Betsson Grows Revenue in 2025 as Taxes Cut Into Profit

Betsson closed 2025 with higher revenue but tighter margins, as growing exposure to regulated gambling markets increased tax pressure across several regions. The results show a business still expanding, though with clear cost challenges tied to regulation, product investment, and regional shifts in player activity.

Good to Know

• Group revenue rose year on year, while EBITDA and net income declined slightly
• Regulated markets made up a record share of total revenue
• Casino continued to outperform sportsbook during the final quarter

Revenue Climbs While Margins Narrow

Across the full year, Betsson generated €1.197 billion in group revenue, compared with €1.107 billion in the prior year. The increase came despite a softer final quarter, where Q4 revenue slipped 1 percent year on year to €303.9 million.

Operating income declined to €253.1 million from €256.7 million, while EBITDA edged down to €313.7 million compared with €316 million a year earlier. Net income also moved lower, landing at €182.4 million for the year.

Those results reflect a familiar pattern across the regulated online gambling sector, where higher compliance costs and gaming taxes increasingly shape earnings performance.

Regulated Markets Now Dominate the Mix

Locally regulated markets accounted for more than two thirds of Q4 revenue, with Betsson holding licences across 24 jurisdictions. The share of regulated revenue reached 68 percent for the year, up from 60 percent previously.

CEO Pontus Lindwall said:

“The share of revenue from locally regulated markets continued to increase and reached an all-time high of 68% (up from 60% last year), which consequently led to higher gaming taxes.”

The regional picture remained mixed. Central and Eastern Europe and Central Asia stayed the largest segment, producing €120.4 million in revenue, though that figure declined 8.9 percent year on year. Lower sportsbook activity in Estonia and Georgia weighed on results, while Croatia and Greece delivered growth.

Latin America followed as the second largest region, where revenue increased 7.9 percent to €84.3 million. Strong performance in Peru, Argentina, and Colombia supported the rise, reinforcing LatAm as a core growth engine for Betsson online casino and sports betting operations.

Western Europe also posted gains, with revenue up 15.5 percent to €60.8 million. Italy recorded its highest revenue level to date. In contrast, the Nordics fell back, with revenue dropping from €40 million to €33.6 million.

Casino Carries the Quarter as Sportsbook Slows

Casino remained the primary revenue driver during Q4, generating €219.8 million and representing 72 percent of total revenue. Betsson expanded its casino catalogue with 553 new games during the quarter, including 35 titles offered with temporary exclusivity across brand platforms.

Sportsbook told a different story. Revenue from betting fell 9.5 percent year on year to €82.7 million. Sportsbook contribution dropped to 27 percent of group revenue, down from 30 percent in the same period of 2024.

Lower betting activity in select European markets played a role, even as casino engagement stayed resilient.

Investment and Taxes Hit Quarterly EBITDA

Quarterly EBITDA declined sharply, falling 20 percent year on year to €69.3 million. Lindwall linked the drop to a combination of tax pressure, lower B2B revenue, and ongoing spending across product and technology teams.

He said:
“We continued to invest in the product and technology organisation to strengthen the customer experience and our long-term competitiveness, which meant higher personnel costs. Higher gaming taxes and increased personnel costs had a negative impact on profitability and operating income during the quarter.”

Betsson long term strategy remains focused on outperforming overall market growth through organic development and selective acquisitions. The company also indicated B2C exits from markets where local regulation appears unlikely in the near term.

Cash Position and Shareholder Returns Remain in Focus

Despite margin pressure, Betsson ended the year with €322.7 million in cash and cash equivalents. The balance sheet continues to support capital returns alongside future investment plans.

Lindwall said:

“Despite the lower profitability, Betsson stands strong operationally with a competitive product offering, increasing brand awareness and technology at the forefront.”

“Our strong financial position provides us with good conditions to invest in long-term, profitable growth and to deliver returns for our shareholders. During the quarter, the board of directors initiated a share buy-back programme corresponding to €40 million, and an ordinary dividend of €0.66 (€0.657) per share has been proposed for 2025.”

Management also views the upcoming World Cup as an opportunity to attract new players across sportsbook and casino channels.

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