LiveScore Reports Net Loss After Revenue Growth In 2025

LiveScore Group recorded £206.3m in revenue for the year ending 31 March 2025, representing a 15.3% increase year-on-year. The growth was led by its B2C online gambling segment, which generated £185.1m, up 18.3% from FY24.

The company’s software development unit also posted gains, with revenue rising 50% to £2.1m. In contrast, its B2B advertising segment declined by 9.5% to £19.1m.

LiveScore’s exit from the Netherlands also affected its revenue. In November 2024, the company withdrew due to advertising restrictions and higher tax rates. Without its Dutch operation, total revenue rose 20.9% from the prior year to £194.0m.

Geographically, the UK made the highest revenue, increasing 26.0% to £175.6m. Revenue from the rest of Europe fell 29.0% to £16.0m, majorly due to the Netherlands exit. For other international markets, revenue declined by 14.0% to £14.4m.

Operating losses narrow as gross profit improves

The company’s cost of sales increased to £48.4m, resulting in gross profit of £157.9m, up 14.3% year-on-year. 

There was also higher spending on distribution and administration, despite the reduced impact from foreign exchange differences. Hence, the full-year operating loss stood at £26.7m, a 47.9% boost from its £50.7m loss in the previous year. Pre-tax loss declined to £27.8m from £50.4m in FY24, while net loss reached £28.6m after tax, compared to £48.9m in the same period.

The company also reported a £1.2m exchange gain from foreign operations, bringing the total comprehensive loss for FY25 to £27.4m. This represents an increase from £49.9m in FY24. 

Furthermore, LiveScore’s EBITDA loss narrowed to £15.2m, up by 60.8% from £38.8m.

“This was in line with expectations and overall growth plans as the business incurred significant expansion and marketing costs,” LiveScore said. “The reduced operating loss resulted from a gross profit increase that outpaced ongoing significant investment in marketing and the LiveScore brand.”

Analysts highlight UK growth potential despite cost pressures

Though the company’s FY25 performance assessment was limited, analysts discovered various points. Regulus Partners identified the UK as a key area of progress, noting the 26.0% revenue increase during the year. The firm also pointed to structural challenges from scaling within a mature and competitive market.

According to Regulus, the cost of acquiring users and building a differentiated brand has weighed on profitability. However, its operational strategy may deliver returns over time.

“The underlying premise of turning a relatively small but high-reach sports content revenue stream into betting engagement, and then cross-selling to gaming is becoming ever more strategically valuable in markets that make traditional affiliate- and marketing-led online gambling business models ever more expensive to operate,” Regulus said.

“Making the model work in more than one market will also allow long-term investment to turn into a flywheel of scale. LiveScore’s perseverance is likely to finally pay off, in our view.”

Despite posting increased revenue in 2025, LiveScore suffered net losses across parts of its operations. However, the company can take several positives from the figures and analysis by independent bodies like Regulus. We can anticipate even better results from the current fiscal year.