Key Moments:
- Group revenues rose 8% to 1.197 billion euros in 2025, while organic growth reached 13%
- Adjusted EBITDA declined 20% to 69.3 million euros in the fourth quarter, mainly due to higher taxes and personnel costs
- Meanwhile, Latin America posted a 7.9% quarterly revenue increase, totaling 84.3 million euros
Annual Performance and Margin Dynamics
Betsson closed the 2025 financial year with group revenues of 1.197 billion euros. This represents an 8% increase and 13% organic growth. Overall, the year was marked by steady expansion. However, fourth-quarter revenues remained flat at 303.9 million euros compared to the prior year. At the same time, margins came under pressure. Adjusted EBITDA fell by 20% to 69.3 million euros. This decline was largely driven by higher gaming taxes in regulated markets and rising personnel costs linked to strategic investments.
Customer Activity and Regional Trends
The number of active customers reached 1.4 million, signaling strong engagement. Regionally, performance was mixed. For example, Western Europe and Latin America maintained solid momentum. Conversely, growth slowed in the Nordic region and CEECA.
Expansion in Regulated Markets
Notably, Betsson generated a record 68% of total revenues from locally regulated markets. This result highlights the company’s focus on sustainability and regulatory adaptation. Nevertheless, operating costs continued to rise in these jurisdictions.
B2C and B2B Segment Performance
The business-to-consumer (B2C) segment continued to grow, reflecting positive customer reception. In contrast, the business-to-business (B2B) segment declined. This contraction was mainly due to weaker performance from affiliated customers.
Executive Commentary on Challenges and Strengths
CEO Pontus Lindwall commented: “Higher gaming taxes and increased personnel costs had a negative impact on profitability during the quarter.” However, he added: “Despite these challenges, Betsson Group remains operationally strong. We have a competitive product offering, growing brand awareness, and state-of-the-art technology.” Furthermore, Lindwall emphasized that the group’s financial strength creates “good conditions to invest in long-term profitable growth.”
Latin America Drives Growth
Latin America emerged as a key growth driver. End-user revenue increased by 7.9% during the quarter to 84.3 million euros. In particular, Peru, Argentina, and Colombia delivered strong gains in customer deposits and turnover. This growth was most visible in the casino segment. Meanwhile, Betsson continued executing its expansion strategy across both established and emerging markets. At the same time, it enhanced its B2B offering using its proprietary technology platform.
| Region | Quarterly Revenue (EUR million) | Year-on-Year Change (%) |
|---|---|---|
| Latin America | 84.3 | +7.9 |
Strategic Initiatives and Outlook for 2026
During the year, Betsson completed several notable corporate actions. These included refinancing a bond under improved terms and securing two Italian licenses through its subsidiary, Azzurri Limited. Additionally, the group launched a 40 million euro share buyback program.
Looking ahead, the company stated: “At the beginning of the first quarter of 2026, the trend has been positive.” Moreover, Betsson expressed optimism around future sporting events. The company noted strong expectations tied to the FIFA World Cup, which has historically supported activity levels.
Overall, Betsson’s 2025 results highlight a stronger position in regulated markets. They also reflect successful expansion in Latin America. Finally, continued investment in technology and infrastructure supports the group’s long-term growth strategy.
- Author
Daniel Williams
