LiveScore Group delivers strong FY25 numbers
Table of contents
- LiveScore Group posted revenue of £206.3m for FY25, up 15% year on year and above £200m for the first time.
- Operating loss narrowed from £50.7m to £27m, with EBITDA loss falling 61% from £38.8m to £15.2m.
- The group faces a significant UK tax headwind in FY26 following the Remote Gaming Duty increase to 40%.
LiveScore Group has delivered its strongest financial results to date, with revenue crossing £200m and operating losses halving, as the operator heads into a materially more demanding UK tax environment from April 2026.
Group of companies’ accounts filed with Companies House on 13 April show the parent of LiveScore Bet and Virgin Bet generated turnover of £206.3m for the 12 months to 31 March 2025, up 15% from £179m in FY24. The group posted an operating loss of £26.7m, down from £50.7m the prior year.
EBITDA losses fell 61% from £38.8m to £15.2m. Gross profit rose 14% to £158m, representing a gross margin of 77%. Cost of sales increased 18% to £48.4m over the same period.
The filing attributed the reduced operating loss to “a gross profit increase that outpaced ongoing significant investment in marketing and the LiveScore brand.”
UK drives revenue
Domestic turnover rose 26% to £175.6m, accounting for 85% of total group revenue for FY25. The performance reflects sustained momentum across LiveScore Bet and Virgin Bet in what remains the group’s core market.
European revenue fell 29% to £16.3m after the group exited the Netherlands in November 2024, citing rising regulatory and tax costs. That withdrawal generated approximately £6m in headwinds during the reporting period.
Rest of World turnover declined 14% to £14.4m. B2C accounted for 90% of group turnover in FY25, with B2B advertising making up the remaining 9%.
The group also recorded £3m in restructuring costs in November 2024, classified as redundancy expenses, following a reorganisation that affected more than 100 roles across multiple locations.
Distribution costs, the majority of which relate to marketing, remained a significant share of the cost base and contributed to the group’s continued loss position despite the improvement in gross profit.
Tax burden ahead
The improved FY25 numbers arrive ahead of a more challenging operating environment. The UK Remote Gaming Duty rose from 21% to 40% on 1 April 2026, the steepest single-step increase in British gambling tax history.
The group has indicated the additional burden could reach between £20m and £25m before any mitigation takes effect, a figure that would more than offset the £23.9m improvement in operating losses achieved across FY25.
The group has been repositioning ahead of that pressure. LiveScore launched Virgin Bet in South Africa on 30 March 2026, marking its first expansion outside the UK. The move builds on LiveScore Bet’s existing operations in Nigeria and targets Africa’s largest regulated gambling market.
For investors and peer operators, FY25 confirms that LiveScore’s convergence model, combining the LiveScore media platform with its B2C betting brands, is generating sustained progress at the revenue line.
Four consecutive years of narrowing losses represent a meaningful operational story. The test heading into FY26 is how effectively the group absorbs a duty increase that rivals are already responding to with sponsorship withdrawals, market exits and strategic reviews.
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