Key Moments:
- Betsson recorded €304 million in revenue for Q4 2025, nearly matching last year’s results
- Operating profit dropped sharply by 24.3 percent to €53 million
- Locally regulated market revenue share hit a quarterly high of 68 percent
Solid Revenue Performance Amid Profit Setback
Betsson’s preliminary financial report for the fourth quarter of 2025 revealed revenue of €304 million, showing only a minor 1 percent decrease compared to the €307 million recorded in Q4 2024. This steady top-line performance came despite declines across the Nordics and Central and Eastern Europe and Central Asia, counterbalanced by gains in other markets. The number of active players climbed compared to the previous year, underlining resilience in customer engagement even as regional trends varied.
Profit Pressure From Costs and Taxes
The stable revenue was overshadowed by a significant drop in operating profit, which is anticipated to reach €53 million for the quarter—a sharp 24.3 percent decrease from €70 million in Q4 2024. The fall in profitability stemmed from higher taxes, rising personnel expenses driven by internal development growth, and continued investments in new products and technologies. Additionally, the gross margin weakened from 65.3 percent to 60.5 percent year on year, pointing to increased operating pressures.
Mixed Results Across Regions
Regional trends were varied in Q4 2025. Central and Eastern Europe and Central Asia remained the largest contributors, but revenue dropped 9.1 percent to €120 million. In the Nordics, revenue was down 15 percent to €34 million. On the other hand, Western Europe saw a robust 15.1 percent increase to €61 million, and Latin America grew by 7.7 percent, reaching €84 million, bolstered by new launches in Brazil and Paraguay. Revenue from the rest of the world surpassed €5 million for the quarter.
| Region | Q4 2025 Revenue (€ million) | Year-on-Year Change (%) |
|---|---|---|
| Central & Eastern Europe and Central Asia | 120 | -9.1 |
| Nordics | 34 | -15 |
| Western Europe | 61 | +15.1 |
| Latin America | 84 | +7.7 |
| Rest of World | 5+ | Not specified |
Product Segments and Regulatory Impact
Casino operations continued as Betsson’s primary revenue stream, with casino income ticking up 2.8 percent year on year to €220 million. In contrast, sportsbook revenue dropped 8.8 percent to €83 million, and revenue from other gaming products halved to €1 million compared to Q4 2024. The company also experienced an increase in the proportion of revenue from locally regulated markets, reaching a quarterly high of 68 percent, up from 60 percent the previous year. This shift contributed to a 23 percent increase in tax payments, which totaled €53 million.
Ongoing Investment and 2026 Outlook
Betsson maintained its strategic focus on enhancing technology and expanding its workforce during the quarter, with most development activities conducted in-house. This commitment to investment resulted in higher staffing costs. The company noted a positive start to 2026, with average daily revenue in the first quarter through January 15 running 1 percent ahead of the previous year’s full Q1 average.
Upcoming Financial Results Release
Betsson is set to publish its finalized Q4 2025 results on February 5.
- Author
Daniel Williams
