Betsson released its preliminary financial results for the fourth quarter of 2025, reporting largely stable revenue but a notable decline in operating income—figures that prompted an immediate dip in the company’s share price. Despite the softer performance, CEO Pontus Lindwall expressed confidence in the company’s trajectory heading into 2026.
Mixed Performance in Q4 2025
Betsson said it expects Q4 revenue of EUR 304 million ($353.4 million), slightly below the EUR 307 million reported in the same quarter last year. The regional breakdown shows uneven performance across markets:
- Nordics: EUR 34M vs. EUR 40M in Q4 2024
- Western Europe: EUR 61M vs. EUR 53M
- CEECA: EUR 120M vs. EUR 132M
- LATAM: EUR 84M vs. EUR 78M
- Rest of world: EUR 5M vs. EUR 4M
Growth in Western Europe and LATAM was offset by declines in the Nordics and CEECA, resulting in a marginal year‑over‑year revenue contraction.
Operating income (EBIT) is projected at EUR 53 million ($61.6 million), down sharply from EUR 70 million in Q4 2024.
Casino Revenue Rises, Sportsbook Declines
Segment performance was similarly mixed:
- Casino revenue: EUR 220M (up from EUR 214M)
- Sportsbook revenue: EUR 83M (down from EUR 91M)
- Other gaming products: EUR 1M (down from EUR 2M)
Betsson’s B2B licensing revenue also fell to EUR 71 million ($82.5 million) from EUR 82 million, representing 23% of total group revenue, down from 27% a year earlier. The company attributed the decline to weaker performance among B2B clients.
Higher Taxes and Personnel Costs as Regulated Market Share Grows
Betsson highlighted strong customer activity and an increase in active players during the quarter. Revenue from regulated markets rose from 60% to 68%, underscoring the company’s strategic focus on compliance and long‑term sustainability.
However, that shift came with higher costs:
- Gaming taxes: EUR 53M (up EUR 10M year‑over‑year)
- Personnel costs: EUR 52M (up from EUR 45M)
The company said it continued to invest heavily in product development and technology enhancements, which contributed to the increased cost base.
Share Price Reacts to Preliminary Figures
Despite pockets of growth, the overall financial picture weighed on investor sentiment. Betsson’s share price fell sharply following the release of the preliminary results and, at the time of writing, trades at SEK 102 ($11.05).
CEO Pontus Lindwall: “Optimistic About 2026”
Lindwall emphasized that Betsson’s diversified geographic footprint and ongoing product investments position the company well for the year ahead.
He acknowledged the cost pressures reflected in the Q4 numbers but said the company is already seeing positive momentum in early 2026.
“I am optimistic about 2026, where I am especially looking forward to the FIFA World Cup and to being able to start reaping the benefits of the investments we have made in product development,”
— Pontus Lindwall, President & CEO, Betsson
Betsson will publish its full Q4 and full‑year 2025 report on February 5.
