Betsson AB reported group revenue of €295.8 million for the third quarter of 2025, representing a 6% increase compared to €280.1 million in Q3 2024. For the nine-month period ending September 2025, total revenue reached €893.1 million, up 12% from €799.8 million in the same period last year, with organic growth of 15%.
The Swedish gaming operator delivered its results amid mounting tax pressures across multiple jurisdictions, though financial metrics demonstrated resilience with EBITDA rising 3% to €82.5 million in Q3 and 6% to €244.4 million year-to-date. Net income increased to €50.1 million in Q3, up from €43.4 million in the prior year period, while nine-month net income reached €147.5 million compared to €130.6 million.
Western Europe Posts Strongest Regional Growth
Western Europe emerged as Betsson’s fastest-growing region, with revenue climbing 27% to €56.9 million in Q3 2025 from €44.7 million the previous year. Italy delivered record performance, posting all-time high revenue driven by strong results in both casino and sportsbook verticals. The company reported continued market share gains in the Italian market as the country prepares to implement a new licensing framework from November 13.
Betsson increased its stake in Betsson France during the period, raising ownership from 49% to 67%, though the company noted higher gaming taxes in several Western European markets contributed to a modest rise in service costs.
Latin America Achieves Record Casino Revenue
Latin American operations generated €76.5 million in Q3 2025, representing 10% growth from €69.4 million in Q3 2024. Casino revenue reached record levels across the region, offsetting slightly lower sportsbook revenue attributed to seasonal variations. Argentina, Peru, and Colombia all reported revenue increases during the quarter.
The region continues to represent a strategic growth area for Betsson despite emerging tax challenges in Colombia, Peru, and Chile. The company’s gradual market entry in Brazil remains underway following the country’s new regulatory framework that took effect in January 2025.
CEECA Maintains Position as Largest Revenue Generator
The Central and Eastern Europe and Central Asia (CEECA) region remained Betsson’s largest revenue contributor, generating €119.3 million in Q3 2025, up 3% from €116.3 million. Croatia and Greece both achieved all-time high revenue during the quarter, with casino performance leading growth in Croatia while both casino and sportsbook drove gains in Greece. Lithuania and Latvia also posted revenue increases, though the company noted declines in Georgia and Estonia.
Nordic Region Faces Headwinds
Revenue from the Nordic markets declined nearly 20% to €36.4 million from €45.3 million, primarily due to lower casino activity and reduced marketing investment in the region. The performance reflects Betsson’s strategic prioritization of regulated markets in Western Europe, CEECA, and Latin America.
Product and Operational Performance
Casino revenue reached all-time high levels in Q3 2025, with the vertical benefiting from expanded game offerings and platform enhancements. Sportsbook revenue increased 4% during the quarter, with the sportsbook margin improving to 8.8% compared to 7.4% in Q3 2024.
Revenue from locally regulated markets increased 16% and now represents 64% of total group revenue, up from 58% in Q3 2024. The company served 1.3 million active customers during the quarter, down from 1.4 million in the prior year period.
Operating income (EBIT) reached €66.9 million in Q3, up 4% from €64.5 million, with an EBIT margin of 22.6%. For the nine-month period, EBIT totaled €199.9 million, representing a 7% increase from €186.5 million in the first nine months of 2024.
Strong Balance Sheet Supports Growth Investments
Betsson’s net debt position stood at negative €220.0 million at quarter end, reflecting a strong cash position. Operating cash flow for Q3 reached €64.8 million, up from €62.5 million in the prior year period. Year-to-date operating cash flow totaled €192.3 million.
The company’s Annual General Meeting approved a dividend to shareholders of €104.4 million, equivalent to €0.76 per share, including a special dividend of €0.10 per share. The first installment was distributed in June.
CEO Highlights Diversification Strategy
“With the customer in focus, Betsson continues to drive the digitalization of the gaming market globally,” said Pontus Lindwall, President and CEO of Betsson AB. “We have a proven, successful product portfolio consisting of both casino and sports betting, as well as a well-diversified mix of revenues from different geographical regions, which lowers the risks of periodically weaker developments in individual products or markets.”
Lindwall emphasized continued investments in product development, including new gaming applications, platform flexibility improvements, and enhanced sportsbook features such as early win payouts for placed bets. The company also expanded its sports sponsorship portfolio during the quarter, entering agreements with basketball clubs Aris BC and Mykonos BC in Greece, extending partnerships with FK Žalgiris and Lithuania’s basketball association, and beginning a sponsorship with Italian football club SSC Bari.
Technology and B2B Expansion Priorities
Betsson identified technology platform development and B2B product expansion as key growth opportunities going forward. The company continues to invest in its proprietary platform and sportsbook capabilities to support both existing B2C operations and emerging B2B partnerships.
While the company issued no formal guidance for 2025, management expressed confidence in surpassing 2024’s full-year results of €1.1 billion in revenue and €315 million in EBITDA. Year-to-date figures of €893 million in revenue and €244 million in EBITDA provide a foundation for continued growth through year-end.
“I look forward with confidence to the end of the year and ahead to 2026 with the upcoming World Cup in football,” Lindwall stated. “Our strong balance sheet enables continued investments in product development and strengthened market positions to support continued stable profit growth and dividends to our shareholders.”
The company maintains its long-term strategy to grow faster than the market through regulated market expansion, B2B development, and technology investments, with geographic diversification serving as a key risk mitigation factor amid varying regulatory and tax environments across its operating jurisdictions.
Source: Betsson AB
