Casino and Latin America drove the growth, while betting duties rose to €69.4 million from €41.4 million and B2B licence revenue fell to €46.7 million from €76.9 million.
Betsson had its best quarter ever for revenue between July and September 2026, but its margins fell. Revenue rose 10% to €326.5 million, while operating profit (EBIT) fell 31% to €46.1 million.
Betsson Q3 2026 results at a glance
The figures come from Betsson AB’s interim report for January to September 2026, published on 22 October 2026. Organic revenue growth, which excludes currency effects and acquisitions, was 8%. Active customers in the Betsson Group B2C business rose 40% to a record 1.9 million.
| Metric | Q3 2026 | Q3 2025 | Change |
| Revenue (€ million) | 326.5 | 295.8 | +10% |
| Gross profit (€ million) | 181.1 | 189.8 | -5% |
| Gross margin | 55.5% | 64.2% | |
| EBITDA (€ million) | 63.4 | 82.5 | -23% |
| EBIT (€ million) | 46.1 | 66.9 | -31% |
| EBIT margin | 14.1% | 22.6% | |
| Net income (€ million) | 28.2 | 50.1 | -44% |
| Earnings per share (€) | 0.19 | 0.34 | -44% |
| Customer deposits (€ million) | 1,545.4 | 1,452.3 | +6% |
| Active B2C customers | 1,874,687 | 1,338,494 | +40% |
Over the first nine months of 2026, revenue rose 3% to €922.1 million, EBIT fell 39% to €122.3 million, and net income dropped to €84.1 million from €147.5 million.
Casino and Latin America drive the growth
Casino revenue rose 13.7% to €253.5 million and accounted for 77% of group revenue, up from 75% a year earlier. Casino turnover across all of Betsson’s gaming solutions grew 7.0% to €9,481.5 million. Betsson added 478 casino games in the quarter, 40 of them with a period of exclusivity for its brands.
Sportsbook revenue edged up 0.8% to €71.8 million on turnover 8.1% higher, with the sportsbook margin at 8.1% against 8.8% a year earlier. In the second quarter, the margin was 10.5%, and sportsbook revenue fell 21% compared with that quarter.
Pontus Lindwall, president and CEO of Betsson AB, 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.’
Revenue by region in Q3 2026
Betsson’s regional split indicates where end users live, and each region’s figure includes B2B licence revenue as well as B2C gaming revenue.
| Region | Q3 2026 (€ million) | Q3 2025 (€ million) | Change | Share of revenue |
| Latin America | 116.1 | 76.5 | +51.8% | 36% |
| Central and Eastern Europe and Central Asia (CEECA) | 99.2 | 119.3 | -16.8% | 30% |
| Western Europe | 64.8 | 56.9 | +13.8% | 20% |
| Nordics | 32.7 | 36.4 | -10.0% | 10% |
| Rest of the world | 13.7 | 6.6 | +106.0% | 4% |
| Total | 326.5 | 295.8 | +10.4% |
Latin America’s revenue grew 51.8% to a record €116.1 million and accounted for 36% of group revenue, against 30% for CEECA. Argentina, Peru, and Colombia all reported strong growth.
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 hit a record, with revenue up 13.8% to €64.8 million, and Italy posted its highest revenue to date. Belgium went the other way, with revenue down both year on year and against the previous quarter. At the end of the quarter, Betsson replaced the betFIRST brand, which it bought in June 2023, with its own Betsson brand in Belgium.
CEECA revenue fell 16.8% to €99.2 million. Betsson said lower B2B licence revenue weighed on the region, while its B2C business in Croatia, Georgia, Lithuania, Latvia, and Estonia grew. Nordic revenue fell 10.0% to €32.7 million, with both Sweden and Denmark down. Revenue from the rest of the world rose 106.0% to €13.7 million, driven by the Rhino Entertainment acquisition and mainly by Canada.
Where the margin went
Gross margin fell to 55.5% from 64.2%. Cost of services provided rose to €145.4 million from €106.0 million, which Betsson said was mainly due to higher gaming taxes and higher payment provider costs.
Other changes in the quarter included:
- Betting duties, which include consumption tax tied to local licences, rose to €69.4 million from €41.4 million.
- Revenue from locally regulated markets grew 35% to €253.8 million, or 77.7% of group revenue, compared with 63.8% a year earlier.
- B2B licence revenue dropped to €46.7 million from €76.9 million, falling to 14% of group revenue from 26%. Betsson said this was mainly due to lower revenue from one B2B customer.
- Marketing expenses, excluding affiliate and partner commissions, rose to €41.6 million from €34.4 million, driven by more activity in Latin America.
Operating profit did improve in the second quarter, when it was €42.2 million, and the EBIT margin edged up to 14.1% from 13.6%. Excluding currency effects and acquisitions, EBIT fell 33.0% to €44.8 million.
Below the operating line, net financial items were a cost of €5.2 million, against €2.5 million a year earlier. Betsson said the higher cost was driven by unrealised foreign exchange losses on intercompany loans. Tax was 31.1% of income before taxes, against 22.3%, and net income fell 44% to €28.2 million.
Rhino deal adds Canada
Betsson completed its acquisition of Rhino Entertainment Group in early August. The deal covers several Rhino Group entities that hold assets, licences, staff, and operations linked to B2C activities in Ontario and the rest of Canada. Betsson also took over Rhino’s front-end and middleware technology, which it expects to bring in additional licensing revenue for its B2B business.
The interim report puts the preliminary purchase price at €73.1 million on a cash and debt-free basis, with €47.8 million booked as goodwill. When Betsson announced the deal in March, it gave a total purchase price of approximately €64.5 million. Lindwall said Rhino made a positive contribution to revenue and earnings in the quarter, and the report’s organic calculation lists €12.8 million of revenue from acquisitions.
Investing activities used €74.6 million of cash in the quarter, mainly for Rhino and product development. Cash and cash equivalents stood at €284.7 million at the end of September, compared with €394.2 million a year earlier, and net debt was minus €98.3 million, against minus €220.0 million. In July, Betsson also signed a €75 million revolving credit facility, which was undrawn at the end of the quarter.
Regulatory pressures across Betsson’s markets
Betsson holds gaming licences in 22 countries, and its report lists several regulatory changes that affect the group.
- Brazil: President Luiz Inácio Lula da Silva issued an immediate ban on all online gambling, including online casino and sports betting, on 25 September 2026. The measure needs congressional approval within 120 days to remain in force. Betsson’s local subsidiary has suspended new registrations and deposits and stopped all advertising, marketing, and sponsorship. Existing licences are due to expire on 25 October 2026 unless the measure is suspended or changed. The report does not give a revenue figure for Brazil.
- Germany: Betsson subsidiary Zecure Gaming Ltd decided to leave the market, and in August, the regulator GGL confirmed that its licence had expired on 3 July 2026.
- Lithuania: A proposal to raise the gambling tax rate from 22% to 30% remains under consideration but has not progressed, and the Ministry of Finance has recommended that the government reject it.
- European Union: Talks continue on a possible EU-wide levy on online gambling operators. Betsson said the European Commission estimates that a 3% levy could raise about €1.9 billion a year, but the plan would need unanimous approval from all member states, and Malta has said it may veto it.
- Argentina: On 8 September 2026, Buenos Aires Province confirmed enforcement of a 2% tax on winnings from online instant-win games for its licensed online operators, with immediate effect. The measure is under administrative appeal.
Trading update: Start of Q4 2026
Average daily revenue in the fourth quarter up to and including 18 October was 11.0% higher than the daily average for the whole of the fourth quarter of 2025, or 9.4% higher excluding currency effects and acquisitions. Betsson said the sportsbook margin in the opening weeks had been significantly lower than its average over the past eight quarters.
