Betsson AB grew third-quarter revenue 10% year on year to a record €326.5m, but EBITDA fell 23% to €63.4m as gaming taxes, payment costs and a drop in B2B licence income weighed on margins, according to the Betsson Q3 results published on 22 October 2026. Active customers rose 40% to 1.87 million.
Organic revenue growth was 8.1%, the Stockholm-listed group said in its interim report for January to September 2026. Operating income (EBIT) dropped 31% to €46.1m, and net income fell 44% to €28.2m, or €0.19 per share against €0.34 a year earlier.
Betsson Q3 results: where the margin went
The EBITDA margin narrowed from 27.9% to 19.4%. Cost of services rose to €145.4m from €106.0m, which Betsson put mainly down to higher gaming taxes and payment provider costs. Gross profit slipped 5% to €181.1m, and the gross margin fell from 64.2% to 55.5%.
The tax bill tracks a change in the revenue mix. Revenue from locally regulated markets rose 35% to €253.8m, or 77.7% of group revenue, up from 63.8% in the third quarter of 2025. Licence revenue from B2B customers fell to €46.7m from €76.9m, which the company attributed mainly to lower revenue from one B2B client.
Operating expenses climbed to €135.0m from €122.9m. Marketing spend excluding affiliate commissions rose to €41.6m from €34.4m, driven by campaigns in Latin America, and the average headcount grew to 2,913 full-time employees, 1,556 of them in Malta.
Casino carries the quarter
Casino revenue grew 13.7% to €253.5m and made up 77% of the total. Sportsbook revenue was almost flat at €71.8m, up 0.8%, as the margin after free bets fell to 8.1% from 8.8%, below the eight-quarter rolling average of 9.0%. Sportsbook turnover rose 8.1% to €1.37bn.
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.
Pontus Lindwall, President and CEO, Betsson AB, in the interim report
Lindwall linked the customer growth to the FIFA World Cup and the start of the main European football leagues. He added that EBIT was higher than in the second quarter.
Regional split
Latin America overtook Central and Eastern Europe and Central Asia (CEECA) as the largest region, with revenue up 51.8% and Argentina, Peru and Colombia growing strongly. CEECA fell 16.8%, hit by the lower B2B licence revenue, while Italy drove a record quarter in Western Europe.
| Region | Q3 2026 (€m) | Q3 2025 (€m) | Change |
|---|---|---|---|
| Latin America | 116.1 | 76.5 | +51.8% |
| CEECA | 99.2 | 119.3 | -16.8% |
| Western Europe | 64.8 | 56.9 | +13.8% |
| Nordics | 32.7 | 36.4 | -10.0% |
| Rest of world | 13.7 | 6.6 | +106.0% |
Source: Betsson AB interim report, July to September 2026.
Rest of world revenue doubled after Betsson completed the purchase of Rhino Entertainment Group in early August, consolidating its Canadian B2C business and middleware technology. Betsson agreed the Rhino deal in March. In the Nordics, both Sweden and Denmark reported lower revenue.
At the end of September the group also rebranded its Belgian betFIRST operation as Betsson. In July it signed a €75m revolving credit facility with a Nordic bank, which was undrawn at the end of the quarter.
Next steps
Average daily revenue in the fourth quarter up to and including 18 October was 11.0% higher than the full fourth quarter of 2025, or 9.4% higher adjusted for currency and acquisitions, Betsson said in the trading update posted on its investor relations site. The sportsbook margin in that period was significantly lower than the eight-quarter average. Lindwall said the group is “well positioned to return to earnings growth” after reporting record revenue and shrinking margins in 2025. More coverage is on the Betsson tag page.
Source: Betsson AB
