Revenue growth and a narrowing loss
LiveScore Group has published its financial results for the year ended 31 March 2025, painting a picture of a business that continues to invest heavily in expansion while making measurable progress toward profitability.
Group turnover rose by £27.3m ($36.7m) to £206.3m – a 15.3% increase. Excluding the Netherlands, where the Group ceased operations during the period, the figure is more instructive still: revenue from continuing markets climbedfrom £160.5m to £194m.
The growth was driven by all three of the Group's principal operations – Virgin Bet, LiveScore Bet and the LiveScore sports media business – which together account for the entire revenue base.
The most significant headline improvement came in the operating loss, which narrowed substantially from to £26.7m – a reduction of nearly 48%.
EBITDA also improved markedly, moving from negative £38.8m to negative £15.2m.
The Group attributes the reduced loss to gross profit growth that outpaced its ongoing marketing and brand investment, though the scale of that spend remains considerable. Distribution costs – primarily marketing – came in at over £102m for the year.
Market exits and new territories
The Group's exit from the Netherlands, effective 30 November 2024, was a notable strategic decision. The move was driven by advertising restrictions and increased gaming taxation in the jurisdiction, reflecting a wider theme across the business: regulatory and fiscal environments are increasingly shaping where LiveScore chooses to operate.
On the expansion side, the Group took concrete steps into South Africa during the period. A subsidiary, Virgin Bet South Africa, received a Bookmaker Licence from the Western Cape Gambling and Racing Board on 31 March 2025, with an Mpumalanga Bookmaker Licence following in October 2025.
The Group officially launched in the South African market in February 2026, marking a significant step into a new geography.
LiveScore Group: Key financial metrics FY2024 vs FY2025
Costs, restructuring and the balance sheet
Operationally, the year also included a restructuring exercise in November 2024, which incurred costs of £3.09m, primarily relating to redundancy payments as the Group streamlined its operations. Staff costs overall increased to £46.3m from £38.2m, reflecting headcount growth and salary increases.
Net assets declined to £2.7m from £25.1m, largely as a result of the year's losses, while net current liabilities stood at £6.4m compared to net current assets of £0.8m the prior year.
A shareholder loan facility of £20m, carrying an 8% interest rate and repayable in September 2027, provided additional financial headroom.
The Directors have confirmed they are satisfied with the Group's going concern position, citing adequate resources and no material uncertainties.
Post-balance sheet, the Group secured an equity investment of £15.46m from Pechanga Venture Holdings in May 2025, providing a further capital injection as the business continues to scale.
Regulatory headwinds on the horizon
The regulatory pressures that shaped the Group's decision to exit the Netherlands are also making themselves felt closer to home. In the UK – the Group's most important market – the Government's 2025 Budget introduced significant changes to gambling taxation. From April 2026, Remote Gaming Duty on online casino-style products is set to rise from 21% to 40%, with a new 25% duty on remote betting activities following in April 2027.
The Directors have stated that the Group's diversified revenue base and operational efficiencies provide sufficient resilience to absorb the additional burden, though the increases will inevitably affect UK operating costs.
The tax changes have already had visible consequences beyond the annual report: in December 2025, LiveScore Malta confirmed it would withdraw the LiveScore Bet brand from Bulgaria, explicitly citing the UK Budget as the driving factor.
That period also saw the departure of Chief Product Officer Sam Talbot, who stepped down in January 2026 after three years in the role, though the Group has not publicly linked his exit to the wider restructuring or regulatory pressures facing the business.
LiveScore Group's B2C net gambling revenue accounted for approximately £185m of its total £206m turnover in FY2025 – around 90% of the Group's overall revenues
