Betsson Q3 Revenue Hits a Record as Operating Profit Falls 31%

Key Facts

• Betsson's revenue rose 10% to a record €326.5 million in the third quarter of 2026, from €295.8 million a year earlier.
• Casino revenue grew 14% to €253.5 million, 77% of the total. Sportsbook revenue rose 1%.
• Operating profit fell 31% to €46.1 million as betting duties climbed to €69.4 million and licence revenue from B2B customers dropped. Net income fell 44% to €28.2 million.
• Latin America grew 51.8% to €116.1 million and is Betsson's largest region. In Brazil, its subsidiary has stopped new registrations and deposits under the national ban.
• Active customers rose 40% to 1,874,687, and 88.5% of them had at least one responsible gaming tool switched on.

Why Did Profit Fall When Revenue Hit a Record?

More of Betsson's revenue now comes from countries that license and tax online gambling locally. Those markets brought in €253.8 million, or 77.7% of the total, up from 63.8% a year earlier.

Local licences come with local gaming taxes. Betting duties rose to €69.4 million from €41.4 million, and the report also points to higher costs for payment providers.

The second cause is Betsson's B2B arm, which runs sportsbook and casino platforms for other operators. Licence revenue from B2B customers fell to €46.7 million from €76.9 million, mainly because one customer brought in less.

Marketing costs rose to €41.6 million from €34.4 million, driven by more activity in Latin America. Gross margin fell to 55.5% from 64.2%.

Chief executive Pontus Lindwall told iGB that a business weighted towards Latin America has lower margins, as its regulated markets there come with "a different tax structure". Of the new taxes proposed in the region, he said: "Any kind of tax on turnover doesn't really work for this industry."

Operating profit did rise on the second quarter. In the report, Lindwall says Betsson is "well positioned to return to earnings growth".

Betsson says its average daily revenue in October, up to the 18th, ran 11% above its fourth-quarter average for 2025. The full-year report is due on 4 February 2027.

What Changes for Betsson Players?

The report names three markets where Betsson's customers face changes.

Brazil: No New Accounts or Deposits

Brazil banned online betting and casino games by presidential measure on 25 September, as we reported. Betsson's Brazilian subsidiary has suspended new registrations and deposits and stopped all advertising, marketing and sponsorship.

Operating authorisations expired on 25 October and the ban remains in force, Yogonet reported on 28 October. Brazil's Supreme Federal Court has called a hearing on it for 3 November.

Lindwall called the ban "a shocking decision" in the iGB interview, which reports that Betsson kept its Brazilian investment small. Live casino supplier Evolution temporarily closed its studio in Brazil over the same ban, as we covered on 29 October.

Germany: Zecure Gaming Has Left

Betsson's subsidiary Zecure Gaming Ltd decided to leave the German market. In August, Germany's regulator, the GGL, confirmed that its licence had expired on 3 July 2026.

Belgium: betFIRST Is Now Betsson

At the end of the quarter, Betsson's Belgian site betFIRST was renamed Betsson, after the group's main brand. Betsson bought betFIRST in June 2023.

The Belgian operation also moved onto Betsson's own technology platform during the quarter. Betsson says this lets it apply the same responsible gaming tools and controls across its markets.