Betsson achieves record quarter of €326.5m while EBIT falls 31%

Betsson AB recorded its largest quarterly revenue in Q3 2026: €326.5 million for July–September, the interim report published on 22 October shows. The group credits the record to casino growth and a strong contribution from Latin America, while operating profit (EBIT) fell 31% to €46.1 million due to higher gaming taxes and payment costs.

Key results for the quarter

Betsson AB, listed on Nasdaq Stockholm as BETS B, reported revenue of €326.5 million for July–September, up 10.4% from €295.8 million and 8.1% in constant currency excluding acquisitions. The prior record quarter was Q2 at €310.2 million.

• [Casino business](/casino) revenues: €253.5 million, +13.7% (represent 77% of the group).

• Sportsbook revenues: €71.8 million, +0.8% with a margin of 8.1%, versus 8.8% a year earlier and 10.5% in Q2.

• EBITDA: €63.4 million, -23% (margin 19.4% vs 27.9%).

• EBIT: €46.1 million, -31% (margin 14.1% vs 22.6%).

• Net result: €28.2 million, compared with €50.1 million a year earlier; earnings per share €0.19.

• Sportsbook turnover: €1.37 billion, +8.1%.

• Deposits (B2C and B2B): €1.55 billion, +6.4%.

• Active B2C customers: 1,874,687, +40.1%.

"The record is especially positive given that the sportsbook margin was considerably lower than in Q2," said Pontus Lindwall, chief executive officer.

Margin pressured by taxes and B2B

Cost of services rose to €145.4 million from €106.0 million, mainly due to higher gaming taxes and payment-provider costs. Gross margin fell from 64.2% to 55.5%.

Revenue from B2B licences declined to €46.7 million from €76.9 million. Betsson says the drop was "mainly explained by lower intake for one B2B customer", without identifying the client. Marketing spend rose to €41.6 million from €34.4 million, driven by Latin America. [B2B effects](/b2b) are highlighted in the report.

Performance by region

Latin America was the growth engine, reaching €116.1 million, +51.8%, with strong activity in Argentina, Peru and Colombia. The region now contributes 36% of revenues.

Central and Eastern Europe and Central Asia fell 16.8% to €99.2 million, while Western Europe grew 13.8% to €64.8 million, led by Italy. Nordic revenues declined 10.0% to €32.7 million. Rest of world doubled to €13.7 million after consolidation of Rhino Entertainment Group, acquired in August.

The preliminary purchase of Rhino is listed in the report with a purchase price of €73.1 million on a cash- and debt-free basis, above the €64.5 million reported at completion; Rhino’s revenue contribution is not detailed.

Brazil, Buenos Aires and forward visibility

Betsson reports that its Brazilian subsidiary suspended registrations and deposits and ended all advertising and sponsorship after the federal ban on 25 September, with authorisations expiring on 25 October unless the measure is stayed, leaving "significant uncertainty" for the Brazilian operation. The report does not break out a revenue figure for Brazil. See also [regulatory developments](/regulation).

The report also notes that the Province of Buenos Aires applied a 2% tax on online instant gaming winnings from 8 September, currently under administrative appeal. Betsson holds a licence from the Province of Buenos Aires since 2022 via a partnership with Casino de Victoria.

In Peru, a proposal would raise the selective tax on online betting from 1% to 5%; Betsson gives no financial guidance for the future.

Volume versus margin

Revenues rose by €30.7 million year‑on‑year, but gross profit fell €8.7 million, reflecting greater exposure to regulated markets, which now represented 77.7% of revenues versus 63.8% a year earlier. Net cash flow fell to €98.3 million from €220.0 million.

Betsson notes that average daily revenue up to 18 October was 11.0% above the Q4 2025 average, or 9.4% excluding currency and acquisitions, but adds that the sportsbook margin is "significantly lower" than its eight‑quarter average and that this is not a forecast. Lindwall says the group is "well positioned to return to earnings growth".

The company shows that growth in active customers (+40.1%) did not translate equally into deposits (+6.4%), suggesting a player base with lower average value. The share of active customers using deposit limits fell to 24.8% from 34.2%, while customers manually reviewed for risk rose to 23,747 from 16,810.

Quarter summary

Betsson’s Q3 combines volume and regulatory exposure: casino and Latin America drove revenues to the record €326.5 million, but higher payments for taxes and services, together with reduced B2B revenue, cut EBIT to €46.1 million. Future visibility is conditioned by regulatory measures in Brazil, the Province of Buenos Aires and potential tax changes in Peru.