BETS-BNasdaq StockholmConsumer DiscretionaryIFRS · SEK

Betsson

Betssonb is a prominent online gaming company that operates through its subsidiaries, offering a wide range of online casino games, sports betting, and other gaming services. The company leverages its proprietary technology platform, Techsson, to provide a robust and adaptable gaming experience. Betssonb is focused on sustainable growth through market expansion and enhancing its B2B offerings. With a strong brand and flexible technology, the company is well-positioned to enter new markets and adapt to regulatory changes.

Revenue1,197m SEK
+8.2 %y/y
Operating profit (EBIT)253m SEK
−1.4 %y/y
EBIT margin21.1%
−2.1 ppy/y
Net income35.0m SEK
−80.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50005001,0001,500m SEK2021: 658 m SEK2021: EBIT 1,194 m SEK20212022: 777 m SEK2022: EBIT 131 m SEK20222023: 948 m SEK2023: EBIT 211 m SEK20232024: 1,107 m SEK2024: EBIT 257 m SEK20242025: 1,197 m SEK2025: EBIT 253 m SEK2025TTM 2026: EBIT -78 m SEKTTM-78
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Online Casino40 %

Includes a variety of digital casino games available to players.

Sports Betting30 %

Encompasses betting services on various sports events.

B2B Solutions15 %

Provides gaming solutions and platforms to other businesses.

Techsson Platform15 %

Proprietary platform managing player accounts and gaming operations.

Customers

Betssonb caters to a diverse customer base, including individual players and businesses. The primary customers are online gamers who engage with casino games and sports betting. The company also serves B2B clients by providing gaming platforms and solutions. Betssonb's focus on local market adaptations helps in attracting customers in regulated markets. The company's proprietary technology enhances the user experience, making it appealing to tech-savvy customers.

Online Gamers

Engage in casino games and sports betting for entertainment.

B2B Clients

Utilize Betssonb's platforms for their own gaming operations.

Regulated Market Players

Seek compliant gaming experiences in locally regulated markets.

Strategy

Betssonb aims to achieve sustainable growth by expanding in existing and new markets. The company focuses on enhancing its B2B offerings and leveraging its proprietary technology to enter new markets quickly. Strategic priorities include adapting to local market conditions and regulatory requirements. Betssonb also seeks to improve customer experience and maintain a competitive edge through continuous product and technology development.

Market ExpansionLong term

To outgrow the market sustainably.

B2B Offering DevelopmentMedium term

To diversify revenue streams.

Technology EnhancementShort term

To improve customer experience.

Geography

Betssonb operates in various regions, focusing on locally regulated markets. The company holds licenses in 25 countries and uses a license from the Malta Gaming Authority for POS-regulated markets. Key markets include the Nordics, Latin America, Western Europe, and CEECA. The company's strategic focus is on expanding in regions with clear regulatory paths, while discontinuing operations in markets without local regulation prospects.

Risks

Betssonb faces several risks, including regulatory changes in gaming laws, which could impact operations in various markets. The company is also exposed to financial risks related to currency fluctuations and interest rates. Compliance risks arise from the need to meet diverse regulatory requirements across different regions. Additionally, strategic risks include the potential failure to successfully enter new markets or integrate acquisitions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory Changes1Compliance Risks2Financial Risks3Strategic Risks4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory ChangesImpact: CriticalLikelihood: Medium

    Could affect operations in key markets.

  2. Compliance RisksImpact: HighLikelihood: Medium

    Need to meet diverse regulatory requirements.

  3. Financial RisksImpact: HighLikelihood: Low

    Exposure to currency and interest rate fluctuations.

  4. Strategic RisksImpact: MediumLikelihood: Low

    Challenges in market entry and acquisitions.

Accounting

Judgemental items
Revenue Recognition

Critical for compliance with IFRS 15.

Impact: Significant on reported revenue

Seasonality

Causes quarterly revenue fluctuations.

Impact: Affects comparability

Goodwill Impairment

Important due to acquisition strategy.

Impact: Potential write-downs

Customer Deposits

Requires careful management under gaming regulations.

Impact: Affects cash flow

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Betsson (XSTO) – Consumer Discretionary | Financial Analysis – Clarifo