Quarterly results: revenue rises while profitability comes under pressure

The third-quarter 2026 financial statements of online betting companies show that revenue growth is not always reflected in profitability. Flutter, DraftKings, BetMGM, Super Group and Betsson reported revenue growth, while Entain recorded an increase in net gaming revenue. However, earnings results differed sharply from one another.

Sports events that resulted in customer-favorable outcomes, promotional spending and investments in new markets pulled earnings down. Flutter and Betsson announced declines in adjusted EBITDA despite revenue growth. DraftKings reported that its revenue rose 16 percent to 1.33 billion dollars, but it lowered its full-year profitability outlook.

Some companies painted a different picture. BetMGM raised its revenue by 7 percent while lifting its adjusted EBITDA to 86 million dollars, more than doubling it. Super Group reached 611 million dollars with a 10 percent revenue increase, while its earnings rose 8 percent.

Super Group calculated that customer-favorable results reduced its third-quarter revenue by about 40 million dollars and its adjusted EBITDA by 25 million dollars. At Betsson, betting volume rose 8 percent, but the sports margin fell to 8.1 percent from 8.8 percent in the same period last year. Sports betting revenue increased 1 percent. This picture shows that volume alone is not sufficient for revenue forecasting.