Betsson Posts Record €326.5m Quarter as EBIT Falls 31% in Q3 2026

Betsson AB reported a record third-quarter revenue of €326.5 million for July to September 2026, up 10.4% from €295.8 million a year earlier and 8.1% organically, according to the interim report published on 22 October. Casino revenue rose 13.7% to €253.5 million while EBIT fell 31% to €46.1 million, driven by higher gaming taxes, payment costs and a shrinking B2B licence line.

Quarter headline figures

Betsson AB, listed on Nasdaq Stockholm as BETS B, delivered its highest single-quarter revenue at €326.5 million for Q3 2026, beating the previous high of €310.2 million in Q2. Casino accounted for €253.5 million, representing 77% of group revenue. Sportsbook revenue was €71.8 million, up 0.8% year on year, with a sportsbook margin after free bets of 8.1% compared with 8.8% a year earlier and 10.5% in Q2.

EBITDA fell 23% to €63.4 million from €82.5 million, and EBIT fell 31% to €46.1 million from €66.9 million, producing an EBIT margin of 14.1% against 22.6% a year earlier. Net income declined from €50.1 million to €28.2 million, equating to €0.19 a share. Net cash decreased to €98.3 million from €220.0 million.

"This record is particularly positive given that the sportsbook margin was considerably lower than in the second quarter," Chief Executive Pontus Lindwall said, crediting the FIFA World Cup and the new European football season for customer activity.

Revenue mix and margins

Revenue from locally regulated markets rose 35.0% to €253.8 million, now representing 77.7% of group revenue versus 63.8% a year earlier. Cost of services increased to €145.4 million from €106.0 million, mainly because of higher gaming taxes and payment provider costs, which pushed gross margin down from 64.2% to 55.5%.

B2B licence revenue fell to €46.7 million from €76.9 million, which Betsson attributes to "lower revenue for one of the B2B customers"; the company does not name that customer. Marketing spend rose to €41.6 million from €34.4 million, driven by Latin America.

Regional performance

Latin America grew 51.8% to a record €116.1 million and now provides 36% of group revenue, with strong growth in Argentina, Peru and Colombia. Betsson singled out Peru and Argentina, saying they "once again stood out", largely on World Cup marketing. Central and Eastern Europe and Central Asia fell 16.8% to €99.2 million, and the Nordics declined 10.0% to €32.7 million with Sweden and Denmark both down. Western Europe rose 13.8% to a record €64.8 million, led by Italy; Belgium fell but betFIRST was renamed Betsson at the end of the quarter.

The rest of the world doubled to €13.7 million after Betsson consolidated Rhino Entertainment Group, the Canadian operator it bought in early August. The report records a preliminary purchase price for Rhino 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 disclosed.

Customer and volume metrics

Active B2C customers rose 40.1% to 1,874,687. Turnover in sportsbook rose 8.1% to €1.37 billion, while deposits across B2C and B2B rose 6.4% to €1.55 billion. Betsson noted a divergence between customer growth and cash flow: active customers rose 40.1% while deposits increased only 6.4%, and the share of active customers using deposit limits fell to 24.8% from 34.2%. Customers manually reviewed for risky play increased to 23,747 from 16,810.

Brazil, Buenos Aires and regulatory risks

Betsson says its Brazilian subsidiary suspended registrations and deposits and ended all advertising and sponsorship following the federal betting ban of 25 September, with authorisations due to expire on 25 October unless the measure is suspended, leaving "significant uncertainty"; the company gives no Brazilian revenue figure. The report also notes the Province of Buenos Aires has enforced a 2% tax on winnings from online instant-win games since 8 September, currently under administrative appeal. Betsson has held a Province of Buenos Aires licence since 2022 through a partnership with Casino de Victoria.

The interim report does not mention the "Ley Lula" bill from provincial senator Federico Fagioli, which Focus Gaming News reported would repeal articles 146 to 173 of the province's online gaming law, Law 15.079, banning online betting and casino.

In Peru, a bill under consideration would raise the selective tax on online bets from 1% to 5%.

Outlook and management comment

Average daily revenue up to 18 October was 11.0% above the average for the whole of Q4 2025, or 9.4% excluding currency effects and acquisitions; Betsson said the sportsbook margin was "significantly lower" than its eight-quarter average and that this figure is not a forecast. Lindwall said the group is "well positioned to return to earnings growth."