€326.5M Record Revenue. 1.9M Active Customers. Latin America Up 50%+ – Pontus Lindwall & Martin Öhman Drive Betsson’s Growth
Betsson AB has reported the highest single-quarter revenue in its history, driven by a strong casino product and continued expansion in Latin America. Group revenue for the third quarter of 2026 reached EUR 326.5 million, up 10% on the same period last year, with organic growth of 8%. Active customers rose to a record 1.9 million.
Even as revenue and customer activity hit new highs, profit fell on every line, with operating income down 31% and net income down 44%, a result of rising gaming taxes, higher payment costs and a soft sportsbook margin during the quarter.
Inside Betsson’s Record iGaming Revenue Quarter
Group revenue of EUR 326.5 million (EUR 295.8 million in Q3 2025) marked an all-time high for a single quarter. Betsson credited the result to its diversified model across casino and sportsbook and its broad geographic spread, with growth achieved despite a sportsbook margin well below the previous quarter.
Casino was the clear driver. Casino revenue rose 14% to EUR 253.5 million and now represents 77% of group revenue, up from 75% a year earlier. Sportsbook revenue edged up 1% to EUR 71.8 million, with the margin after free bets at 8.1%, down from 8.8%. Revenue from other products was EUR 1.3 million.
Why Betsson’s Latin America Growth Stood Out
Latin America was the standout region, with revenue up 51.8% to EUR 116.1 million and new record levels across casino revenue, deposits and casino turnover. Betsson pointed to strong performance in Argentina, Peru and Colombia across both products. The company linked part of the regional momentum to marketing activity around the FIFA World Cup.
Western Europe also reported an all-time high at EUR 64.8 million, up 13.8%, led by casino and a record quarter in Italy. The Nordics fell 10%, and CEECA declined 16.8%, the latter hit by lower B2B licence revenue and softer activity.
How Casino Volume Reshaped the Gaming Operator’s Margins
This is the part operators will study. Record revenue arrived alongside a sharp fall in profitability. Gross profit slipped to EUR 181.1 million from EUR 189.8 million, and the gross margin fell to 55.5% from 64.2%. EBIT dropped 31% to EUR 46.1 million and net income fell 44% to EUR 28.2 million, with earnings per share of EUR 0.19 against EUR 0.34.
The pressure came from several directions at once. Cost of services rose to EUR 145.4 million, which Betsson attributed mainly to higher gaming taxes and payment provider costs. Marketing spend climbed on Latin American activity. The effective tax rate also jumped to 31.1% from 22.3%. In short, the revenue mix shifted toward higher-tax casino volume at the same time as the sportsbook margin thinned.
Rhino Entertainment Acquisition Expands Betsson’s B2B Gaming Reach
Betsson completed its acquisition of Rhino Entertainment at the start of August, consolidating it into the group from that month. The preliminary purchase price was EUR 73.1 million on a cash and debt-free basis. The deal brings B2C assets, licences and personnel across Ontario and the rest of Canada, along with Rhino’s proprietary front-end and middleware technology, which Betsson expects to strengthen its B2B offering and drive incremental licensing revenue.
What the Belgium Rebrand Signals for the Betsson Brand
At the end of the quarter, Betsson launched its flagship brand in Belgium through a rebranding of betFIRST, which the group acquired in June 2023. The company framed the move as part of a wider pattern of migrating acquired operations onto the Betsson brand, aimed at greater consistency and scale. During the quarter the Belgian operation was also migrated to the group’s proprietary technology platform. The group also launched Gates of Inter, its third sponsorship-based casino game after titles tied to Boca Juniors and Atletico Nacional.
Reflecting on the quarter, CEO Pontus Lindwall said:
“This performance demonstrates the strength of our diversified business model, with a broad geographical presence, several strong brands and competitive offerings in both sports betting and casino that complement each other.”
Pontus Lindwall, President and CEO, Betsson AB
What Comes Next for Betsson in the Regulated Gaming Market?
The near-term picture is one of momentum carried on casino volume rather than margin. Betsson’s own trading update showed average daily revenue to 18 October running 11.0% above the full fourth quarter of 2025, though the sportsbook margin at the start of Q4 was again significantly below its recent average. The group ended the quarter with a net cash position of EUR 98.3 million and an undrawn EUR 75 million credit facility, giving it room to keep acquiring. For operators watching this set of results, the signal is clear enough: growth is available, but holding on to profit as gaming taxes rise across regulated markets is becoming the harder part of the job.
Source: Betsson AB (publ)
