Betsson’s third-quarter report for 2025 lands in an industry that has rarely felt more competitive. Regulation is tightening across continents, player behaviour is shifting, and operators are racing to balance sportsbook volatility with the steadier reliability of casino. Yet, in this landscape, Betsson delivers a quarter that – while far from flawless – cements its position as one of the sector’s most consistently profitable performers.

Revenue climbed 6 percent year-on-year to EUR 295.8 million, and operating income edged up 4 percent to EUR 66.9 million. EBITDA rose 3 percent, supported by a healthy 27.9 percent margin and strong cost discipline. It is a quarter defined not by dramatic swings, but by stable, repeatable profitability—something investors increasingly value as the regulatory climate grows tougher.

But beneath the top line, regional performance varied sharply, and a narrative of strategic repositioning emerges. Betsson is deliberately leaning into regulated markets, recalibrating marketing investments, widening its B2B ambitions, and doubling down on product and technology innovation. The result: steady expansion in Western Europe, pockets of exceptional growth in CEE and Latin America, and signs of recalibration in the Nordics.

A Quarter Defined by Stability, Not Spectacle

Betsson’s core business remains a model of operational consistency. Gross profit increased 6 percent to EUR 189.8 million, with margins holding firm at 64.2 percent. The company’s casino segment—now representing 75 percent of group revenue – reached a new all-time high at EUR 223 million. Sportsbook revenue rose 4 percent despite an 18.7 percent drop in gross turnover, as margins normalised at a stronger 8.8 percent.

Net income rose to EUR 50.1 million, or EUR 0.34 per share – up from EUR 0.31 the year before. Operating cash flow followed the same pattern: EUR 64.8 million compared to EUR 62.5 million in Q3 2024. For the nine-month period, operating income reached EUR 199.9 million.

For investors, the single most striking metric remains Betsson’s financial solidity. Net debt has strengthened to EUR -220 million, giving the group headroom for both acquisitions and continued technology investments. Few operators in the public markets maintain this level of balance sheet strength.

Regional Breakdown: A Tale of Diverging Markets

Nordics: A Pullback in Marketing Hits Revenue

Revenue in the Nordics fell 19.7 percent compared to Q3 2024, landing at EUR 36.4 million.

Every market in the region declined, largely due to reduced marketing spend and ongoing regulatory constraints.

Yet quarter-on-quarter, the Nordics actually improved – an early sign that the company’s recalibration in the region may be stabilising.

Western Europe: The Growth Engine

Western Europe delivered one of Betsson’s most impressive performances, with revenue climbing 27.3 percent to EUR 56.9 million.

Italy was the standout story:

• All-time high revenue
• Strong growth in both casino and sportsbook
• Growing market share, powered by local brand strength

Belgium was the exception, where technical platform migrations reduced activity. Betsson expects smoother performance as Betfirst transitions to the Techsson platform in 2026.

CEECA: Quiet Strength, New Highs in Croatia and Greece

CEECA revenue reached EUR 119.3 million, up 2.6 percent year-on-year.
Croatia and Greece both reported all-time high quarterly revenues, driven by casino growth and increasingly competitive sportsbook offerings.

Lithuania and Latvia remained solid year-on-year, while Georgia and Estonia declined due to weaker casino performance.

Latin America: Strong Year-on-Year, Lower Quarter-on-Quarter

Latin America grew 10.2 percent year-on-year to EUR 76.5 million.
Argentina remained the standout market with high deposit growth and revenue expansion.

Quarter-on-quarter, sportsbook slowdown due to seasonal factors pulled the region slightly lower. Casino, however, continued its upward trajectory across Peru, Colombia, and Argentina.

Rest of World: Small but Growing

RoW revenue grew from EUR 4.4 million to EUR 6.6 million, supported largely by the Sporting Solutions acquisition.

Product Performance: Casino Surges, Sportsbook Remains Volatile

Casino: Betsson’s Core Profit Driver

Casino revenue hit EUR 223 million, up 6.2 percent and marking a new record.
While casino turnover decreased by 6 percent, higher efficiency and solid hold rates contributed to the revenue growth.

The group launched 483 new casino titles during the quarter, including 30 exclusives—an increasingly important differentiator in competitive markets.

Sportsbook: Margin-Driven Growth Despite Lower Turnover

Sportsbook turnover dropped sharply to EUR 1.26 billion (-18.7 percent YoY), but revenue increased 4.3 percent due to stronger margins.

Betsson’s rolling eight-quarter sportsbook margin now sits at 8.1 percent, reflecting a more stable underlying performance.

Technology, Platform Investment and B2B Expansion

Behind the topline numbers is Betsson’s long-term strategic play: a deepening investment into technology and B2B services.

During Q3, Betsson:

• Advanced its proprietary Techsson platform
• Continued migrating partners to Betsson’s sportsbook
• Enhanced sportsbook UI and launched early-payout features
• Expanded native app development in Argentina
• Upgraded frontend frameworks for flexibility and speed
• Extended B2B capabilities via Sporting Solutions and KickerTech

The group’s technology-first model also extends to AI, which now supports responsible gaming tools, customer communication systems, and predictive betting features.

Sustainability and Responsible Gaming Remain Central Pillars

Betsson continues to maintain the highest possible MSCI ESG rating (AAA) and is preparing for full CSRD alignment in 2026.

Key responsible gaming metrics from the quarter include:

• 85.3% of active customers had responsible gaming tools activated
• 38.4% used voluntary control tools
• 16,810 customers were manually analysed for harmful patterns

Self-exclusion rates increased slightly, in line with trends in stricter markets.

Environmentally, Betsson remains climate-neutral and offsets 110 percent of its emissions.

Strategic Outlook: A Company Preparing for Controlled, Sustainable Growth

Betsson’s CEO, Pontus Lindwall, describes the quarter as one of “continued profitable growth,” highlighting the company’s diversified revenue mix and resilient geographic footprint. He singled out Western Europe—especially Italy—as the key growth contributor, while acknowledging sportsbook seasonality in Latin America and reduced investment in the Nordics.

With the 2026 football World Cup ahead and an increasingly regulated global market, Betsson is positioning itself for long-term, stable expansion rather than rapid swings.

The trading update reinforces this message:
Average daily revenue for early Q4 2025 is 2.1 percent above Q4 2024’s full-quarter average, and up 9.5 percent organically.

At a Glance: Key Figures from Betsson Q3 2025

Conclusion: Betsson Remains One of the Sector’s Most Predictable Performers

Betsson’s Q3 2025 report reinforces a narrative the company has cultivated for years: measured growth, stable profitability, and disciplined expansion. While some markets slowed and sportsbook turnover fluctuated, the operator’s strengths – technology, casino dominance, regulated-market presence, and a fortified balance sheet – continue to outshine the volatility.

In a sector where many operators are struggling with acquisition costs, compliance burdens, and unstable margins, Betsson’s quarter stands out not for fireworks, but for durability.