Betsson posts ‘solid’ second quarter ahead of World Cup
“The second quarter was a solid quarter, with all-time-high revenue.” So said Betsson Chief Financial Officer Martin Lehman during the company’s 17 July earnings call.
Betsson reported revenue of €310.6 million (US$355 million)1 EUR = 1.1438 USD
2026-07-17Powered by CMG CurrenShift, with cash flow on the order of €42 million (US$48 million)1 EUR = 1.1438 USD
2026-07-17Powered by CMG CurrenShift. Two-thirds of that revenue was derived from igaming and the rest from sports betting.
Revenues from igaming were up 2% and sports betting win rose 1%. Betsson ended the quarter with €128 million (US$146 million)1 EUR = 1.1438 USD
2026-07-17Powered by CMG CurrenShift cash on hand.
While business-to-customer revenues, 84% of Betsson’s total, were up 14%, CEO Pontus Lindwall conceded that business-to-business ones rose “at a lower level. We are working hard to return to growth in B2B,” he added.
Much of the marketing for the second quarter was focused on the World Cup, including a dedicated ad campaign. Betsson also launched a new talk show, “Pride of the Nation,” and a dedicated World Cup podcast.
In addition to launching a new betting application in Argentina, Betsson reported market-share gains in Italy. Artificial intelligence, Lindwall said, was “being used to have efficiencies all across the group.”
Monthly active users were Betsson’s highest ever, the company said, up 32% in the second quarter. However, deposits were down 7%. Handle also fell 12% to €1.3 billion (US$1.5 billion)1 EUR = 1.1438 USD
2026-07-17Powered by CMG CurrenShift. Revenue, Oehman said, was up “but not as much as the cost of sales.”
Although igaming handle slipped 9%, win was up 2.5%. Latin American and European revenues rose, while other markets did not, including Scandinavia. Latin America represented the plurality of Betsson revenues, some 36%.
Betsson also used the call to announce a new, long-term credit facility. It will run for two years, with an option for a one-year extension.
“We have seen a solid start to the third quarter,” Lindwall resumed. He noted that World Cup action had driven a 13.7% spike in revenue.
Queried about the effects of World Cup play on Latin American business, Lindwall replied that it was impactful, of course, but was also driven by efforts in product development. He added that major tournaments were always good for customer acquisition, but did not have an outsized effect over the long term.
Cost reductions, Lindwall continued, had been made “but more as housekeeping things that we always do.” He added that Betsson was in a good position as far as marketing expenditures were concerned. As for product development, “it wouldn’t be wise to cut those costs at the time being.”
Near the close of the earnings call, the subject of prediction markets arose. Lindwall called them “something we look at and follow with great interest.” However, he noted, they were not complementary to Betsson’s business as they are for United States operators.
“It would fall under the gaming regulations,” where Betsson operates, Lindwall explained. Only two analysts posed questions during the 27-minute call.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
World Cup spending meets a mixed operating picture
Betsson’s second-quarter results landed at a point when global gambling companies are preparing for the next major football betting cycle while trying to protect margins in more competitive markets. The company reported all-time-high revenue, supported by igaming growth, sports betting activity and a larger active customer base. But the details also showed a more complicated backdrop: deposits and handle fell, business-to-business growth lagged and cost of sales rose faster than revenue.
That mix matters because Betsson is entering a period in which product investment, marketing discipline and regional exposure will carry more weight. The company has leaned into World Cup-related marketing, including new media products and dedicated campaigns, ahead of the 2026 FIFA World Cup in North America. Management said major tournaments help acquisition, particularly in football-heavy markets, but do not necessarily create a lasting revenue step-change unless operators convert new users into recurring customers.
The company’s geographic profile makes that challenge more pronounced. Latin America accounted for the largest share of Betsson revenue in the quarter, while Europe also improved and Scandinavia remained softer. That aligns Betsson with one of the industry’s main current themes: operators are looking beyond mature markets for growth, but regulatory uncertainty, marketing costs and local competition can quickly affect the economics of expansion.
Latin America moves closer to center stage
Betsson’s Latin American weighting gives it direct exposure to the region expected to be one of the biggest beneficiaries of the 2026 World Cup. Mexico will co-host the tournament with the United States and Canada, and industry executives are already warning that outdated rules could push growth into less regulated channels. In a recent industry discussion, operators urged Mexico to modernize its gambling framework before the tournament, arguing that World Cup betting volumes can compress a year’s worth of activity into a short window.
That debate is central to the opportunity Betsson and its peers are chasing. A modern regulatory structure could allow licensed operators to invest more confidently in acquisition, payments, compliance and localized products. A restrictive or unclear framework could do the opposite, limiting legal market growth just as consumer demand peaks. The push by Mexican operators for a regulatory overhaul ahead of the FIFA World Cup underscores the stakes for companies with regional ambitions.
For Betsson, the World Cup is not only a sportsbook event. It is also a customer funnel for casino, live casino and cross-sell products, which typically offer more frequent engagement than seasonal sports betting. The company’s second-quarter split, with about two-thirds of revenue from igaming, shows why football-led acquisition can still be valuable even if sports betting margins fluctuate. The question is whether Betsson can turn tournament-driven sign-ups into durable igaming customers without overspending on bonuses and media.
Suppliers and fan platforms are building around the same event
The broader market is already positioning for World Cup demand, and suppliers are trying to help operators fill the gaps between fixtures. Beter recently expanded its eFootball inventory to 4,200 monthly events, including World Cup-themed competitions and schedules designed around peak betting hours. The move gives operators more content before, during and after major matches, with the goal of keeping users engaged when live sports are not available.
That strategy is relevant to Betsson’s investment posture. Management said it would not be wise to cut product development spending, even while maintaining cost discipline elsewhere. The logic is clear: operators that enter the tournament with stronger personalization, content breadth and retention tools may be better placed to monetize traffic. Beter’s expansion of eFootball content ahead of the FIFA World Cup shows how suppliers are treating the event as a 24-hour engagement opportunity, not just a match-day betting spike.
The tournament’s commercial pull also extends beyond betting. Fanatics has partnered with FIFA for Fanatics Fest in New York, scheduled for the final weekend of the World Cup. The event is designed to connect football with culture, streaming, celebrity appearances and fan competitions. That Fanatics Fest partnership with FIFA illustrates why gambling operators are likely to face a crowded attention market. Sportsbooks will not be the only companies bidding for fan engagement, data and discretionary spending around the tournament.
Public peers show growth is not flowing evenly
Betsson’s results also fit into a broader earnings season in which gambling and sports technology companies showed revenue growth but uneven profit performance. Sportradar, a key data and technology supplier to betting operators, reported a second-quarter revenue increase and lifted 2025 earnings guidance. Jefferies analyst David Katz described the quarter as a “solid beat and raise,” driven partly by rapid U.S. growth. The company’s betting technology and solutions division remained its largest engine.
Sportradar’s solid second-quarter performance points to continued operator demand for data, trading tools and content as markets grow more competitive. For Betsson, that supplier strength is both useful and costly. Better technology can improve pricing, in-play betting, risk management and user experience. But it also adds to the industry’s structural spending requirements, especially for operators trying to compete across multiple regulated markets.
Flutter Entertainment offered another version of the same tension. The FanDuel parent posted higher second-quarter revenue, helped by U.S. igaming growth, favorable sports outcomes and international acquisitions. But profit fell sharply, primarily because of a non-cash charge. Flutter’s higher revenue and lower profit in the second quarter showed that scale does not automatically translate into smooth earnings. Integration costs, sports margins, taxes, marketing and accounting items can all reshape headline performance.
Technology, regulation and retention shape the next test
Betsson’s management highlighted artificial intelligence as a tool for efficiency across the group, a sign of where operators see the next margin lever. AI can support customer segmentation, fraud detection, safer gambling interventions, marketing automation and customer service. In a quarter when active users hit a record but deposits declined, those tools may become more important. More customers do not help profitability if they are less active, more expensive to retain or attracted mainly by promotions.
The company’s new credit facility also gives it flexibility before a heavier investment period. World Cup cycles can demand earlier spending on media, affiliate deals, sponsorship, product testing and compliance. Betsson’s cash balance and access to financing give it room to invest, but investors will be watching whether those investments improve revenue quality. The decline in handle and deposits suggests that headline revenue growth may depend partly on favorable mix and win rates, not only stronger underlying activity.
Prediction markets, which surfaced briefly on the earnings call, add another strategic wrinkle. In the United States, sports-adjacent prediction products have become a topic of growing interest for some operators and exchanges. Betsson’s management was more cautious, saying such products would fall under gambling regulation in its markets. That distinction matters because Betsson’s opportunity set is shaped less by U.S.-style product arbitrage and more by local licensing, sports betting regulation and igaming execution.
The stakes behind a “solid” quarter
The second quarter gave Betsson momentum, but it did not remove the pressure to prove that growth can be sustained through changing sports calendars and market conditions. The 2026 World Cup should provide a powerful acquisition moment, particularly in Latin America. Yet the company’s own comments suggest management does not view the tournament as a substitute for product development, regulatory positioning or everyday retention.
That is the core backstory behind the numbers. Operators, suppliers and fan platforms are already reorganizing around the next global football peak. Betsson enters that period with record revenue, a large Latin American footprint and a strong igaming base. It also faces softer deposits, lower handle, B2B underperformance and rising costs. The next test is whether the company can convert World Cup attention into higher-quality activity after the final whistle.
