Betsson (BETS) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record €326.5M, up 10% YoY; organic growth was 8%, while growth adjusted for Rhino and FX was 6%.

• Active customers rose 40% YoY to a record 1.9M; casino and Latin America led growth.

• Lower sportsbook margins, higher gaming taxes, revenue mix and lower B2B system-delivery revenue weighed on profitability.

Financial highlights

• B2C revenue rose 28% YoY to €280M; B2B revenue declined 39%, or €30M, partly due to lower revenue from one B2B customer.

• Gross profit was €181.1M versus €190M; EBIT was €46.1M, down 31% YoY, and net income was €28.2M, down 44%.

• Q3 EBITDA was €63.4M, down 23%; EPS was €0.19 versus €0.34. Jan–Sep revenue rose 3% to €922.1M, while EBITDA fell 30% to €171.8M.

• Operating cash flow was €54.5M versus €64.8M; customer deposits increased 6.4% to €1,545.4M.

Outlook and guidance

• Through 18 October, average daily revenue was 11.0% above full Q4 2025; excluding currency effects and acquisitions, it was 9.4% higher. This was an indicator, not a quarterly revenue forecast.

• Sportsbook margin through 18 October was significantly below the prior eight-quarter average; management cited a positive start to October and an intensive year-end ahead.

• Management said the business is positioned to return to earnings growth, supported by scalable operations, products and market positions.

• Management expects customer activity and levels to remain high, while noting churn and opportunities to expand B2B through existing and new clients.