LiveScore Group nearly halved its annual losses for the financial year 2025 explained
LiveScore Group’s FY2025 results highlight significant financial progress. The group reported total revenue of £206.3m for the year to 31 March 2025, up 15.3% year-on-year. Crucially, the net loss narrowed to £28.6m (from £48.9m in FY2024), while operating loss was almost halved to £26.7m. This dramatic reduction in losses, accompanied by improved top-line growth, demonstrates LiveScore’s improving financial trajectory.
Why LiveScore Group losses dropped significantly in 2025
Revenue growth and improved margins were the main reasons for the sharply lower losses. Gross profit grew 14.3% to £157.9m, outpacing increased marketing and expansion costs. Management noted that this profit rise “outpaced ongoing significant investment in marketing”, enabling a much smaller operating loss. In addition, exiting the heavily taxed Dutch market in late 2024 removed £6m of revenue headwinds and meant that, excluding the Netherlands, group revenue would have increased 20.9% to £194.0m. Overall, higher UK revenues and efficiency gains helped cut the full-year loss.
LiveScore Group financial results 2025 key highlights
- Total revenue: £206.3m (up 15.3% YoY).
- B2C gambling revenue: £185.1m (up 18.3%).
- Software & development: £2.1m (up 50%).
- B2B advertising revenue: £19.1m (down 9.5%).
- Operating loss: £26.7m (vs £50.7m in FY2024).
- Net loss: £28.6m (vs £48.9m in FY2024).
- EBITDA loss: £15.2m (vs £38.8m in FY2024).
- UK revenue: £175.6m (up 26.0%), accounting for 85% of total sales.
Revenue growth behind LiveScore Group reduced losses in 2025
Most of LiveScore’s revenue growth came from its core UK markets and online betting brands. UK turnover rose 26.0% to £175.6m (85% of group revenue). The betting (B2C) division drove this growth, generating £185.1m in revenue – about 90% of total sales – up 18.3% year-on-year. In contrast, the media advertising segment accounted for roughly 9% of revenue and declined 9.5%. By channeling more of its large sports content audience into gambling customers, LiveScore boosted gross profit and helped shrink losses.
How LiveScore Group improved profitability in the 2025 financial year
Profitability improved as revenue rose faster than costs. Cost of sales increased to £48.4m (18% higher), but gross profit still increased 14.3% to £157.9m. Distribution and administrative expenses also grew, but not as quickly as revenue, which allowed operating loss to shrink by 47.9% to £26.7m. As a result, EBITDA loss narrowed to £15.2m (versus £38.8m in FY2024). A modest £1.2m foreign exchange gain also slightly improved the bottom line.
LiveScore Group business strategy that led to lower losses
LiveScore Group has pursued a convergence strategy of merging sports media and betting operations. Management continued heavy investment in its LiveScore Bet, LiveScore Media and Virgin Bet brands, aiming to convert sports content audiences into betting customers. Analysts highlighted that this strategy — turning a large sports media base into betting engagement — could deliver long-term value as the market evolves. This expansion approach is evident in the recent launch of the Virgin Bet sportsbook in South Africa (March 2026), the company’s first market entry outside the UK.
Breakdown of LiveScore Group operating costs and savings in 2025
LiveScore’s cost base grew in FY2025, though efficiency measures helped mitigate losses. Cost of sales reached £48.4m (up 18%) to support higher volumes, while marketing, distribution and admin expenses also increased. In November 2024 the group recorded a one-off £3m restructuring charge related to redundancies. On the savings side, exiting low-margin markets brought benefits: withdrawing from the Netherlands eliminated about £6m in revenue headwinds. These gains in gross margin and cost savings helped offset the higher operating expenses.
LiveScore Group betting and media segments performance in 2025
LiveScore’s betting (B2C) and media (B2B) segments performed differently. The B2C gambling brands generated about 90% of total revenue, contributing £185.1m (up 18.3% YOY). In contrast, the media advertising division contributed roughly 9% of sales (£19.1m) and saw revenues decline by 9.5%. The weaker media result was largely due to exiting the Netherlands, which removed advertising income. In effect, strong growth in the betting segment drove the company’s overall results, while the media segment’s contribution was relatively flat or down.
What LiveScore Group’s 2025 losses mean for investors and stakeholders
For investors and stakeholders, the narrowed losses signal significant progress toward profitability. The full-year net loss was cut nearly in half (from £48.9m to £28.6m) amid rising revenues, indicating improved operational leverage. This is encouraging for shareholders, as it suggests the business model is gaining traction. However, management has warned that rising UK gambling taxes (Remote Gaming Duty rising to 40%) and other regulatory costs could compress future margins. Overall, the FY2025 results show momentum, but investors will watch how the company manages these upcoming cost pressures.
Comparison of LiveScore Group 2024 vs 2025 financial performance
- Revenue: FY2025 £206.3m vs FY2024 £179m (+15%).
- Operating loss: £26.7m vs £50.7m (operating loss reduced by 47.9%).
- Net loss: £28.6m vs £48.9m (net loss cut by ~42%).
- EBITDA loss: £15.2m vs £38.8m (a 60.8% improvement).
These figures highlight the company’s improved scale and efficiency. The betting (B2C) division grew substantially, while non-core costs and loss-making segments were trimmed.
Key factors driving LiveScore Group revenue growth in 2025
Analysts attribute the revenue jump to LiveScore’s strong UK focus and successful brand execution. UK operations accounted for 85% of revenue, with UK turnover up 26%. Industry observers noted that LiveScore’s betting brands (LiveScore Bet and Virgin Bet) outperformed the wider UK market by about 20 percentage points during the year. Continued investment in product and marketing helped convert the company’s large sports-media audience into active gamblers. These factors — combined with expansion into select new markets — powered the 15% rise in group revenue.
LiveScore Group expansion plans after cutting annual losses
With losses shrinking, LiveScore plans to sustain growth through geographic and product expansion. The group has already entered South Africa: its Virgin Bet brand was licensed there and launched in early 2026. It is likely to pursue similar regulated markets in future and to expand offerings in existing ones (e.g. enhanced betting products, partnerships). Management remains committed to investing in technology and marketing, aiming to leverage the convergence of sports media and betting across the world. These expansion initiatives are expected to drive revenue even as the company manages its cost base.
Market reaction to LiveScore Group financial year 2025 results
Analysts generally viewed the FY2025 results positively but cautioned about upcoming headwinds. Regulus Partners highlighted that LiveScore’s brands outperformed the UK market and praised the conversion strategy of sports content into betting engagement. The substantial revenue growth and narrower losses were seen as validation of LiveScore’s approach. However, some market commentators also noted the looming impact of higher gaming taxes (notably a 40% duty in the UK from April 2026) and tighter regulations on future profits. In sum, the market acknowledged the strong growth but emphasized careful execution going forward.
Challenges LiveScore Group still faces despite reduced losses
Despite the improved results, LiveScore faces several challenges. One major issue is the higher tax burden: the UK Remote Gaming Duty jumped to 40% in 2026, which analysts estimate could cost the company £20m–£25m annually. Regulatory and advertising restrictions also remain a concern. The group already exited the Netherlands and Bulgaria due to tougher laws. Competition is intensifying too: new rivals and alternative gambling platforms (like prediction markets) are emerging. LiveScore must continue to scale efficiently while navigating these regulatory and market pressures to ensure sustainable profitability.
Future outlook for LiveScore Group after strong 2025 financial performance
Looking ahead, LiveScore is expected to continue leveraging its growth momentum, though caution is advised. The company’s management plans to build on the current revenue base by further expanding its betting brands in existing and new markets. The strategy of integrating sports media and betting should continue to bear fruit, but LiveScore will need to control costs carefully as regulatory expenses rise. In the near term, the improved FY2025 results position the group on solid footing; achieving profitability will depend on sustaining growth and successfully managing the new cost environment.
Frequently Asked Questions (FAQs)
- What were LiveScore Group’s key financial figures in FY2025?
LiveScore reported annual revenue of £206.3m (up 15.3%) and a net loss of £28.6m for FY2025. This compares to revenue of £179m and a loss of £48.9m in FY2024, meaning both revenue and losses improved significantly. - Why did LiveScore Group’s losses drop in 2025?
The loss reduction was driven by strong revenue growth (especially in the B2C betting division) and higher gross profit margins. These gains outpaced the company’s increased marketing and expansion spend, allowing operating losses to shrink dramatically. - Which segments contributed most to the revenue increase in 2025?
The B2C gambling brands (LiveScore Bet, Virgin Bet) were the main drivers. They accounted for roughly 90% of turnover (£185.1m) and grew 18.3% year-on-year. In contrast, the media/advertising segment (about 9% of sales) generated £19.1m and declined 9.5%. - How did exiting the Netherlands market affect results?
Leaving the Netherlands at end-2024 removed an underperforming segment. This action eliminated about £6m of revenue headwinds, meaning that excluding the Dutch operation group revenue would have risen 20.9% to £194.0m. In other words, the exit helped boost year-over-year revenue growth rates for the remaining business. - What were the main operating costs in FY2025?
Major costs included marketing and administrative expenses as LiveScore expanded its brands. Cost of sales was £48.4m (up 18%) due to higher betting volumes. The company also took a £3m restructuring charge in Nov 2024 for redundancies. Exiting low-margin markets (e.g. the Netherlands) helped offset some costs by cutting losses. - How significant is the UK market for LiveScore’s results?
Extremely significant. The UK accounted for 85% of LiveScore’s FY2025 revenue, with UK turnover up 26.0% to £175.6m. The core betting products (LiveScore Bet and Virgin Bet) are primarily UK-focused, so UK market performance largely drives the group’s growth and profitability. - What impact will higher UK taxes have on LiveScore?
The UK Remote Gaming Duty increased from 21% to 40% in April 2026, which is expected to materially reduce margins. Industry analysts estimate this could add £20–£25m per year to LiveScore’s tax bill. LiveScore management believes its diversified revenue streams and operational efficiencies can help mitigate this impact, but investors will watch closely. - How did LiveScore Group’s EBITDA loss change in 2025?
EBITDA loss was cut by around 60% in 2025. It improved to £15.2m in FY2025 from £38.8m in FY2024, reflecting higher revenues and controlled spending. - Is LiveScore Group profitable yet?
Not fully; LiveScore remains loss-making but on a much-improved basis. Its FY2025 net loss of £28.6m is significantly smaller than before, suggesting that profitability could be within reach if growth continues and costs are managed. - What are LiveScore Group’s future growth plans?
LiveScore plans to continue expanding in regulated markets and growing its betting user base. For example, it launched Virgin Bet in South Africa in 2026 (its first move outside the UK) and holds local licences there. The company intends to roll out further marketing and product enhancements globally, building on the convergence of sports media and betting to drive future revenue.
Conclusion
LiveScore Group’s FY2025 results reflect a strong operational turnaround. Revenue grew 15.3% to £206.3m, while net loss nearly halved to £28.6m. The company’s strategy of converting its large sports-media audience into gambling customers drove top-line growth and improved gross margins, enabling the reduced losses. Going forward, LiveScore appears well-positioned for continued growth, but it must navigate rising UK taxes and regulatory costs. Investors and stakeholders will monitor whether the company can maintain this momentum and move into profitability in the coming years.
Sources and citation
- NEXT.io – “LiveScore Group cuts net loss after revenue growth in FY25”
https://next.io/news/business/livescore-group-cuts-net-loss-after-revenue-growth-in-fy25/ - TheGamblest – “LiveScore Group narrows losses as revenue grows in FY25”
https://www.thegamblest.com/livescore-group-narrows-losses-as-revenue-grows-in-fy25/ - iGaming Business – “LiveScore revenue ticks up in FY25 as brands outperform UK market average”
https://igamingbusiness.com/company-news/livescore-revenue-ticks-up-in-fy25-as-brands-outperform-uk-market-average/ - iGaming Post – “LiveScore Revenues Climb in FY25, Brands Beat UK Market Average”
https://igamingpost.com/livescore-revenues-climb-in-fy25-brands-beat-uk-market-average/ - SBC News – “LiveScore narrows losses to £27m ahead of 2026 tax hikes”
https://sbcnews.co.uk/europe/uk/2026/04/17/livescore-narrows-losses-to-27m-ahead-of-2026-tax-hikes/
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