This article first appeared on GuruFocus .
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Group Revenue:EUR285 million, a decrease of 3% year-on-year, but 4% organic growth.
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EBIT:EUR34 million for the quarter.
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EBIT Margin:11.9% for the period.
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B2C Revenue:Increased by 15% year-on-year, reaching a new record level.
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B2B Revenue:Decreased to EUR51 million, driven by lower revenue from one customer.
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Sportbook Revenue:Increased by 1% year-over-year, amounting to EUR80 million.
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Sportbook Margin:8.4%, slightly higher than the previous year.
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Casino Revenue:Decreased by 4% year-over-year.
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Net Cash Position:EUR165 million at the end of the quarter.
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Operating Cash Flow:EUR58 million, compared to EUR86 million in the same period last year.
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Equity Ratio:66% as of the end of March.
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Revenue from Locally Regulated Markets:Increased by 20% year-on-year, constituting 73% of total revenue.
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Latin America Revenue Growth:Increased by 21% compared to the same period last year.
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Western Europe Revenue Growth:Increased by 10% year-on-year.
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Operating Income:Decreased by 47% compared to last year.
Release Date: April 24, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Betsson AB ( BTSNY ) reported a 15% year-on-year increase in B2C revenue, reaching a new record level.
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The company saw strong growth in Latin America and Western Europe, with Italy being a significant driver of growth.
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Betsson AB ( BTSNY ) ended the quarter with a robust net cash position of EUR165 million.
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The acquisition of Rhino Entertainment Group's B2C business is expected to enhance profitability and growth opportunities.
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Betsson AB ( BTSNY ) continues to invest in new markets, which are anticipated to become profitable in the future.
Negative Points
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B2B revenue decreased by 43% year-on-year, primarily due to lower revenue from one customer.
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Casino revenue declined by 4% year-over-year.
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The company's operating income decreased by 47% compared to the previous year.
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The EBIT margin dropped to 11.9% from 21.9% last year.
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Revenue in the Nordic region and the Central and Eastern Europe and Central Asia region declined compared to the previous year.
Q & A Highlights
Q: Regarding the B2B segment, you mentioned revenue stabilization since December. Should we expect B2B revenue to remain flat in Q2? A: It's challenging to predict the rest of the quarter, but since December, the revenue has stabilized. - Pontus Lindwall, CEO
Q: Can you elaborate on the significant contribution of B2C to profits, especially given the decline in B2B revenue? A: We can't provide specific figures, but B2C significantly contributes to profits. We continue to invest in promising B2C markets, which currently incur higher costs than revenues. - Pontus Lindwall, CEO
Q: Has your strategy changed for B2C investments in growth markets due to the B2B decline? A: No, our strategy remains unchanged. We believe in the long-term potential of these markets and will continue investing in them. - Pontus Lindwall, CEO
Q: If B2B continues to decline, will you adjust your strategy to protect margins in the short term? A: We haven't discussed this scenario as B2B has stabilized. We are focusing on acquiring new B2B clients. - Pontus Lindwall, CEO
Q: Can you provide more details on Rhino's turnover and the B2B versus B2C split? A: We haven't published those figures, so we can't provide that information. - Pontus Lindwall, CEO
Q: Will the acquisition of Rhino be accretive to the group's margin? A: Yes, it will be accretive. - Pontus Lindwall, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
