Gibraltar-based LiveScore Group has announced a 15% rise in turnover, reaching £206.3 million for the fiscal year ending 31 March 2025. This increase, primarily driven by strong performance in the United Kingdom, where turnover surged 26% to £175.6 million, highlights the company’s ability to outperform the UK market average. LiveScore’s financial results were filed with Companies House on Friday. Meanwhile, the group’s European operations faced setbacks, with a 29% decline in turnover to £16.3 million following its withdrawal from the Dutch market in November 2024 due to regulatory challenges. This strategic exit resulted in a £6 million impact on the company’s finances for the period.
Regulus Partners, a respected research firm, noted that LiveScore’s brands, including Livescore Bet and Virgin Bet, exceeded the UK market growth rate by 20 percentage points. Nevertheless, the firm anticipates a deceleration in growth for 2026 due to rising costs associated with the increased Remote Gaming Duty in the UK, which saw the company’s tax burden rise to 40% of gross gaming revenue (GGR) in April. This tax adjustment is projected to impose an additional financial strain of £20 million to £25 million annually, unless countermeasures are implemented.
Globally, LiveScore’s turnover decreased by 14% to £14.4 million. Analysts from Regulus attributed this drop to “softness in Nigeria,” reflecting broader challenges outside its core UK market. The company’s B2C segment remained dominant, contributing 90% of total turnover, while B2B advertising comprised 9%.
From a financial perspective, LiveScore saw a gross profit increase of 14%, amounting to £158 million. However, this was accompanied by an 18% rise in the cost of sales, which totaled £48.4 million. Despite these challenges, LiveScore reduced its operating loss to £26.7 million from £50.7 million in the previous year. The EBITDA loss also improved significantly, declining by 61% to £15.2 million. The company reported incurring costs of £3 million related to restructuring and streamlining efforts, described as redundancy expenses, in November 2024. According to the earnings report, these initiatives were part of a strategic effort to offset ongoing substantial investments in marketing and brand development.
A notable development for LiveScore was the launch of its Virgin Bet brand in South Africa in March, marking its initial venture beyond the UK market. This expansion signifies LiveScore’s strategic efforts to diversify its geographical footprint and reduce dependency on the UK market.
Looking forward, LiveScore faces several critical steps. The company will need to navigate the heightened tax environment in the UK while seeking growth opportunities in less saturated markets. Additionally, the firm must continue to adapt to evolving regulatory landscapes, particularly in Europe and emerging markets such as Africa. These strategic challenges will dictate LiveScore’s operational focus and market approach in the coming financial periods.
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