B2B exposure overshadows World Cup

Research evidence excerpt

B2B exposure overshadows World Cup

Betsson

Forward-looking indicators

One of the primary KPIs that we track is the player counts of Turkish-language live casino

tables from Evolution. These correlate relatively well with the revenue of Betsson's B2B

business.

Quarterly live casino data

We present two charts below. The chart to the left represents the quarterly average player

count on Evolution's Turkish-language tables vs. Betsson's B2B revenues. The chart to the

right represents the y-o-y rate of change for both Evo's Turkish table player count growth

and Betsson's B2B revenue growth. Even though there have been quarters in which these

two have diverged directionally, the overall trend suggests that the two seem to correlate

quite well over long time periods.

It is worth noting that Betsson's EBIT is strongly linked to the performance of the B2B

segment, which appears to carry a very high incremental EBIT margin (likely to the tune of

some 90%, according to our analysis).

Evo Turkish tables vs. Betsson B2B sales Corresponding y-o-y growth rates

Source: ABG Sundal Collier, Alinea Analytics, Company data. Source: ABG Sundal Collier, Alinea Analytics, Company data.

B2B sales vs. group EBIT B2B sales vs. group EBIT

Source: ABG Sundal Collier, Company data. Source: ABG Sundal Collier, Company data.

Monthly live casino data

Below, we show the monthly average player count for Evolution's Turkish-language tables.

This data includes roulette tables and game show tables (including the recently launched

Türkçe Crazy Time). The data shows a steady decline in monthly average players since

Q1'25. However, the overall trend seems to have stabilised a bit during Q1'26 and Q2'26,

largely due to the launch of Türkçe Crazy Time. Since March, however, the new game has