Betsson Casino Revenue UP 13.7% in Q3 2026

Betsson reported record revenue for the third quarter of 2026, but higher gaming taxes and payment costs cut profit. Casino and Latin America led growth, while lower sportsbook margins and falling B2B revenue weighed on results.

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Good to know

• Q3 revenue rose 10% year on year to €326.5 million, while EBIT fell 31% to €46.1 million.
• Casino revenue increased 13.7% to €253.5 million, and Latin America revenue climbed 51.8% to a record €116.1 million.
• Betsson completed its Rhino Entertainment acquisition in August, adding Canadian B2C operations and B2B technology.

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Betsson Q3 Revenue Sets Record as EBIT Falls

Latin America became Betsson largest region by revenue in Q3, contributing 36% of the total. Central and Eastern Europe and Central Asia (CEECA) accounted for 30%, after revenue there fell 16.8% to €99.2 million.

Casino growth helped lift group revenue even as sportsbook revenue edged up only 0.8% to €71.8 million. Casino generated 77% of total revenue, up from 75% a year earlier. Betsson added 478 casino games during the quarter, including 40 exclusive titles.

CEO Pontus Lindwall said:

‘Revenue also reached a new all-time high for a single quarter, which is particularly positive given that the sportsbook margin was considerably lower than in the second quarter. Instead, growth was driven by the casino product.’

Betsson recorded €326.5 million in Q3 revenue, up from €295.8 million a year earlier. Yet gross profit fell 5% to €181.1 million, EBITDA dropped 23% to €63.4 million, and net income declined 44% to €28.2 million. The EBIT margin narrowed to 14.1%, from 22.6%.

Higher costs help explain the gap. Cost of services rose to €145.4 million from €106 million, mainly because of higher gaming taxes and payment provider costs. Betting duties increased to €69.4 million from €41.4 million. Revenue from locally regulated markets grew 35% to €253.8 million, equal to 77.7% of group revenue.

B2B licence revenue fell to €46.7 million from €76.9 million, largely because one customer generated less revenue. Marketing costs, excluding affiliate and partner commissions, also rose to €41.6 million from €34.4 million, with Latin America driving more activity.

Regional Results, Rhino Deal and Q4 Outlook

Latin America revenue reached a record €116.1 million. Betsson cited strong growth in Argentina, Peru, and Colombia. Lindwall said:

‘Peru and Argentina once again stood out, with high customer activity and strong revenue growth, largely due to the successful execution of marketing activities in connection with the FIFA World Cup.’

Western Europe also set a regional record, rising 13.8% to €64.8 million as Italy posted its highest revenue to date. Betsson replaced the betFIRST brand with Betsson in Belgium at quarter end. Meanwhile, Nordic revenue fell 10% to €32.7 million, and CEECA weakness reflected lower B2B licence revenue. Revenue from the rest of the world more than doubled to €13.7 million, mainly due to the Rhino acquisition and Canada.

Betsson completed the Rhino Entertainment deal in early August. The acquisition covers Canadian B2C operations in Ontario and elsewhere in the country, plus front-end and middleware technology that Betsson expects to support B2B licensing revenue. The interim report lists a preliminary cash and debt-free purchase price of €73.1 million, with €47.8 million booked as goodwill. Rhino contributed positively to revenue and earnings during the quarter.

Average daily revenue in Q4 through 18 October ran 11% above the daily average for Q4 2025. Excluding currency effects and acquisitions, the increase was 9.4%. Betsson also said sportsbook margins in the opening weeks were well below the average for the prior eight quarters.

The company reported €284.7 million in cash at the end of September, down from €394.2 million a year earlier. Net debt stood at minus €98.3 million. Betsson signed a €75 million revolving credit facility in July; it remained undrawn at quarter end.

Betsson also listed regulatory changes across its markets. In Brazil, its subsidiary suspended new registrations and deposits and stopped advertising after the government issued an immediate online gambling ban on 25 September. The measure needs congressional approval within 120 days to stay in force. Betsson also reported its exit from Germany, a proposed gambling tax increase in Lithuania, ongoing EU talks about a possible online gambling levy, and a 2% tax on online instant-win winnings in Buenos Aires Province.

Revenue for the first nine months of 2026 rose 3% to €922.1 million. EBIT fell 39% to €122.3 million, while net income dropped to €84.1 million from €147.5 million. Betsson plans to publish its Q4 report on 4 February 2027.

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