Betsson (BETS) Q1 2025 earnings summary

Executive summary

• Revenue increased 18% year-over-year to EUR 294 million, with record customer deposits and gaming turnover despite fewer days and negative seasonal effects.

• EBIT rose 11% year-over-year to EUR 64 million, with an EBIT margin of 21.8%, despite higher gaming taxes.

• Locally regulated markets now account for 59% of revenue, up from 44% a year ago.

• Strong cash flow, EPS up 17% to EUR 0.35, and net income up 13% to EUR 48.4 million.

• Q2 2025 has started strong, with average daily revenue up 17% year-over-year and sportsbook margins above average.

Financial highlights

• Customer deposits up 15% year-over-year to EUR 1,588 million; active customers up 7% to 1.4 million.

• Sportsbook revenue increased 22% to EUR 80 million; casino revenue up 18% to EUR 212.3 million, representing 72% of total revenue.

• Gross profit margin was 64% (down from 66% last year); operating cash flow reached EUR 86.4 million, up from EUR 50 million.

• Net cash position of EUR 178 million; cash and cash equivalents at EUR 367.7 million.

• EBITDA rose 9% to EUR 77.7 million; EBITDA margin was 26.5% (down from 28.8%).

Outlook and guidance

• Q2 2025 average daily revenue up 17% year-over-year, with sportsbook margin above historical average.

• Adjusted for currency and acquisitions, average daily revenue up 21.7% year-over-year.

• Brazil launch in April expected to ramp up gradually, with limited initial impact.

• Continued focus on scalability, regulated markets, product innovation, and staff investment to support future growth.