Betsson reports B2C growth but B2B decline in Q1 2026
Swedish gaming holding Betsson AB has published its financial results for the first three months of 2026 (Q1). Although the B2C segment posted strong growth and a record share of regulated markets, the group reported lower revenue and profitability, mainly due to the loss of a major B2B client. The results continue the trend seen in Q4 2025, where retail growth outpaced the platform business’s ability to offset structural losses.
Key financial metrics for Q1 2026
As Betsson CEO Pontus Lindvall (pictured) noted, “B2C operations continue to show steady growth and strengthened market positions, while B2B revenue continues to decline.” Group revenue for Q1 fell 3 per cent year-on-year to €285.3m from €293.7m in Q1 2025. Organic growth stood at 4 per cent, indicating underlying business expansion excluding B2B portfolio changes.
Profitability was the most affected area. EBITDA saw a 36 per cent decrease to €50m, with the EBITDA margin narrowing from 26.5 per cent to 17.5 per cent. Operating profit (EBIT) decreased by 47 per cent to €34m, with an EBIT margin of 11.9 per cent. Net income totalled €25.5m, or €0.18 per share, compared to €0.35 a year earlier.
Operating cash flow remained positive at €58.1m, reflecting the resilience of the core business. The company’s net debt decreased by €165m, leaving the company in a net cash position. The number of active customers increased to 1.5 million from 1.4 million in Q1 2025.
| Metric | Q1 2025 | Q1 2026 | Change |
| Revenue | €293.7m | €285.3m | –3% |
| Organic growth | — | — | +4% |
| EBITDA | €77.8m | €50m | –36% |
| EBITDA margin | 26.5% | 17.5% | –9 p.p. |
| EBIT | €64.2m | €34m | –47% |
| EBIT margin | — | 11.9% | — |
| Net income | — | €25.5m | — |
| Earnings per share | €0.35 | €0.18 | –49% |
| Active customers | 1.4m | 1.5m | +7% |
| Net debt | — | –€165m | — |
Source: SiGMA News.
Sportsbook remains a growth driver
Performance across gaming verticals was mixed. Casino revenue fell 4 per cent year on year, likely due to tighter regulatory requirements in key markets and a natural slowdown following a strong 2025 base. The sportsbook generated 1 per cent more revenue, and the profit margin rose from 8 per cent to 8.4 per cent. This suggests that the company’s investments in its products are working.
B2C vs B2B: diverging trajectories
The structural split between Betsson’s two business lines defined the quarter. B2C revenue grew 15 per cent, a strong result, overshadowed by a 43 per cent decline in B2B revenue from €90m to €51m. The loss of one major B2B client significantly distorted the comparable base. Management states that the underlying B2B activity has stabilised, with new partnerships in development. Returning to prior revenue levels will take time.
Margin pressure also stemmed from B2C investments in emerging markets. Management estimates these reduce quarterly profitability by €10-15m. This represents a deliberate strategic trade-off: the company is expanding in high-growth markets at the expense of short-term profitability.
Betsson’s revenue geography
Regional B2C dynamics highlight the success of Betsson’s diversification strategy. Latin America grew by 25 per cent and accounts for about one-third of the group’s revenue, led by Peru, where the company combines a strong brand with a competitive product offering.
Western Europe delivered double-digit growth, mainly driven by Italy. In the CEECA region (Central and Eastern Europe, Central Asia), growth came from Croatia and Greece.
| Region | Dynamics | Key Markets |
| Latin America | +25% | Peru |
| Western Europe | Double-digit growth | Italy |
| CEECA | Positive dynamics | Croatia, Greece |
Source: SiGMA News.
Record share of regulated markets
A key structural metric was the share of revenue from locally regulated jurisdictions: 73 per cent, up from 59 per cent in 2025, a group record. This is the result of years of focus on licensed markets using local Point-of-Consumption (POS) licences.
Exposure to more highly regulated markets can present certain challenges. These jurisdictions typically feature higher tax rates and more stringent operational requirements, which can directly impact margins. This structural pressure largely explains the drop in EBITDA margin from 26.5 per cent to 17.5 per cent.
Acquisition of Rhino Entertainment
In March 2026, Betsson announced the acquisition of Rhino Entertainment’s B2C business, a licensed Canadian operator with its own technology platform. The acquisition supports Betsson’s expansion strategy and serves a dual purpose: strengthening B2C presence in North America and acquiring technology assets to support B2B development.
Q2 start and 2026 outlook
Q2 has started positively, the company reports. As of 21 April, average daily revenue rose 3.7 per cent versus the same period in Q2 2025, with sportsbook margins exceeding the eight-quarter average. Management views the June FIFA World Cup as a key short-term growth driver for sportsbook activity.
Betsson continues product investments: Bet Builder, AI match previews, and enhanced live statistics. Analysts forecast 2026 revenue growth of 10-12 per cent, factoring in the World Cup effect and new market entries. Betsson shares (BETS B) rose 2 per cent on the Stockholm Stock Exchange following the report.
Betsson remains optimistic: a strong brand, proven strategy, and continued investment in technology position the company for further expansion in the global online gambling market. The Rhino acquisition further strengthens its B2C direction and B2B technologies in North America.
This article was first published in Russian on 27 April 2026.
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