Betsson Reports Record Revenue as Higher Gambling Taxes Hit Profits

Sweden.- 27 October 2026 | www.zonadeazar.com Betsson AB reported record revenue of €326.5 million (US$365.7 million) for the third quarter of 2026, representing year-on-year growth of 10%.

However, the Swedish gambling group recorded a 23% decline in EBITDA, primarily due to higher gambling taxes, reduced B2B revenue and increased operating expenses.

The financial report, published on 22 October, highlights Latin America and online casino gaming as the principal drivers of revenue growth.

Key Financial Results

During the July–September 2026 period, Betsson reported:

  • Revenue: €326.5 million, up 10%.
  • EBITDA: €63.4 million, down 23%.
  • Operating income (EBIT): €46.1 million, a decline of 31%.
  • Net income: €28.2 million, compared with €50.1 million a year earlier.
  • EBITDA margin: 19.4%, compared with 27.9% in 2025.
  • Active customers: 1.87 million, representing growth of 40%.

For the first nine months of the year, cumulative revenue reached €922.1 million, an increase of 3.2% year-on-year.

Higher Taxes Put Pressure on Profitability

One of the main factors behind the decline in earnings was the increased tax burden.

Gambling duties rose from €41.4 million to €69.4 million, while operating expenses increased from €122.9 million to €135 million.

Revenue from locally regulated markets also accounted for 77.7% of total revenue, compared with 63.8% in the previous year.

Betsson’s Chief Financial Officer, Martin Öhman, explained that growth in regulated markets brings additional tax obligations.

He also noted that the shift towards a greater proportion of B2C revenue, compared with B2B revenue, contributed to the decline in margins.

Online Casino Gaming Drives Growth

Online casino gaming remained Betsson’s largest revenue-generating segment.

During the quarter:

  • Online casino: €253.5 million, an increase of 13.7%.
  • Sports betting: €71.8 million, up 0.8%.
  • Sportsbook margin: 8.1%, compared with 8.8% a year earlier.

Casino gaming represented approximately 77% of group revenue, while sports betting accounted for around 22%.

Meanwhile, B2B revenue declined by 39%, largely due to reduced activity from a major client whose identity was not disclosed.

Latin America Grows by 51.8%

Latin America was Betsson’s strongest growth region, generating revenue of €116.1 million, equivalent to approximately US$130 million.

The figure represents year-on-year growth of 51.8% and accounts for 36% of the group’s total revenue.

Argentina, Peru and Colombia were the main contributors, while Betsson maintained strong market positions in these countries and Chile.

Performance across other regions varied:

  • Western Europe: €64.8 million, up 13.8%.
  • Central and Eastern Europe and Central Asia: €99.2 million, down 16.8%.
  • Nordic countries: €32.7 million, a decline of 10%.
  • Rest of the World: €13.7 million, an increase of 106%.

Canadian Expansion and Brazil’s Regulatory Situation

In August, Betsson completed its €64.5 million acquisition of Rhino Entertainment, strengthening its presence in the regulated markets of Ontario and Alberta.

The company also progressed with the rebranding of betFIRST in Belgium and secured a €75 million revolving credit facility in July.

Regarding Brazil, Betsson CEO Pontus Lindwall explained that the company’s commercial exposure was lower than that of some competitors because of its limited marketing expenditure.

He also expressed expectations that Brazil’s regulatory environment could change in the future.

Fourth-Quarter Outlook

Betsson reported that average daily revenue through 18 October 2026 was 11% higher than the average recorded during the fourth quarter of 2025.

However, sportsbook margins remained below the average for the previous eight quarters.

The company aims to maintain commercial growth while restoring profitability through international expansion, product diversification and cost management.

Industry Impact

Betsson’s results reflect an important trend for international gambling operators: revenue growth in regulated markets does not necessarily translate into proportionate improvements in profitability.

Higher taxes and operating costs remain significant challenges, even for companies reporting record revenue and active customer numbers.

Latin America continues to drive Betsson’s expansion as the company seeks to balance growth, taxation and profitability.

Editó: @fonta

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