides scale, but better cost absorption is needed. Finland and sportsbook expansion could widen the scope of the operations, although at additional expense before any return becomes visible.
