Betsson hits €326.5m Q3 revenue record as net income falls 44%.
Betsson reported record third-quarter revenue of €326.5 million in 2026, driven by casino growth and strong performance in Latin America. However, declining B2B licensing revenue, higher betting duties and weaker earnings weighed on profitability.
Betsson Revenue Hits Record High in Q3 2026
Swedish gambling operator Betsson recorded group revenue of €326.5 million in the third quarter of 2026, representing a 10.4% increase year-on-year. Despite the revenue growth, net income fell 44% to €28.2 million, while operating income declined 31% to €46.1 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 23% to €63.4 million. The EBITDA margin also narrowed to 19.4%, compared with 27.9% in the same period last year.
The results highlight the pressure on profitability despite continued growth across Betsson’s consumer-facing operations.
Casino Growth Drives Revenue Performance
Casino operations remained Betsson’s largest revenue contributor, generating €253.5 million, up 13.7% year-on-year and accounting for approximately 77% of total group revenue.
Sportsbook revenue was largely unchanged at €71.8 million, despite increased betting turnover. The sportsbook margin declined to 8.1%, compared with 8.8% a year earlier.
Betsson attributed sustained customer activity partly to the FIFA World Cup and the opening of major European football leagues. Its active business-to-consumer (B2C) customer base increased by 40% to 1.9 million during the quarter.
Latin America Leads Regional Growth
Latin America was Betsson’s strongest-performing region, generating €116.1 million in revenue, a 51.8% increase year-on-year. The region contributed approximately 36% of total group revenue, with Argentina, Peru and Colombia identified as key growth markets.
Western Europe also recorded positive results, with revenue rising 13.8% to €64.8 million, supported by casino activity in Italy.
However, other regions experienced declines. Revenue from the Nordics fell 10% to €32.7 million, while Central and Eastern Europe and Central Asia recorded a 16.8% decrease to €99.2 million.
B2B Licensing Revenue Declines
Betsson’s business-to-business (B2B) licensing operations experienced a significant downturn during the quarter. Revenue from licences supplied to B2B customers fell 39% year-on-year to €46.7 million, representing 14% of group revenue, compared with 26% in the previous year.
The company attributed most of the decline to lower revenue from one customer.
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Higher betting duties added further pressure on profitability. These costs increased 68% to €69.4 million, while revenue from locally regulated markets reached €253.8 million, equivalent to 77.7% of total group revenue.
Canadian Acquisition Expands Betsson’s Technology Capabilities
In August 2026, Betsson completed its acquisition of Rhino Entertainment’s Canadian consumer operations and technology assets.
The acquired business contributed to the third-quarter results, helping revenue from the rest-of-world segment more than double to €13.7 million, primarily reflecting the Canadian operations.
Beyond its consumer-facing business, the acquisition also adds middleware and front-end technology that Betsson intends to make available to its B2B customers, supporting its broader platform and technology offering.
Betsson’s Nine-Month Financial Performance
For the first nine months of 2026, Betsson reported total revenue of €922.1 million, EBITDA of €171.8 million and net income of €84.1 million.
The company also reported that average daily revenue through 18 October was 11% higher than the average for the fourth quarter of 2025. Betsson cautioned that this early trading indicator should not be interpreted as a forecast for the full fourth quarter.
Outlook
Betsson’s third-quarter results demonstrate continued demand for its casino products and strong momentum in Latin America. However, falling B2B licensing revenue, higher betting duties and lower sportsbook margins remain significant challenges for profitability.
The company’s ability to sustain consumer-facing growth while managing operating costs and strengthening its B2B business will be important in determining its financial performance in the coming quarters.
