Industry

Betsson posts record revenue, but profit slumps sharply

By Sara Holmberg · Published 23 October 2026

Betsson released its third-quarter 2026 results on Thursday. Revenue climbed to a record €326.5 million, up 10% year-on-year. At the same time operating profit fell 31%, driven by rising gambling taxes and tougher sportsbook margins.

What has changed

Revenue rose 10% to €326.5 million in the third quarter, compared with €295.8 million a year earlier, while operating profit fell 31% to €46.1 million and net profit dropped 44% to €28.2 million. The operating margin shrank from 22.6% to 14.1%.

The main reason is a structural shift in where Betsson makes its money. The revenue mix shifted towards heavily taxed regulated markets, squeezing profit despite record revenue. Betting duties rose from €41.4 million to €69.4 million, as the share of revenue from locally regulated markets expanded sharply from 63.8% to 77.7%.

Casino revenue drove the growth, rising 14% to €253.5 million and making up 78% of group sales, while sportsbook revenue edged up just 1% to €71.8 million despite an 8% rise in betting turnover. The sportsbook margin fell to 8.1%, from 8.8% a year earlier. Revenue in central and eastern Europe and central Asia declined 17% to €99.2 million, while the Nordic markets, which include Sweden, recorded a 10% fall.

Active customer numbers rose 40% to 1.87 million during the quarter, supported by the World Cup and the start of the major European football leagues. The August acquisition of Rhino Entertainment Group’s Canadian operations also contributed to revenue and earnings. At the same time, revenue from licensing technology to business customers fell from €76.9 million to €46.7 million, largely because of reduced income from one client.

Analysts reacted positively to the report. Pareto Securities raised its recommendation for Betsson to buy from hold and lifted its target price to SEK 115, after results beat expectations with revenue up 10% on accelerating B2C growth.

What it means for you

If you play at Betsson, or any of the group’s brands, this report won’t change anything in your account directly. But the figures explain why Swedish players are seeing stricter rules and tighter margins from operators like Betsson: the larger the share of revenue from licensed markets such as Sweden, the more gambling tax the company pays. This is a direct result of more countries, including Sweden, building their own licensing systems with tax on gross gaming revenue.

Remember that you can only get one welcome bonus per licence holder. If you already have an account with one of Betsson’s brands, the same rule applies across the group’s sister sites. If you need a break from gambling, Spelpaus.se lets you self-exclude, and support is available via Stödlinjen.se.

The bigger picture

Betsson’s quarter reflects a broader industry trend: growth increasingly happens in regulated, taxed markets rather than unregulated countries with lower costs. For a Swedish player, that means a more transparent market overseen by Spelinspektionen, but it also means operators find it harder to maintain profit margins. The report also shows Betsson continuing to grow in Latin America, while Nordic revenue, including Sweden, was weaker during the quarter. How the group balances growth against profitability going forward is likely to affect both pricing and marketing aimed at Swedish players.