Betsson Posts Record Q2 Revenue but Profits Slide Amid World Cup Boost and B2B Headwinds

Betsson AB achieved record quarterly revenue of €310.2m in the second quarter of 2026, a 2% increase year-on-year, but saw net income fall 38% to €30.4m, as stronger B2C performance from the FIFA World Cup was offset by lower B2B revenue and higher gaming taxes.

Financial Highlights

EBITDA dropped 31% to €58.5m, while operating profit (EBIT) decreased 39% to €42.2m, resulting in an EBIT margin of 13.6%. Earnings per share came in at €0.22. Casino revenue edged up 2% to €217.6m and sportsbook revenue rose 1% to €91.3m, with the sportsbook margin improving to 10.5% from 9.5% a year earlier. Active customers surged 32% to 1.83 million.

Operating cash flow improved to €60.4m from €41.1m, and the group ended the quarter with net debt of minus €128.4m. Shareholders approved an ordinary dividend of €0.66 per share, payable in two instalments, and the company completed a €40m share buyback programme, cancelling 3.09 million Class B shares.

Operational and Regional Performance

Group CEO Pontus Lindwall attributed the revenue record to “continued healthy growth in our B2C business, positively impacted by the FIFA World Cup that kicked off in June.” However, he noted that B2B revenue stayed “at a lower level than the previous year, which weighed on the quarter’s profitability, although the operating margin improved compared with the previous quarter.”

Latin America emerged as Betsson’s largest region, growing 32% and accounting for more than a third of total group revenue. Lindwall highlighted Peru and Argentina as “the region’s brightest stars, thanks to earlier product investments, strong brands and well-targeted marketing activities linked to the World Cup.” In Western Europe, Italy remained a key growth driver, supported by the company’s sponsorship of Inter Milan. B2C revenue also rose across the Baltics, Georgia and Croatia.

The share of revenue from locally regulated markets increased to 76% from 66%, a shift that Lindwall said drives higher gaming taxes and “is once again a key explanation for the lower profitability compared with the same period last year.”

Strategic Developments and Outlook

During the quarter, Betsson secured a local sportsbook licence in Argentina’s Santa Fe province, with a planned launch in the fourth quarter of 2026. After the reporting period, the company signed a €75m multi-currency revolving credit facility with a Nordic bank to support working capital, corporate purposes and potential acquisitions.

For the third quarter so far, average daily revenue up to 13 July was 13.7% higher than the comparable period in 2025, or 19.9% higher when adjusted for currency and acquisitions. Lindwall said the World Cup has provided “a solid start to the third quarter” and that the company is “well placed to continue creating long-term value for our shareholders.”

For the first six months of 2026, revenue was broadly flat at €595.5m, while EBITDA fell 33% to €108.4m and net income decreased 43% to €55.9m.