Betsson Posts Record Revenue of €326.5 Million Despite Profit Decline
Key Facts
Betsson posted record quarterly revenue of €326.5 million in the third quarter of 2026, up 10.4% year over year, according to the company’s statement. Organic growth, excluding the effects of currencies and acquisitions, was 8.1%. But the broader revenue base did not translate into higher profits: net income fell to €28.2 million from €50.1 million a year earlier. Earnings per share declined to €0.19 from €0.34. On October 22, the shares rose 6.19% at the time Investing.com published its results coverage.
The number of active customers in the company’s consumer-facing operations rose 40.1% to 1,874,687, compared with 1,338,494 in the corresponding quarter of 2025. Customer deposits in the operating companies’ gaming solutions, across consumer and business-to-business activities, increased 6.4% to €1,545.4 million. Betsson said elevated customer activity continued during the quarter, supported by the FIFA World Cup and the start of major European leagues. Nevertheless, the company attributed revenue growth primarily to its casino product. Casino revenue rose 14%, compared with an increase of just 1% in sports betting revenue.
The sports betting margin declined to 8.1% from 8.8% in the third quarter of last year, as the activity recorded only limited revenue growth. At group level, earnings before interest, taxes, depreciation and amortization fell 23% to €63.4 million from €82.5 million. Operating profit before interest and taxes declined 31% to €46.1 million, compared with €66.9 million. The operating profit margin fell to 14.1% from 22.6%. The cost of services also rose to €145.4 million from €106 million, which the company said was mainly due to higher gaming taxes and payment-provider costs.
Cost pressures weighed on gross profit, which fell to €181.1 million from €189.8 million despite revenue growth. By contrast, revenue from locally regulated markets rose 35% to €253.8 million. These markets accounted for 77.7% of total group revenue, compared with 63.8% a year earlier. Betsson said Latin America recorded a record revenue level after growth of more than 50%. Peru and Argentina stood out, with higher customer activity and revenue growth, supported largely by marketing activities linked to the World Cup.
In the first nine months of 2026, revenue rose 3% to €922.1 million from €893.1 million in the corresponding period. But earnings before interest, taxes, depreciation and amortization declined 30% to €171.8 million, and net income fell to €84.1 million from €147.5 million. In the second quarter, revenue grew 2% to €310.2 million, while earnings before interest, taxes, depreciation and amortization fell 31% to €58.5 million and net income declined to €30.4 million. The company completed its acquisition of Rhino Entertainment in early August and integrated it into the group during the quarter, saying it contributed positively to revenue and earnings. At quarter-end, Betsson launched its brand in Belgium following a rebranding from betFIRST.
In its fourth-quarter trading update, Betsson said average daily revenue through October 18 was 11.0% higher than the average daily revenue for the whole of the fourth quarter of 2025. This is an indicator for the elapsed portion of the quarter, not a forecast for full-quarter revenue. The company added that the sports betting margin at the start of the fourth quarter was much lower than the average for the previous eight quarters. The update places growth in daily activity alongside continued margin weakness in this business. The company set February 4, 2027, as the date for publishing its fourth-quarter 2026 results.