LiveScore FY25 Revenue Rises 15% to £206.3m

LiveScore grew in FY25, with the UK doing most of the work. Even so, a heavier tax load is now hanging over 2026, and that could put fresh pressure on margins.

Good to Know

• FY25 turnover rose 15% to £206.3m.
• UK turnover climbed 26% to £175.6m and made up 85% of group revenue.
• Regulus Partners estimates extra UK tax costs of £20m to £25m from April.

UK Growth Lifts LiveScore but Tax Pressure Is Building

LiveScore Group reported turnover of £206.3m for the 12 months to 31 March 2025, up 15% year on year. The UK drove that result, with turnover up 26% to £175.6m. That left the market accounting for 85% of total group revenue.

Regulus Partners said LiveScore beat the wider UK market. In a note released on Monday, the firm said LiveScore Bet and Virgin Bet outperformed market growth by 20 percentage points.

Outside the UK, the picture was weaker. European turnover fell 29% to £16.3m after LiveScore shut its Netherlands operation in November 2024 under tighter regulatory pressure. That exit created a £6m headwind during the period. Rest of world turnover also dropped, down 14% to £14.4m. Regulus said that may reflect softness in Nigeria.

The business mix stayed heavily consumer led. B2C made up 90% of FY25 turnover, while B2B advertising contributed 9%.

Losses narrowed, but the group still finished in the red. Gross profit rose 14% to £158m, while cost of sales increased 18% to £48.4m. Operating loss improved to £26.7m from £50.7m a year earlier. EBITDA loss improved 61% to £15.2m.

Part of the cost base came from internal changes. In November 2024, the group booked £3m in restructuring and streamlining costs, listed as redundancy expenses. LiveScore said the lower loss came from gross profit growth outpacing continued spending on marketing and the LiveScore brand.

The main issue now is tax. From April, the UK burden rose to 40% of GGR after the Remote Gaming Duty increase. Regulus estimates that could add £20m to £25m in extra costs before any mitigation.

LiveScore also pushed beyond the UK during the period. Virgin Bet launched in South Africa in March, giving the group its first market outside Britain.

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