Betsson posted record revenue for the third quarter (Q3), but rising taxation continues to squeeze earnings across the regulated market. 

Speaking on iGaming Daily, host Fernando Noodt sat down with SBC Editor-at-Large Ted Menmuir and Pontus Lindwall, Chief Executive Officer (CEO) of Betsson, to unpack the numbers, the World Cup and the company’s plans for Latin America.

Growth versus earnings

Lindwall described the quarter as the highest revenue in Betsson’s history and noted profits were also up on the second quarter (Q2). 

He was unfazed by the gap between income and earnings, saying the industry has long known tax pressure would follow locally regulated growth. Lindwall said: “We all knew 10, 15 years ago that that’s going to come.”

Margins are lower, but Lindwall pointed to a still-healthy earnings before interest and tax (EBIT) margin, continued cash dividends and no need for cost cutting. His message to the wider industry was to keep pushing regulators to channel more play towards licensed operators.

A World Cup to remember

On the sportsbook, Lindwall called the World Cup the best tournament Betsson has ever had, with 100% uptime throughout, something he suggested not every operator could claim. 

He said the quarter’s sportsbook margin was weaker, but blamed a player-friendly start to the European league season rather than the tournament. Sportsbook revenue grew 1%, though Lindwall insisted performance was “amazing”. 

In business-to-business (B2B), he expects normal market growth from existing partners, with new client wins to compound it.

Latin America and Brazil

Latin America is now Betsson’s biggest commercial region, and Lindwall is confident the brand and sponsorship strength will keep it there. 

Asked about the fallout in Brazil, he said he sees no knock-on pressure yet, as larger operators are still dealing with their own internal situations. Lindwall said Betsson’s cautious approach to Brazil’s opening, which meant little marketing spend before the market was shut down, now looks wise in hindsight. Even so, he called the decision “stupid” and said he expects it to change over time.

Belgium, Italy and the final quarter

In Europe, Betsson has rebranded in Belgium from betFIRST, and is leaning on its Club Brugge sponsorship to build recognition. 

In Italy, a year into the new regime, Betsson is growing, backed by its Inter partnership. Looking ahead, Lindwall said the fourth quarter (Q4) had started with very high activity and, with a busy sports calendar, he is optimistic about finishing 2026 strongly.

Watch the full episode here.