Betsson reported higher revenue in 2025 but posted slightly lower profitability, as increased gaming taxes in regulated markets and a weaker fourth quarter weighed on earnings. The Swedish gambling group said full-year revenue rose 8% to €1.197 billion ($1.41 billion), up from €1.107 billion ($1.31 billion) in 2024.
Despite the revenue growth, earnings softened. EBITDA declined to €313.7 million ($370.2 million) from €316 million ($372.9 million) a year earlier, while operating income fell to €253.1 million ($298.7 million) from €256.7 million ($303.0 million). Net income edged down to €182.4 million ($215.2 million) from €183.7 million ($216.8 million).
The final quarter weighed on annual performance. Fourth-quarter revenue declined 1% year on year to €303.9 million ($358.6 million), while quarterly EBITDA dropped 20% to €69.3 million ($81.8 million). The company remained profitable, posting net income of €35 million ($41.3 million) for the quarter.
Betsson said the shift toward regulated markets continued. More than two-thirds of fourth-quarter revenue came from locally regulated jurisdictions, lifting the full-year share of regulated revenue to 68%, up from 60% in the previous year. The group holds local licenses in 24 countries.
Chief Executive Officer Pontus Lindwall attributed the decline in quarterly profitability to higher taxes, lower business-to-business revenue, and increased costs tied to continued investment.
“The share of revenue from locally regulated markets continued to increase and reached an all-time high of 68% (up from 60% last year), which consequently led to higher gaming taxes,” Lindwall said.
“We continued to invest in the product and technology organisation to strengthen the customer experience and our long-term competitiveness, which meant higher personnel costs. Higher gaming taxes and increased personnel costs had a negative impact on profitability and operating income during the quarter.”
Chief Executive Officer Pontus Lindwall
Regional results were mixed. Central and Eastern Europe and Central Asia remained Betsson’s largest segment in the fourth quarter, generating €120.4 million ($142.1 million) in revenue, though this was down 8.9% year on year. The company cited lower sportsbook activity in Estonia and Georgia, while Croatia and Greece posted growth.
Latin America was the second-largest contributor, with revenue rising 7.9% to €84.3 million ($99.5 million), driven by Peru, Argentina, and Colombia. Western Europe recorded a 15.5% increase to €60.8 million ($71.7 million), with Italy delivering its highest revenue to date. Revenue from the Nordic region declined from €40 million ($47.2 million) to €33.6 million ($39.6 million).
Casino remained Betsson’s main revenue driver in the fourth quarter, contributing €219.8 million ($259.4 million), or 72% of total revenue. The company added 553 new casino games during the period, including 35 launched with temporary exclusivity.
Sportsbook performance lagged. Revenue fell 9.5% year on year to €82.7 million ($97.6 million), accounting for 27% of group revenue, down from 30% a year earlier. Monthly active users rose 5%, but deposits dropped 6%, and betting handle fell 14%. Executives said the quarter still delivered the company’s second-highest iGaming revenue on record.
Chief Financial Officer Martin Ohman described revenue trends as stable. “Revenue is more or less flat, year on year,” he said. License fees rose by €2.2 million ($2.6 million), while gross profit declined by €60 million ($70.8 million). Marketing expenses fell by €3 million ($3.5 million), but personnel costs increased by €7 million ($8.3 million). Taxes increased by €30 million ($35.4 million).
Original article: https://www.yogonet.com/international/news/2026/02/06/117488-betsson-posts-higher-2025-revenue-as-taxes-and-weaker-fourth-quarter-weigh-on-profitability
