From Losses to Momentum: CEO Sam Sadi Pushes LiveScore Group to £206.3M FY25 Revenue
LiveScore Group Limited reported turnover of £206.3 million for the year ended 31 March 2025, marking a 15.3% increase from £179.0 million in FY2024, according to its latest financial statements . The growth was primarily driven by continued momentum across LiveScore Bet, Virgin Bet, and the group’s media operations, which remain central to its customer acquisition funnel.
Both betting brands and media assets played a role in driving revenue higher during the year. The group has continued to lean into its model of using media reach to support betting acquisition, particularly in competitive regulated markets where customer acquisition costs remain high.
Notably, this growth came despite the group’s exit from the Netherlands in November 2024. The decision followed tighter regulation, including higher taxes and advertising restrictions, but did not materially disrupt overall revenue momentum.
EBITDA and Operating Losses Show Material Improvement
There was a clear improvement across key profitability metrics in FY2025. EBITDA loss reduced to £15.2 million, down from £38.8 million a year earlier , marking a sizeable year-on-year shift.
Operating and net losses
Operating loss followed a similar trend, falling to £26.7 million from £50.7 million in FY2024. The movement reflects a combination of stronger revenues and better control over how costs are translating into returns.
At the pre-tax level, losses narrowed to £27.8 million, while net loss for the year came in at £28.6 million. While the business remains loss-making, the direction of travel is clearly improving, with losses reduced across all major lines.
Cost Base Remains Elevated Amid Continued Investment
Costs remained high throughout the year, which is consistent with the group’s continued investment approach. Distribution costs edged up to £102.4 million, while administrative expenses rose to £80.3 million .
Efficiency improvements
Rather than pulling back on spending, LiveScore Group appears to be focusing on getting more out of what it already spends – especially across marketing and customer acquisition. That approach is starting to show in the numbers, with revenue growth outpacing cost increases.
The improvement in losses, despite a rising cost base, suggests the business is beginning to see early signs of operating leverage. In simple terms, each additional pound of revenue is becoming more efficient than before.
Strategic Market Exit and Expansion Shape FY2025
The group’s exit from the Netherlands was one of the more notable developments during the year. Regulatory changes made the market less attractive, and the decision to withdraw points to a more selective approach to geography.
Expansion into new markets
At the same time, LiveScore Group has continued to look outward. Although outside the FY2025 reporting period, the business launched in South Africa in February 2026 after securing the necessary licences, signalling ongoing interest in expansion markets.
This combination of exiting tougher jurisdictions while entering new ones shows a clearer focus on where capital and effort are best deployed.
Outlook: Balancing Growth with Profitability
The overall picture for FY2025 is one of steady progress. Revenue is growing, losses are narrowing, and the business model is starting to show signs of improved efficiency.
Profitability challenges
That said, profitability is still some way off. EBITDA remains negative, and the group continues to invest heavily in growth. The next phase will be about maintaining momentum while tightening the path to profit.
How well LiveScore Group manages that balance – between expansion and efficiency – will likely define its performance over the coming years.
Source: Gov.UK
