Betsson reports 18% revenue growth in Q1 as Latin America expansion drives record customer activity

Betsson AB delivered an 18% year-over-year increase in revenue during the first quarter of 2025, propelled by record customer deposits and strong growth across Latin America and Western Europe.

The Stockholm-listed operator reported revenue of €293.7 million ($334.82 million) for the three months ending March 31, up from €248.2 million ($283.95 million) a year earlier, supported by expansion in newly regulated markets such as Brazil and Paraguay.

Casino remained Betsson’s largest segment, contributing €212.3 million ($242.04 million) in revenue, a 17.6% year-over-year rise. Sportsbook operations also posted double-digit growth, with revenue increasing 21.6% to €79.7 million ($90.86 million) and the sportsbook margin improving to 8% from 6.6% last year.

Meanwhile, other products, including poker and bingo, generated €1.6 million ($1.82 million), down slightly from 2024 levels. Latin America stood out as a key driver of performance, with regional revenue surging 70.3% to €74.5 million ($84.93 million).

Betsson cited record levels of deposits and turnover across Argentina and Peru, while noting that revenue from Brazil will be reflected in the second quarter following the launch of operations under a newly awarded local license. The group also expanded its presence in Paraguay’s regulated market earlier this year.

Pontus Lindwall, President and CEO of Betsson

“Betsson’s ambition is to create long-term stable profit growth through geographical diversification and growth initiatives in existing and new markets,” said Pontus Lindwall, President and CEO of Betsson. “Latin America, in particular, continues to be an important growth region where we are continuously strengthening our positions.”

Overall customer engagement reached new highs during the quarter. Deposits rose 15.2% year-over-year to €1.59 billion ($1.81 billion), while active customers increased 7% to 1.37 million. Registered customer numbers dipped slightly, largely due to Betsson’s exit from selected markets.

Profitability also strengthened. EBITDA rose 9% to €77.7 million ($88.58 million), while operating income (EBIT) climbed 11% to €64 million ($72.96 million). Net profit for the quarter totaled €48.4 million ($55.18 million), a 13% improvement compared to the previous year. Earnings per share rose to €0.35 ($0.40) from €0.30 ($0.34).

Western Europe also contributed to the group’s momentum, with revenue rising 28.1% to €55.6 million ($63.38 million). Italy delivered record results, while France and Belgium posted year-on-year growth.

Central and Eastern Europe revenue increased 11% to €122.3 million ($139.42 million), with Croatia and Greece achieving record deposit and turnover levels. In contrast, revenue from the Nordic region fell 19.3%, with lower casino and sportsbook activity in Sweden and Denmark.

Betsson continued its strategic investments during the quarter, completing acquisitions in Italy and Poland, enhancing its sportsbook offering, and expanding the use of AI in customer service and product innovation.

Lindwall said the company’s scalable business model, proprietary technology, and increasing share of revenue from locally regulated markets, now 59% of group total, position it well for sustained future growth.

“The world around us is currently characterised by great uncertainty and concerns about reduced world trade, higher inflation, and a weakening economy,” Lindwall said.

“We are closely monitoring macroeconomic developments, but at the same time, we note that demand for gaming products has historically been relatively unaffected by the general economic cycle.”

Betsson also reported that average daily revenue for the second quarter through April 27 was tracking 17% higher than the same period in 2024, indicating a positive start to Q2 despite seasonal effects and external economic pressures.

With operations now licensed in 25 countries and a focus on strengthening its B2B technology platform, Betsson stated that its long-term vision remains centered on profitable growth, innovation, and expanding its footprint across both new and existing markets.