LiveScore Group has announced a 15% increase in turnover, reaching £206.3 million for the fiscal year ending March 2025, driven primarily by growth in the UK. However, this success is shadowed by an anticipated tax burden of up to £25 million starting in April due to new regulatory changes. The company is also facing challenges in European markets, particularly after exiting the Netherlands.
LiveScore Group, based in Gibraltar, is set to face a significant increase in tax liabilities, projected to reach as high as £25 million in the UK starting from April, according to estimates from Regulus Partners.
The company reported a robust 15% growth in turnover, totaling £206.3 million for the fiscal year ending March 31, 2025. The majority of this growth stemmed from its UK operations, which saw a remarkable 26% increase, contributing £175.6 million—representing 85% of its overall revenue for the period.
These figures were disclosed in the latest earnings report filed with Companies House on Friday.
However, not all regions showed positive trends. In Europe, turnover plummeted by 29% to £16.3 million, primarily due to LiveScore's decision to exit the Netherlands market in November 2024 amid escalating regulatory pressures. This exit resulted in a £6 million impact on the company's performance during this reporting period.
Analysts from Regulus Partners noted that LiveScore exceeded the overall market growth in the UK. Their Monday report highlighted that the operator's brands, Livescore Bet and Virgin Bet, outperformed the market by a substantial 20 percentage points.
Looking ahead, growth is expected to decelerate in 2026, largely due to a new tax regime that raises the Remote Gaming Duty to 40% of gross gaming revenue (GGR). Regulus estimates that this hike could result in additional costs between £20 million and £25 million before any mitigation strategies are implemented.
Turnover for the rest of the world also saw a decline of 14%, totaling £14.4 million. This downturn could be attributed to market softness in regions such as Nigeria.
In terms of financial outcomes, LiveScore's gross profit for the 2025 fiscal year rose by 14% to £158 million. However, the cost of sales increased by 18% to £48.4 million. The group reported an operating loss of £26.7 million, a notable improvement from a loss of £50.7 million in 2024. Furthermore, the EBITDA loss decreased to £15.2 million, showcasing a year-on-year enhancement of 61%.
The restructuring efforts in November 2024 incurred costs of £3 million, categorized under redundancy expenses.
The earnings report emphasized that the reduced loss was largely due to a rise in gross profit that outpaced ongoing significant investments in marketing and the overall Livescore brand.
Additionally, LiveScore made its first international expansion move by launching its Virgin Bet brand in South Africa in March, marking a significant step outside the UK market.
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