Image credit: Source: Betsson AB interim report, January to September 2026, as reported by gaming.net. Never imply stock depicts the actual event.
Betsson booked record third-quarter group revenue of EUR 326.5 million, up 10%, but operating income fell 31% to EUR 46.1 million as the EBITDA margin dropped to 19.4%.
The interim report, published on 22 October, shows a company growing its customer base faster than its profit.
- Group revenue: EUR 326.5 million, up 10%, with organic growth of 8%
- EBITDA: EUR 63.4 million, down 23% from EUR 82.5 million
- EBITDA margin: 19.4%, against 27.9% a year earlier
- Operating income (EBIT): EUR 46.1 million, down 31%
- Net income: EUR 28.2 million, down from EUR 50.1 million
- Active B2C customers: 1,874,687, up 40.1%
Revenue rose 10% while EBITDA fell 23%, a gap of 33 points in one quarter. Organic revenue growth was 8%. EBITDA fell 23% to EUR 63.4 million from EUR 82.5 million, and net income dropped to EUR 28.2 million from EUR 50.1 million. The margin was 27.9% a year earlier.
Active B2C customers rose 40.1% to 1,874,687. Revenue is up, and the customer count is up sharply, yet the profit line moved the other way. The report does not say in the coverage reviewed here whether the cost base or the mix of revenue drove the gap.
Brazil is the regulatory risk to watch
According to the coverage, Betsson described an immediate ban on online gambling, including online casino and sports betting, which stays in force only if Congress approves it within 120 days. That matches the provisional measure that ended Brazil's regulated fixed-odds market.
Brazil's market consolidation was already under way before the measure, so the 120-day window will test how much of that consolidation survives.
Germany is an exit forced by licence expiry
Betsson's subsidiary Zecure Gaming Ltd resolved to exit the German market. The German regulator, the GGL, confirmed that the licence had expired on 3 July 2026. The exit follows from that lapsed licence.
For operators tracking German licensing, the lesson is procedural: a licence that expires lapses, and the market is lost with it.
What to watch in the next report
The next checkpoints are the Brazilian congressional vote and whether Betsson's EBITDA margin recovers from 19.4%. The next quarterly report will show whether the margin pressure persists.