Betsson AB has released its financial results for the first quarter of 2025, highlighting an 18% year-over-year revenue increase to 293.7 million euros ($344.9 million), primarily due to positive performances in its casino and sports betting divisions.
Specifically, compared to the first quarter of 2024, Betsson's casino division saw an 18% revenue increase to 212.3 million euros, while sports betting revenue was 79.9 million euros, up 22% from the previous year.
Q1 2025 Performance
EBITDA also grew by 9% year-over-year, reaching 77.7 million euros this quarter, with gross profit up 15% to 187.9 million euros, and a profit margin of 64%, down 2% from Q1 2024. Additionally, Betsson AB's active customer base grew by 7% year-over-year, with total deposits up 15% to 1.59 billion euros.
In fact, the year-over-year positive growth in both casino and sports betting also stimulated a sports betting profit margin of 8%—higher than the 6.6% in Q1 2024. Operating income grew 11% to 64 million euros—with a profit margin of 21.8%, lower than the 23.3% in the same period last year.
Despite many positive growths, Betsson AB's net debt increased by 89.2% year-over-year, reaching 177.8 million euros this quarter.
Results by Region
The company stated that it made significant investments in the Latin American region this quarter, accounting for 25% of its total revenue, totaling 74.5 million euros, up 70.3% year-over-year. Specifically, the company reported strong quarterly performances in Argentina and Peru, and noted that the impact of its newly acquired Brazilian license will be reflected in the performance of the second half of 2025.
However, the main revenue driver for Betsson AB this quarter came from the Central and Eastern Europe and Central Asia (CEECA) region, with total revenue reaching 122.3 million euros, an 11% increase from the previous year. Revenue growth in Croatia and Greece offset declines in Lithuania, Estonia, and Georgia.
Nevertheless, Greece reported that Betsson's quarterly deposits, sports betting, and casino turnover all reached historical highs, and the company also achieved record revenue in the Italian market in Q1 2025.
Betsson's revenue for the fiscal year 2024 reached 1.1 billion euros - breaking the 1 billion euro mark for the first time.
CEO's Comments
Betsson AB's CEO, Pontus Lindwall, reviewed the quarterly performance, stating: "Betsson had a strong start to the year, with continued high customer activity and significant profit growth. Despite fewer operating days and seasonal effects, both customer deposits and betting turnover reached new highs this quarter. The group's revenue grew by 18%, and EBIT increased by 11%.
"Compared to the previous quarter, the decrease might be due to a lower sports betting profit margin, which was 8.0% this quarter, compared to 9.8% in Q4 2024.
Betsson aims for long-term stable profit growth through geographical diversification and growth plans in both existing and emerging markets. Latin America, in particular, remains a key growth area for us, where we continue to consolidate our position."
