Betsson reports record Q3 revenue but EBITDA falls 23% on higher betting duties

Betsson AB reported record revenue of €326.5m in Q3 2026, up 10% year-on-year, the company announced. Total revenue for the first nine months of 2026 reached €922.1m, representing 3.2% growth year-on-year.

Despite the revenue growth, EBITDA for Q3 dipped 23% to €63.4m from €82.5m. The EBITDA margin contracted from 27.9% to 19.4%. EBIT fell 31% to €46.1m and the margin narrowed to 14.1% from 22.6%. Net income fell to €28.2m from €50.1m.

Betting duties weigh on profitability

Betting duties rose from €41.4m to €69.4m as the share of revenue from locally regulated markets expanded from 63.8% to 77.7%. Gross profit declined by 5% year-on-year from €189.8m to €181.1m, while operating expenses increased from €122.9m to €135m. Operating cash flow slipped to €54.5m from €64.8m.

EBIT rose 9% on Q2, its second consecutive quarterly increase, and the margin improved from 13.6%.

Customer growth and product performance

Betsson’s active customers grew to record levels in Q3, up 40% to 1.87m. Casino revenue grew by 13.7% to €253.5m, generating 77% of total group revenue. Sportsbook revenue remained broadly stable at €71.8m, up 0.8%, contributing to 22% of revenue. The sportsbook margin after free bets was 8.1%, down from 8.8% in Q3 2025.

Betsson added 478 casino games in the quarter, 40 of them with a period of exclusivity for its brands.

Regional performance

In Latin America, Betsson achieved record revenue of €116.1m, up 51.8% year-on-year, accounting for 36% of group revenue. Western European operations reached all-time highs with revenue of €64.8m, up 13.8% year-on-year.

Revenue declined 16.8% to €99.2m in Central and Eastern Europe and Central Asia. Revenue in the Nordics fell 10.0% to €32.7m. Rest of the World turnover surged 106% to €13.7m, bolstered by market entry in Alberta and re-entry into Ontario.

Acquisitions and financing

Betsson completed its acquisition of Rhino Entertainment for €64.5m to strengthen its B2B operations. The preliminary purchase price was €73.1m on a cash and debt-free basis, with €47.8m booked as goodwill. B2B revenue fell 39%, or €30m, on lower income from one customer, and now accounts for just 14% of revenue.

The company signed a multi-currency revolving credit facility of €75m in July with a two-year term with a one-year extension option. Net cash stood at €98.3m at the end of September, down from €220.0m a year earlier, after around €59m was spent on Rhino.

Average daily revenue up until and including 18 October was 11% higher than the average daily revenue of the entire Q4 2025.