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Betsson AB

BETS-B.ST
63
Gambling, Resorts & Casinos · Consumer Cyclical
Also trades as: 0A37.L GBP 0.93 (-2.69%)
Price
kr 92.95
-2.70 (-2.82%)
Market Cap
kr 12.58B
Exchange
Stockholm Stock Exchange
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Weak
4/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

63 of 100 counted points = Winston Score 63.

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§Winston Score History

The full picture

Betsson AB is a Swedish online gambling company that runs sports betting and casino games over the internet. Its main products include sportsbooks, slot machines, poker, and live casino games, all offered through websites and mobile apps. The company owns a large portfolio of gambling brands — including Betsson, Betsafe, and NordicBet — and serves millions of individual players across dozens of countries.

Betsson makes money by keeping a portion of the bets and wagers placed on its platforms, which is a model sometimes called the "house edge." The company operates primarily in Europe, with strong positions in the Nordics, Central and Eastern Europe, and Latin America, generating roughly $1 billion in annual revenue. Its wide brand portfolio and established licenses in regulated markets create a meaningful barrier to entry, but the key risk is that governments can change gambling laws at any time, which could restrict or shut down Betsson's access to specific markets overnight.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-38.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€29M/ year

2.4% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

14.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€324M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Betsson AB is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 136.7M (2021) → 137.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
57.2%
Premium pricing power — 57.2% gross margin
Profit after running costs
Operating Margin
13.6%
Healthy — 13.6% operating margin
Return on the money invested
ROCE
19.3%
Strong — 19.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+0.9%
Nearly flat sales (+0.9% YoY)
Profit growth
EPS YoY
-29.3%
Earnings shrinking (-29.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
154%
Turns 154% of profit into real cash
Spare cash per sale
FCF Margin
11.5%
Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.21
Conservative — low debt load (0.21)
Covers its interest
Interest Cover
9.42x
Comfortably covers interest (9.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.4x
Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-1.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
7.69%
Healthy income — 7.69% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+24.9%
Dividend growing fast (24.9% YoY)
Payout Ratio
67%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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