LiveScore Revenue Grows but Profitability Still Distant

LiveScore Group’s latest financial results highlight clear operational progress, with higher revenue and reduced losses pointing to improved performance. However, despite these gains, the company still faces ongoing challenges on its path to profitability.

For the financial year ending 31 March 2025, LiveScore reported revenue of £206 million, up from £179 million the previous year. This marks the first time the company has exceeded the £200 million threshold, reflecting continued growth following sustained investment.

Losses have also narrowed. Operating losses declined from £51 million to £27 million, while EBITDA losses were reduced to £15.2 million. Despite this improvement, the business still recorded a net loss of £26.7 million for the year.

Continued Investment Strategy

LiveScore has maintained a high level of investment across marketing, product development and expansion. Rather than reducing spend, the company is beginning to see stronger returns from its strategy.

Its model integrates a media platform with betting brands such as LiveScore Bet and Virgin Bet, aiming to convert sports audiences into betting customers within a single ecosystem. This approach is contributing to revenue growth while gradually improving cost efficiency.

Expansion and Market Adjustments

The company continues to explore new markets, with South Africa representing its latest expansion following a launch in early 2026. While the region offers growth potential, it also introduces regulatory uncertainties.

At the same time, LiveScore has exited certain European markets. It withdrew from the Netherlands in 2024 due to increased taxes and tighter advertising restrictions, followed by a departure from Bulgaria under similar regulatory pressures.

These shifts underline the complexity of operating across multiple jurisdictions, where regulatory changes can significantly impact performance.

Regulatory and Tax Pressures

Regulation remains a key concern for the business. In the UK, a 40% tax on remote gambling duties is set to take effect from April 2026, which could place additional pressure on margins.

There are also discussions around potential tax increases in South Africa, adding further uncertainty as the company establishes its presence in the market. These developments highlight the growing cost burden associated with regulated expansion.

Evolving Competitive Landscape

Competition within the sector is also intensifying. With the 2026 World Cup approaching, operators are preparing for increased activity, while new types of platforms, including prediction markets, are gaining attention.

Some of these emerging competitors operate under different regulatory conditions, creating an uneven environment compared to fully licensed operators.

Progress with Ongoing Challenges

Overall, LiveScore has demonstrated meaningful improvement over the past year, with stronger revenue performance and reduced losses indicating better operational efficiency.

However, the company remains unprofitable and continues to invest heavily in growth. Combined with increasing regulatory pressure and evolving competition, achieving long-term profitability remains a key objective still in development.