Betsson CEO Pontus Lindwall on B2B recovery, Latin American momentum, and future M&A

Betsson AB reported a record quarterly revenue of €310.2m in Q2 2026, yet its EBITDA fell 31% year-on-year and the margin slipped to 18.8%. In an interview following the results, CEO Pontus Lindwall attributed the profitability gap to ongoing headwinds in the company's B2B segment, though he stressed that the margin trend is improving.

B2B challenges and margin outlook

Lindwall explained that the decline in B2B profitability originated in the latter half of last year and persisted into the first half of 2026. While he declined to give a precise timeline for a full margin recovery, he noted that Q2 2026 margins were "far better than in the previous quarter." The strategy to revive the B2B business remains consistent: "building very competitive products that we can utilise in the B2B business, sell to partners and generate revenue from." No major strategic shift is planned because of the current situation.

Regulated markets and cost pressures

With 76% of revenue now coming from locally regulated jurisdictions, higher gaming taxes and compliance costs are squeezing margins. Lindwall acknowledged this as a long-anticipated industry trend. Betsson aims to absorb these added expenses through scale, stating that "by becoming bigger, we will be able to absorb those taxes and remain competitive."

World Cup boost and retention

The FIFA World Cup, which ran for the final 20 days of the quarter, drove a notable increase in active customers. Lindwall described it as "a terrific event for bringing in new customers." While the short-term revenue impact was limited, the company hopes that many newly acquired players will remain loyal over the long term.

Latin America growth engine

Latin America was a standout region, with revenue up 32%. Argentina and Peru were identified as particularly strong performers. In Argentina, a relatively new regulated market, Betsson has been at the forefront since regulation was introduced. In Peru, a long-established presence and strong brand equity underpin growth. Lindwall sees the entire region as a major opportunity: "It's still in the early stages of developing a regulated online gaming market... a lot of development still to come."

M&A pipeline

Betsson is actively pursuing acquisitions. Lindwall confirmed that the Rhino Canada acquisition is in its closing phase, with the initial part expected to finalise within weeks. Beyond that, a systematic review of M&A opportunities is ongoing, and a pipeline of possibilities is under continuous evaluation.

Outlook: optimism tempered by regulatory risk

Looking 12 to 18 months ahead, Lindwall expressed confidence in Betsson's ability to grow both revenue and profitability. The company's strong financial position enables further investment in marketing, product development, and deals. However, he warned that tighter regulation in some European markets poses a challenge. "We've seen less favourable developments in certain markets, especially in Europe, where regulators have tightened the rules too much," he said. Overall, Lindwall remains positive, citing the global trend of online gaming expansion and Betsson's capacity to outperform.