Betsson AB reported iGaming revenue of €285.3 million (£257.89m) for the first quarter of 2026, representing a decrease of three percent compared to the same period last year.
The performance reflects mixed developments across the group’s casino and sportsbook segments, as well as regional variations in activity.
iCasino revenue, which accounted for 71 percent of total iGaming revenue, declined by four percent to €203.8 million (£176.87m). In contrast, sportsbook revenue increased marginally by one percent to €80.2 million (£69.6m), with the sportsbook margin improving to 8.4 percent from eight percent in the prior year period.
Betsson’s sportsbook turnover declined by 21 percent, indicating lower overall betting volumes despite stable revenue performance.
Falling EBITDA
Profitability metrics for the Sweden-origin operator showed a more pronounced decline.
EBITDA fell by 36 percent to €50 million (£43.39m), while operating income (EBIT) decreased by 47 percent to €34 million (£29.51m), in the quarter ending March 31.
Net income totalled €25.5 million (£22.13m), down from €48.4 million (£42.01m) in Q1 2025.
The EBITDA margin stood at 17.5 percent, compared to 26.5 percent in the previous year.
Customer activity presented a mixed picture. Active customers increased by 11 percent to 1.52 million, while total deposits declined by 14 percent to €1.36 billion (£1.18bn). The number of registered customers rose to 32 million, indicating continued user base expansion, despite reduced spending levels.
But Peru, Italy Grow
Regionally, Betsson’s iGaming growth was driven by Latin America, where revenue increased by 24.7 percent to €93 million (£80.72m), supported by performance in Peru and Colombia.
Western Europe also reported growth of 10.3 percent, with Italy reaching record levels in both turnover and deposits. By contrast, revenue declined in the Nordics and Central and Eastern Europe and Central Asia (CEECA), with the latter impacted by lower B2B licence revenue.
Revenue from locally-regulated markets increased by 20 percent and accounted for 72.6 percent of total iGaming revenue, reflecting a continued strategic focus on regulated jurisdictions.
B2B revenue declined to €51.2 million (£44.44m), compared to €90.2 million (£78.29m) in Q1 2025, primarily due to lower activity from “one partner”, which Betsson declined to name but is believed to be a Turkish affiliate.
Canada Expansion
During the quarter, Betsson announced an agreement to acquire the B2C business of Rhino Entertainment Group in Canada, alongside selected B2B technology assets, for approximately €64.5 million (£55.99m). The transaction is expected to close following regulatory approvals in the second or third quarter of 2026.
Betsson maintains that its long-term strategy remains focused on growth in existing markets, expansion into new jurisdictions and development of its B2B offering, supported by its financial position and proprietary technology infrastructure.
Commenting on Q1, CEO Pontus Lindwall said: “Our B2C operations continued to perform well, with solid growth and strengthened market positions, while our B2B revenue continued to decline.
Positive
“We have had a positive start to the second quarter. Average daily revenue, up to and including 21 April, has been 3.7 percent higher than the corresponding daily average for the full second quarter of 2025.
“In June, the FIFA World Cup will begin, which we expect to contribute to increased activity and customer intake.
“Our investments in recent years have strengthened our position and, with a competitive offering, a strong brand and a proven strategy, we are well positioned to capitalise on opportunities in the global online gaming market.”
