Betsson's latest published financial results, for the quarter ended 30 September 2026, show why revenue and profit must be examined separately. Consolidated Group revenue reached €326.5 million, up from €295.8 million a year earlier, but operating income (EBIT) declined to €46.1 million from €66.9 million. The operating margin fell to 14.1% from 22.6%. These are figures for the international Betsson Group, not the Swedish listed parent company on its own or the Betsson-branded casino alone.
This financial explainer compares full financial years 2023 - 2025 and the latest nine-month and third-quarter disclosures available by 4 November 2026. It also separates cash, debt, customer liabilities and acquisitions. For the corporate identities behind these reports, see our Betsson AB company overview.
Betsson Financial Results at a Glance
| Metric | Q3 2026 | Q3 2025 | FY2025 |
|---|---|---|---|
| Revenue | 326.5 | 295.8 | 1,197.0 |
| EBITDA | 63.4 | 82.5 | 313.7 |
| Operating income (EBIT) | 46.1 | 66.9 | 253.1 |
| EBIT margin | 14.1% | 22.6% | 21.1% |
| Income after tax | 28.2 | 50.1 | 182.4 |
| Operating cash flow | 54.5 | 64.8 | 215.6 |
Sources: Betsson AB, Interim Report January - September 2026 (published 22 October 2026), and Annual Report 2025. The quarter and full year have different durations and must not be compared as if they cover identical periods. EBITDA is a company-reported measure, not the same as EBIT or cash flow.
At 30 September 2026, consolidated cash and cash equivalents were €284.7 million. Betsson's own net debt measure was negative €98.3 million, indicating net cash under its stated definition. That does not mean all cash is unrestricted or that the Group has no outstanding bonds.
Betsson Revenue and Results: FY2023 - FY2025
The five-year summary in Betsson's 2025 Annual Report provides one consistent historical series for the consolidated group. It is more suitable for comparison than taking a figure from a parent-only account or mixing different financial portals.
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 948.2 | 1,106.6 | 1,197.0 |
| Gross profit | 631.8 | 719.7 | 755.5 |
| Operating income (EBIT) | 210.5 | 256.7 | 253.1 |
| EBIT margin (calculated) | 22.2% | 23.2% | 21.1% |
| Profit before tax | 194.8 | 233.7 | 235.5 |
| Income after tax | 173.0 | 183.7 | 182.4 |
| Operating cash flow | 230.4 | 272.9 | 215.6 |
| Cash at year-end | 237.1 | 308.5 | 322.7 |
Revenue rose approximately 16.7% in 2024 and 8.2% in 2025, calculated from the reported annual totals. EBIT improved strongly in 2024 but slipped approximately 1.4% in 2025. Consequently, the operating margin declined from 23.2% to 21.1% in the final year. Increasing sales did not translate into increasing operating profit.
That is the central analytical distinction. Revenue measures the recognised value of the group's gaming and platform business; gross profit deducts specified direct service costs; EBIT includes further operating costs and depreciation; income after tax incorporates financing items and tax. A rise in the first line can coexist with a fall in the later ones.
| Financial year | Revenue | EBIT |
|---|---|---|
| 2023 | 948.2 | 210.5 |
| 2024 | 1,106.6 | 256.7 |
| 2025 | 1,197.0 | 253.1 |
Interim 2026: What the Latest Quarter Shows
Betsson's 22 October 2026 report covers both Q3 2026 (July - September) and 9M 2026 (January - September). The nine-month numbers are cumulative, so they include the third quarter; the two periods must not be added together.
| Metric | 9M 2026 | 9M 2025 | Q3 2026 | Q3 2025 |
|---|---|---|---|---|
| Revenue | 922.1 | 893.1 | 326.5 | 295.8 |
| EBITDA | 171.8 | 244.4 | 63.4 | 82.5 |
| EBIT | 122.3 | 199.9 | 46.1 | 66.9 |
| Net income | 84.1 | 147.5 | 28.2 | 50.1 |
| Operating cash flow | 173.0 | 192.3 | 54.5 | 64.8 |
For the nine months, revenue rose just over 3% while EBIT decreased approximately 39%. For Q3 alone, sales increased 10% but EBIT dropped 31%. Betsson described the quarter's revenue as a record, yet its earnings were substantially below the comparative quarter. A record sales headline therefore gives an incomplete picture of operating performance.
The acquisition of selected Rhino assets was consolidated from August 2026, so the reported Q3 perimeter was not identical to Q3 2025. Betsson reported organic revenue growth of approximately 8% for Q3 after adjusting for currency and acquisitions. Organic growth is a disclosed alternative measure, not a replacement for reported 10% revenue growth. The chronology and acquisition boundaries belong in Betsson history and acquisitions.
Earnings, Margins and Cost Pressures
The Q3 2026 group gross margin was 55.5%, versus 64.2% in Q3 2025. Betsson reported cost of services provided of €145.4 million against €106.0 million a year earlier. It attributed the increase principally to higher gaming taxes and payment-provider costs. This direct-cost pressure helps explain why revenue growth did not yield a higher gross profit.
Further down the income statement, Betsson reported Q3 operating expenses of €135.0 million compared with €122.9 million. Marketing, personnel, cloud and software licences, and continued product development all affect the cost base. The company also said Rhino contributed to increased external expenses. These are disclosed categories; they do not provide an audited brand-by-brand expense breakdown.
In Q3, the sportsbook margin after free bets was 8.1%, compared with 8.8% a year earlier. It was also substantially lower than in the preceding quarter, according to management. The Group separately said B2B system-delivery licence revenue fell from €76.9 million (26% of quarterly Group revenue) in Q3 2025 to €46.7 million (14%) in Q3 2026, mainly because of lower revenue from one B2B customer. That concentration is important when judging earnings resilience.
EBITDA adds back depreciation and amortisation to operating profit. It may help compare operations, but it is not operating cash flow and does not deduct all the economic costs of technology investment. Our Betsson business model and technology explainer covers why sportsbook margin, platform contracts and player gaming activity affect revenue differently.
Revenue by Product and Market
Betsson publishes product and geographical revenue views without identifying each as a separate IFRS operating segment. Its Annual Report 2025 states that management evaluates the integrated business as one operating segment.
| Product | Revenue | Region | Revenue |
|---|---|---|---|
| Casino | 867.5 | Central/Eastern Europe and Central Asia | 480.3 |
| Sportsbook | 323.5 | Latin America | 320.1 |
| Other | 5.9 | Western Europe | 232.7 |
| - | - | Nordic countries | 141.7 |
| - | - | Rest of world | 22.5 |
Product and geographic categories are two views of the same consolidated revenue, not additive revenue streams. Published totals may differ slightly when displayed to one decimal place. The regional figures estimate where end customers are located, rather than where each company is incorporated. Market permissions are discussed separately in Betsson markets and licences.
Cash Flow, Cash Balance and Liquidity
Cash flow answers a different question from profit: how much money was generated and used during the period? In FY2025 the Group generated €215.6 million from operating activities, against €272.9 million in FY2024. Its reported investing cash flow was −€52.1 million and financing cash flow −€138.1 million in FY2025. The aggregate movement in cash flows was positive €25.4 million before considering the separate effects of currency translation on balances.
For Q3 2026, operating cash flow was €54.5 million. Investing activities used €74.6 million, mainly reflecting the Rhino acquisition and investment in proprietary products and technology. The quarter's resulting cash movement was negative €24.6 million before exchange differences. At 30 September 2026, the balance sheet carried €284.7 million in cash and equivalents, down from €322.7 million at 31 December 2025.
The distinction between cash flow and cash balance matters: a company can generate operating cash during a quarter while ending with less cash if it buys assets, pays dividends, repays financing or experiences other outflows. Betsson also disclosed customer balances and accumulated jackpot reserves of €48.5 million at 30 September 2026; gaming rules require cash reserves for some of these obligations. A headline cash balance should not be treated as entirely discretionary capital.
Betsson Debt, Net Cash and Financing
At 30 September 2026, Betsson reported €173.8 million of outstanding bonds. The two series disclosed were the 2024/2027 bond (approximately €99.6 million outstanding, maturing September 2027) and the 2025/2029 bond (approximately €74.2 million, maturing December 2029). Both carried floating rates linked to three-month EURIBOR plus their respective contractual margins. Betsson also reported a €75 million revolving credit facility signed in July 2026, which was undrawn at the quarter end. A credit limit is not the same thing as a loan already borrowed.
| Item | Amount | How to read it |
|---|---|---|
| Cash and cash equivalents | 284.7 | Balance-sheet asset, not all necessarily freely distributable |
| Outstanding bonds | 173.8 | Borrowings, excluding other relevant net-debt components |
| Customer balances and jackpot reserves | 48.5 | Operational liabilities, included within company-defined net debt |
| Payment-provider receivables | 53.5 | Unsettled player deposits; 90% of qualifying receivables deducted in net-debt definition |
| Company-reported net debt | −98.3 | Negative net debt under Betsson's alternative performance measure |
| Undrawn revolving facility | 75.0 | Committed financing capacity, not drawn debt |
Do not calculate Betsson's net debt simply as bonds minus cash. Its published definition includes bond, bank and lease financial liabilities plus customer balances, and deducts cash and equivalents and 90% of payment-provider receivables. The reported net-debt figure should therefore be used with the company's actual balance-sheet classifications and reconciliations. Negative €98.3 million indicates net cash on this methodology; it is not a claim that the bonds have disappeared.
Regulatory penalties, civil restitution cases and potential legal provisions are not automatically interest-bearing borrowing. They may have their own accounting treatment, but adding the face value of a legal claim to outstanding bonds would corrupt a debt comparison. We address the underlying issues in Betsson risks and opportunities.
Why Betsson AB and Betsson Group Figures Differ
Betsson AB (publ) is the Swedish parent that holds and administers investments. Betsson Group is the consolidated reporting perimeter of operating companies and relevant controlled entities. These are not two names for the same standalone income statement. Consolidation aggregates eligible subsidiaries and eliminates internal transactions, so the Group's casino and sportsbook revenues cannot be inferred from the parent-only top line.
The Q3 2026 interim report is unusually clear about the contrast. The parent company reported only €0.9 million in Q3 revenue, against €326.5 million for the Group. Over the first nine months of 2026, parent revenue was €2.2 million and its net result was −€43.2 million, while the consolidated Group generated €922.1 million revenue and €84.1 million in net income. Parent results include financial income and expenses related to investments and intra-group arrangements.
The reporting boundary also explains why a technology subsidiary's UK statutory accounts, an individual Maltese operator's sales or a brand's apparent market share cannot be substituted for the consolidated number. The Betsson brands and subsidiaries and Betsson people and ownership pages cover legal perimeter and control rather than inventing revenue allocations.
How to Read the Betsson Annual Report and Financial Updates
The company's financial reports are available on its official corporate website.
| Official document | Published / reporting period | What to check |
|---|---|---|
| Betsson Annual Report 2025 | FY2025; comparative years included | Consolidated and parent statements, five-year summary, accounting policies and notes |
| Betsson Interim Report January - September 2026 | Published 22 October 2026; Q3 and 9M 2026 | Quarter and nine-month results, cash flow, financing and net-debt methodology |
| Betsson Financial Definitions | Corporate reference material; checked 4 November 2026 | EBITDA, EBIT, organic growth and alternative performance measures |
Compare full financial years with full years, Q3 with Q3 and nine-month totals with nine-month totals. In every case, identify whether a number refers to the consolidated Group or the parent company alone.
Next identify the measure. Revenue is not deposits or betting turnover; EBIT is not EBITDA; cash flow is not cash on hand; net debt is a defined alternative measure; organic growth excludes specified currency and acquisition effects. Keep currency, entity, unit and accounting period attached to every number. None of these disclosures constitutes a live share-price feed; see Betsson shares and chart for that separate question.
Frequently Asked Questions
How Much Revenue Did Betsson Report in 2025?
The consolidated Group recorded €1,197.0 million for FY2025, compared with €1,106.6 million for FY2024. The figure is not the revenue of one consumer brand or of parent Betsson AB alone.
What Were Betsson's Latest Quarterly Earnings?
For Q3 2026, Group EBIT was €46.1 million and net income was €28.2 million, both below Q3 2025 despite higher recognised revenue.
Does a Negative Net-debt Figure Mean Betsson Has No Debt?
No. The company reported €173.8 million in outstanding bonds at 30 September 2026. Its net-debt measure was −€98.3 million after applying its published treatment of cash, customer liabilities, lease and other financial liabilities, and payment-provider receivables.
Can Financial Penalties Be Added to Interest-bearing Debt?
Not automatically. A sanction, disputed claim, recognised provision and financing liability represent different obligations. Classification depends on the accounting facts, not merely the cash amount mentioned in a headline.
Editorial View
My assessment is that the most important FY2025 - Q3 2026 story is the divergence between sales and operating profitability, alongside a cash and financing position that needs its own definition. The numbers show a business generating substantial revenue and operating cash while facing higher direct costs, weaker B2B licence revenue and volatile sportsbook margins. They do not establish what future earnings or the share price will be.