In an exclusive interview with Global Gaming Insider, Betsson AB CEO Pontus Lindwall discusses the company's progress, saying it remains on the "right track" despite headwinds in its B2B segment.
In the wake of the release of Betsson’s Q2 2026 results this morning, CEO Pontus Lindwall reflects on the factors behind the group’s lower profitability, despite record revenue and the path to restoring B2B growth. He also discusses the activity boost from the FIFA World Cup and the company’s continued momentum in Latin America.
Revenue reached a record €310.2m ($354.5m), but EBITDA fell 31% and the margin dropped to 18.8%. What are the main factors behind the decline in profitability, and when do you expect margins to recover?
This drop in margin and profitability is due to a challenge within our B2B business that we encountered in the third and fourth quarters of last year, so it is nothing new for this quarter. We can't really say when the margins will return to where they have been, but we can conclude that the margins in this second quarter of 2026 are far better than in the previous quarter. So we are definitely on the right track in improving the margins.
What steps are you taking to return the B2B business to growth?
I think we have a strategy that we have followed in the company for quite some time, and it has served us well. We will continue along the same lines by building very competitive products that we can utilise in the B2B business, sell to partners and generate revenue from. We didn’t really change much because of the current situation. We just keep working as we have done, and over time, that will help us grow the B2B business.
With 76% of revenue now coming from locally regulated markets, how are higher gaming taxes and compliance costs affecting profitability, how much do you plan to offset this pressure?
Of course, this is something we have foreseen for a very long time. It's not only our customers, but the whole industry globally that is moving towards local regulation and local taxation. With that comes higher compliance costs as well. We are growing the company strongly and, by becoming bigger, we will be able to absorb those taxes and remain competitive.
You highlighted the FIFA World Cup as a major driver of activity. How much of the increase in customer activity could translate into long-term customer retention?
The World Cup only took place during the last 20 days of the quarter, but it's a terrific event for bringing in new customers. Of course, we hope many of those customers will stay with us for a long time. We just have to wait and see, but it definitely had an impact on the number of active customers during the quarter, more so than on revenue as such.
Latin America grew 32%, Peru and Argentina were highlighted as particularly strong performers. What specific investments or strategies made the difference in those markets?
In both markets our brand is in a very strong position and we have good sponsorships in place with major football clubs, so that helps a lot. Argentina is a relatively young market, but we have been at the forefront since local regulation was introduced, so we're in a strong position. In Peru, we've been there for a long time and have built a very strong brand, which is what's driving the growth.
We can not really say when the margins will return to where they have been, but we can conclude that the margins in this second quarter of 2026 are far better than in the previous quarter - we are definitely on the right track
What are the biggest opportunities for the company in the region going forward?
I think it's the region itself because it's still in the early stages of developing a regulated online gaming market. There is a lot of development still to come, along with structural market growth for companies like us, so that creates great opportunities.
Betsson has said it aims to grow organically and through acquisitions. Are you currently looking at acquisition opportunities?
We have already communicated that we have one acquisition in the closing phase (referring to Rhino Canada acqusition), so we're working hard to finalise the initial part of that transaction. We hope to close it within a matter of weeks. We also work very systematically on different M&A opportunities, so yes, we have a pipeline of different possibilities that we continue to review.
Looking ahead over the next 12 to 18 months, what are the biggest opportunities for Betsson, and what do you see as the greatest challenge or risk to achieving the company's growth ambitions?
Of course, we want to grow both revenue and profitability, but the gaming industry is never easy because it's difficult to predict what will happen. We've seen less favourable developments in certain markets, especially in Europe, where regulators have tightened the rules too much. Those would be the main challenges.
On the positive side, we are very optimistic. We are in a very strong financial position to invest more in marketing, product development and M&A. That's our growth case: to continue doing what we do, benefit from the overall trend of online gaming becoming bigger globally and perform well enough to outperform the market. So we are positive about the future.
Betsson featured in a recent, industry-first, documentary by Global Gaming Insider: ‘’How to Win the World Cup - The Evolution of Sports Betting ‘’
Latin America became Betsson's largest market during the quarter, accounting for more than one-third of total Group revenue
