Betsson just posted its highest quarterly revenue ever - EUR 310.2 million in Q2 2026. On the surface, that reads as a strong result. But the full picture is more complicated, and worth understanding if you work in iGaming at any level.
Revenue grew 2%, but EBITDA dropped 31%. Net profit fell 38%. The two factors Betsson pointed to: higher gaming taxes and weaker B2B revenue. Neither of those is a temporary noise item.
The customer side told a different story. Active users grew 32% to 1.83 million. That is real scale, and it signals healthy acquisition momentum. But deposits per customer are falling - total deposits came in at EUR 1.38 billion, down 7% year-on-year. Revenue per user is the next problem to solve.
Latin America is now Betsson's biggest market. EUR 112.1 million in Q2, up 32%, representing 36% of group revenue. Italy also delivered record revenue, turnover, and deposits in the same quarter - a mature market finally performing like one.
Regulated markets are now 75.5% of total revenue, up from 65.7% a year ago. Betsson holds licences in 23 countries. The regulated shift is structural and deliberate, but it carries a cost - more regulated revenue means more tax exposure, and that showed up clearly in Q2 margins.
Argentina is next. A sportsbook licence in Santa Fe was secured during the quarter, with a Q4 2026 launch planned. A EUR 75 million revolving credit facility was also signed after the quarter closed - giving the company financial room to keep expanding without leaning on operating cash flows.
Early Q3 2026 daily revenue is running 13.7% ahead of Q3 2025, with the FIFA World Cup providing a short-term lift. CEO Pontus Lindwall said the tournament has delivered a solid start to Q3. Latin America's football appetite makes that uplift easier to understand.
For B2B operators, suppliers, and affiliate partners, the Q2 Betsson results are a useful read on where the operator tier is heading: more regulated, more Latin America-weighted, growing on users but compressing on margins. The companies positioned to work in that environment will have an advantage in the back half of 2026.
