Betsson Hits Record €310.2m Revenue as EBIT Falls 39%

Betsson reported record quarterly revenue of €310.2m for Q2 2026 on Friday, up 2.1% year on year, while operating income fell 38.9% to €42.2m. Higher gaming taxes, rising payment costs and a collapse in B2B license revenue took the EBIT margin to 13.6% from 22.7%. Shares rose about 2% in early Stockholm trading anyway, closing at SEK 91.25.

The Q2 report shows gross profit down 8.5% to €177.5m, with the gross margin sliding to 57.2% from 63.9%. B2B license revenue dropped from €75.6m to €49.1m, a 35% fall Betsson pinned on reduced activity from one large unnamed customer. That single account explains most of the profit gap.

Regulated markets now supply 75.5% of revenue, up from 65.7%, which pushed the cost of services from €109.8m to €132.7m. CEO Pontus Lindwall called the higher regulated share a key reason for the weaker profitability. Net income fell 38.2% to €30.4m, and earnings per share dropped from €0.36 to €0.22.

Betsson didn't disclose its full-year revenue or earnings forecast.

On the upside, the B2C engine is healthy.

• Active customers grew 31.9% to 1.83 million, though deposits fell 7.1% to €1.38bn.
• Casino revenue rose 2.5% to €217.6m on gross turnover that fell 8.7%.
• Sportsbook revenue edged up 1.4% to €91.3m, with margin after free bets improving to 10.5% from 9.5%.

Betsson used the FIFA World Cup to battle-test its technology, which was able to handle 5 times the usual load. Product releases included Goal Rush, which raises the multiplier as goals pile up, and Super Sub, which carries a bet over to a substitute if the player it was placed on leaves the pitch.

Latin America Is Now Betsson's Biggest Region

LatAm revenue rose 32.3% to a record €112.1m, 36% of the group, overtaking Central and Eastern Europe and Central Asia for the first time. Argentina, Peru and Colombia each set quarterly records on World Cup traffic, while CEECA fell 14.9% to €100.6m on the B2B decline and Nordic revenue dropped 17.1% to €28.1m.

This is the third straight quarter Betsson has traded a shrinking B2B book for a bigger, more heavily taxed regulated one, following profit warnings in January and April.

For players, that means more locally licensed operations and less grey-market exposure, which in practice looks like tighter KYC and thinner bonusing.