Betsson’s Q1 Surge Driven by Latin American Boom

Stockholm, May 2 – Swedish gaming giant Betsson has reported a robust first quarter in 2025, marked by double-digit year-on-year growth in revenue, profit, and EBITDA. The company attributes much of its success to a booming Latin American market, where revenues soared over 70%, anchored by rapid expansion in Brazil and surging customer deposits.

In the three months ending March 31, Betsson generated €293.7 million in revenue, an 18.3% increase from Q1 2024. This marks a quarterly record, albeit 4.3% below Q4 levels. Latin America was the clear engine of this growth, with regional revenue up 70.3% year-on-year to €74.5 million. Deposits in the region reached an all-time high, propelled by increased activity in Argentina and Peru, as well as the company’s growing foothold in Brazil’s newly regulated betting market.

Betsson secured a full operating license in Brazil this March, allowing it to fully capitalize on one of the most promising iGaming markets globally. CEO Pontus Lindwall noted the license would significantly expand Betsson's offerings in Brazil, where it has operated since 2019 through its stake in Suaposta.

“Latin America, in particular, continues to be an important growth region where we are continuously strengthening our positions,” said Lindwall. “Our ambition is long-term stable profit growth through geographical diversification and strategic expansion.”

Amid concerns over inflation, slowing trade, and a weakening global economy, Betsson remained bullish on the resilience of the online gaming sector. The group saw customer deposits rise 15.2% to a record €1.59 billion, while active customers rose 7%. Although registered users dipped slightly by 0.7%—a result of strategic market exits—Betsson remains confident about sustained demand.

“The world around us is currently characterised by great uncertainty,” said Lindwall, “but demand for gaming has historically been relatively unaffected by the broader economic cycle.” He pointed to structural trends favoring the industry: “The share of online gaming globally will continue to grow for years to come.”

Casino and Sportsbook Continue to Lead

Casino operations remained Betsson’s core revenue driver, accounting for €212.3 million, or 72% of Q1 earnings. This marks a 17.6% increase year-on-year, aided by the addition of 470 new games. Sportsbook revenue also saw strong growth, rising 21.6% to €79.7 million. Betsson's sportsbook margin improved notably from 6.6% to 8%, suggesting more efficient betting operations or favorable outcomes.

Poker, bingo, and other products contributed the remaining €1.6 million—down 27.3% compared to the previous year.
Mixed Results Across Regions

While Latin America led the charge, other markets painted a mixed picture:

• Central & Eastern Europe: Revenue rose 11% to €122.3 million, driven by performance in Croatia and Greece.
• Western Europe: Increased 28.1% to €55.6 million, with record results in Italy and solid returns from France and Belgium.
• Nordics: Dropped 19.3% to €37.8 million due to weaker casino and sportsbook activity, particularly in Sweden and Denmark.
• Rest of World: Revenue fell 14.8% to €3.4 million.

Betsson translated top-line growth into bottom-line gains. Gross profit increased 14.6% to €187.9 million, while operating profit rose 9.5% to €57.9 million. Despite operating costs climbing 16.9%, EBITDA grew 8.5% to €77.7 million. Net profit reached €48.4 million, a 13.1% year-on-year rise, even as the company absorbed €13.4 million in finance costs.

“Our global, scalable model and proprietary tech place us in a strong position for continued profitable growth,” said Lindwall.

The Future

Betsson’s performance in Q1 underscores the value of its geographic diversification strategy, with Latin America increasingly proving to be a cornerstone of future growth. With Brazil now formally regulated and online gaming continuing its global rise, the company appears well-placed to withstand economic turbulence while expanding its international footprint.