Betsson pulled in a record €326.5 million in revenue for Q3 2026, 10% more than the €295.8 million it made a year earlier, with organic revenue up 8%. Active B2C customers hit a record too, jumping 40% to 1.9 million, as the FIFA World Cup and the start of the big European football leagues kept customers busy.
Casino did most of the heavy lifting, growing 14% and making up 77% of group revenue, while sportsbook revenue barely moved, up just 1% to €72 million. The sportsbook margin slipped to 8.1%, down from 8.8% in Q3 2025 and 10.5% the quarter before. Betsson had already set a quarterly record of €310.2 million in Q2, so Q3 pushed that mark up by another 5%.
Latin America is still Betsson’s biggest region, bringing in 36% of group revenue after growing 52% year-on-year. Peru and Argentina stood out for customer activity, which Betsson put down to its investment in products and brands plus its World Cup marketing. Western Europe hit another record as well, with revenue up 14% on the back of continued growth in Italy.
Rhino Entertainment Group shows up in the accounts from August, after Betsson closed the acquisition on Aug. 3. The deal brought in Rhino’s B2C business in Canada along with front-end and middleware technology meant for Betsson’s B2B side. Rhino added to both revenue and earnings during the quarter, and the Canadian business more than doubled revenue in Betsson’s Rest of World region.
Earnings went the other way, though. EBITDA dropped 23% to €63.4 million from €82.5 million, taking the margin down from 27.9% to 19.4%, while operating profit fell 31% to €46.1 million and net income slid to €28.2 million from €50.1 million. Operating cash flow dropped as well, from €64.8 million to €54.5 million.
Locally regulated markets made up 78% of Betsson’s revenue in Q3, up from 64% a year earlier, after revenue from those markets grew 35%. That shift comes with a cost, with gaming taxes rising by around €28 million to a record level and gross profit falling from roughly €190 million to €181 million even as group revenue climbed. CEO Pontus Lindwall said the growing regulated B2C business in Latin America carries higher taxes and operating costs than parts of the company’s old business mix.
B2B kept weighing on earnings too, with revenue down 39% year-on-year after licence revenue from one large customer dropped off. B2C revenue grew 28%, which left B2B at 14% of group revenue. Lindwall said activity from that customer has stabilised, though Betsson doesn’t know yet whether the account will get back to where it was.
Nine-month numbers tell the same story of revenue going up while earnings come down. Betsson made €922.1 million in revenue over the first nine months of 2026, up 3% from €893.1 million, with organic growth of 6%. EBITDA fell 30% to €171.8 million, operating profit dropped 39% to €122.3 million, and net income fell to €84.1 million from €147.5 million, while operating cash flow came in at €173 million against €192.3 million last year.
Net cash stood at €98.3 million at the end of September, down from €220 million a year earlier after Betsson paid around €59 million for Rhino. Lindwall told iGaming Business there’s still room on the balance sheet for more acquisitions, and that Betsson would be willing to take on debt for a bigger deal. Until now, the company has funded its acquisitions and regulated-market expansion almost entirely from net cash.
October has kept the revenue growth going so far, with average daily revenue through Oct. 18 running 11% above the Q4 2025 daily average, even with the sportsbook margin sitting well below its average over the past eight quarters. Lindwall didn’t say when Betsson expects to get back to year-on-year profit growth, but operating profit has now risen quarter-on-quarter twice in a row, from €34 million in Q1 to €42.2 million in Q2 and €46.1 million in Q3.