Betsson posts record Q3 revenue of €326.5m, but EBIT falls 31% on higher gaming taxes

Betsson AB reported its strongest quarterly revenue to date for July to September 2026, although profitability weakened. According to the company's interim report published on 22 October 2026, revenue grew 10% to €326.5 million, while operating profit (EBIT) fell 31% to €46.1 million. Organic revenue growth, which excludes currency effects and acquisitions, was 8%. Net income dropped 44% to €28.2 million, and active B2C customers rose 40% to a record 1.9 million.

Casino was the main growth driver. Casino revenue increased 13.7% to €253.5 million and made up 77% of group revenue, up from 75% a year earlier. Sportsbook revenue edged up 0.8% to €71.8 million, with the sportsbook margin at 8.1% against 8.8% a year earlier. CEO Pontus Lindwall said growth came from the casino product, which he called particularly positive given the considerably lower sportsbook margin than in the second quarter.

By region, Latin America grew 51.8% to a record €116.1 million, or 36% of group revenue, with Argentina, Peru and Colombia all posting strong growth. Lindwall linked the performance in Peru and Argentina largely to marketing around the FIFA World Cup. Western Europe also set a record at €64.8 million, helped by Italy, while Belgium declined. Central and Eastern Europe and Central Asia fell 16.8% to €99.2 million, and Nordic revenue dropped 10.0% to €32.7 million. The rest of the world more than doubled to €13.7 million, driven by the Rhino Entertainment acquisition and mainly by Canada.

The gross margin fell to 55.5% from 64.2%. Betsson attributed the higher cost of services, which rose to €145.4 million from €106.0 million, mainly to higher gaming taxes and payment provider costs. Betting duties climbed to €69.4 million from €41.4 million. Revenue from locally regulated markets grew 35% to €253.8 million, or 77.7% of the group total. B2B licence revenue fell to €46.7 million from €76.9 million, mainly because of lower revenue from one B2B customer. Marketing expenses rose to €41.6 million, driven by activity in Latin America.

Betsson completed its acquisition of Rhino Entertainment Group in early August, adding operations in Ontario and the rest of Canada. The preliminary purchase price is €73.1 million on a cash and debt-free basis, with €47.8 million booked as goodwill, compared with the roughly €64.5 million announced in March. Lindwall said Rhino contributed positively to revenue and earnings. Over the first nine months, revenue rose 3% to €922.1 million and EBIT fell 39% to €122.3 million.