Betsson's record €326.5m quarter brings a 23% drop in EBITDA

september-2026,c4413422 source_title: Betsson AB interim report January – September 2026 source_language: en event_date: ‘2026-10-22’ document_date: ‘2026-10-22’ document_date_source: page topics: - earnings - operators countries: - Peru - Argentina - Belgium companies: - Betsson - Rhino Entertainment Group - betFIRST amounts: - EUR 326.5 million - EUR 63.4 million - EUR 28.2 million newsworthiness: 4 created_at: ‘2026-10-22T07:11:33+00:00’ factcheck: verdict: fail claims_checked: 30 unsupported: - claim: Casino growth and Latin America lifted revenue by 10%, but a lower sportsbook margin helped cut EBITDA by almost a quarter. problem: The source gives no cause for the EBITDA decline. It only notes the lower sportsbook margin in the CEO comment about revenue and EBIT. Attributing the EBITDA fall to it is an asserted cause the source does not state. The body itself says the report does not say what pushed the margin down. - claim: organic growth (excluding acquisitions and currency effects) was 8%. problem: The source says only ‘Organic increase of 8%’ and does not define organic growth. - claim: Betsson says October has started positively. problem: Minor, but the source says ‘a positive start to October’ in the CEO comment, which is supported. No error. copied_passages: [] rechecked_after_fix: true style_warnings: - meta description dropped (125 chars) headline_alternatives: - Betsson’s EBITDA margin falls to 19.4% from 27.9% as casino drives growth - Betsson’s Q3 net income falls to €28.2m from €50.1m a year earlier context_pack: facts: [] open_questions: - How much revenue and EBITDA did Rhino Entertainment Group contribute in the third quarter, and what was the purchase price? - Which markets and brands does Rhino Entertainment Group bring to Betsson? - What caused the EBITDA margin to fall to 19.4% from 27.9% beyond the lower sportsbook margin, for example marketing spend or gaming taxes? not_found: - history - counterparty - entities - strategy - scale requests: 0 cost_usd: 0.0098 cover_label: Q3 results in_brief: what_happened: Betsson’s third-quarter 2026 revenue rose 10% to €326.5m, while EBITDA (earnings before interest, tax, depreciation and amortisation) fell 23% to €63.4m, according to its interim report of 22 October 2026. why_it_matters: ‘Betsson grew its customer base and revenue, but kept less of each euro: the EBITDA margin fell to 19.4% from 27.9% a year earlier.’ who_it_affects: ‘Betsson shareholders: net income per share was €0.19 in the quarter, against €0.34 a year earlier.’ image: betsson-s-record-eur-326-5m-quarter-brings-a-23-drop-in-ebitda.jpg image_kind: card reviewed: true published_at: ‘2026-10-22T08:02:19+00:00’

---

Betsson posted its highest quarterly revenue yet, €326.5m, but kept less of it: EBITDA fell 23% to €63.4m. Casino growth and Latin America drove the rise, while the sportsbook margin slid to 8.1% from 8.8%. The figures cover July to September 2026 and come from the operator’s interim report, published on 22 October 2026.

By the numbers

• Revenue: up 10% from €295.8m; organic growth (excluding acquisitions and currency effects) was 8%.
• EBITDA: down from €82.5m; the margin was 19.4%, against 27.9%.
• Operating income (EBIT): €46.1m, down 31% from €66.9m.
• Net income: €28.2m, against €50.1m, or €0.19 per share against €0.34.
• Net debt: minus €98.3m, against minus €220.0m a year earlier.
• Active B2C customers (players, not business clients): 1.9 million, against 1.3 million.

What drove it

Casino revenue rose 14%, while sportsbook revenue rose 1%. Chief executive Pontus Lindwall said growth came mainly from Latin America, where revenue grew by more than 50%, with Peru and Argentina standing out. He credited marketing around the FIFA World Cup.

Betsson completed its purchase of Rhino Entertainment Group at the beginning of August. The company says Rhino was consolidated and contributed positively to revenue and earnings. At the end of the quarter it also relaunched its Belgian business, betFIRST, under the Betsson brand.

The report does not give Rhino’s revenue contribution or purchase price. It also does not say what, beyond the lower sportsbook margin, pushed the EBITDA margin down.

Nine months

Revenue for January to September was €922.1m, up 3% from €893.1m, with organic growth of 6%. EBITDA fell 30% to €171.8m and net income to €84.1m from €147.5m. Operating cash flow was €173.0m, against €192.3m.

What’s next

Betsson says October has started positively. The company presented the report to analysts and investors on 22 October 2026 at 09:00 CEST.