LiveScore Group narrowed its net loss from £48.9m to £28.6m in the 12 months to 31 March 2025, as group revenue climbed 15.3% year-on-year to £206.3m, according to accounts filed with Companies House.
Revenue by segment
B2C online gambling led the top-line increase. The segment posted £185.1m in revenue, 18.3% ahead of FY24 and accounting for the large majority of group turnover. Software development revenue grew 50% year-on-year to £2.1m.
B2B advertising moved in the other direction, falling 9.5% to £19.1m.
The group’s November 2024 exit from the Netherlands, prompted by advertising restrictions and rising tax rates, distorted its European revenue for the period. Stripping out the Dutch contribution, group revenue was 20.9% higher year-on-year at £194.0m.
UK revenue grew 26.0% to £175.6m, accounting for approximately 85% of group turnover and providing the primary growth engine for the period. Rest of Europe fell 29.0% to £16.0m, a direct consequence of the Netherlands withdrawal. Rest of world revenue declined 14.0% to £14.4m. That segment had previously been affected by devaluation of the Nigerian naira, though the foreign exchange drag was less pronounced in FY25 than in the prior year.
For further context on the UK market in which LiveScore competes, Great Britain’s online gambling revenue fell 2% to £1.5bn in Q4 2025, reflecting broader market pressures that make efficient customer acquisition increasingly important for operators at LiveScore’s scale.
Profitability
Cost of sales rose to £48.4m, producing a gross profit of £157.9m, a 14.3% improvement on FY24. Distribution and administrative costs were also higher year-on-year, though reduced foreign exchange differences provided partial mitigation.
Operating loss came in at £26.7m, a 47.9% improvement on the £50.7m reported in FY24. Pre-tax loss reached £27.8m, against £50.4m in the prior period. After £798,293 in income tax, net loss for the year was £28.6m.
A £1.2m exchange gain on translation of foreign operations produced a total comprehensive loss of £27.4m for FY25, compared with £49.9m in FY24. EBITDA loss fell to £15.2m, 60.8% narrower than the £38.8m reported a year earlier.
LiveScore, which operates LiveScore Bet, Virgin Bet and LiveScore Media, attributed the improvement to gross profit growth running ahead of its ongoing marketing spend:
“This was in line with expectations and overall growth plans as the business incurred significant expansion and marketing costs. The reduced operating loss resulted from a gross profit increase that outpaced ongoing significant investment in marketing and the LiveScore brand.”
Analyst outlook
Regulus Partners highlighted the group’s content-to-betting model as an increasingly viable strategic position as traditional acquisition routes become more expensive. The firm noted that the path to profitability has been strained by the cost of building scale in a mature market and the demands of brand differentiation. Nevertheless, it expressed confidence in the underlying model:
“The underlying premise of turning a relatively small but high-reach sports content revenue stream into betting engagement, and then cross-selling to gaming is becoming ever more strategically valuable in markets that make traditional affiliate- and marketing-led online gambling business models ever more expensive to operate. Making the model work in more than one market will also allow long-term investment to turn into a flywheel of scale. LiveScore’s perseverance is likely to finally pay off, in our view.”
The Netherlands exit removed one underperforming operation from the group’s cost base, but it also concentrated LiveScore’s revenue further into the UK — a market where confirmed tax increases will push online casino duty to 40% and sports betting to 25%. Whether LiveScore can extend its content model to additional territories without repeating the pattern seen in the Netherlands and Bulgaria will determine how quickly its improving EBITDA trajectory converts into sustained profitability. The FY25 accounts carry no forward guidance on market expansion timelines.
Source: Companies House
