(AsiaGameHub) –   More than a year after LiveScore Group chose to exit the Netherlands, the operator seems to be reaping rewards from its updated European strategy as it moves closer to profitability. 

The group— which runs LiveScore Media, LiveScore Bet, and Virgin Bet— pulled out of the Netherlands in November 2024 following the government’s announcement of a tax increase to 37.8% by January 2026. At the time, Sam Sadi, CEO of LiveScore Group, stated that this decision, combined with stricter advertising guidelines, made the market no longer commercially viable.

This choice contributed to a reduction in operating losses up to March 2025, which nearly halved to £26.7m compared to the £50.7m reported in the 2024 financial year.

The improved performance was driven by the strong results of LiveScore’s UK operations, where turnover rose from £139.2m to £175.6m. This offset revenue losses in LiveScore’s European operations— almost entirely due to its withdrawal from the Netherlands— and its activities in the rest of the world.

Overall, turnover increased by £27.3m to £206.3m. Excluding the Netherlands, turnover was up by £33.5m to £194m.

LiveScore described itself as being in an ‘expansion phase’, a claim supported by the recent launch of VirginBet in South Africa, and attributed its performance to gross profit outpacing investment.

More questions than answers?

While buoyed by the strong performance of its UK assets, ongoing market changes mean the next two years are a critical juncture for firms like LiveScore looking to strengthen their foothold in the jurisdiction.

April marked the start of a new 40% tax on gross gambling revenue from online casino activity, making the market almost as challenging as the Netherlands. 

LiveScore has expressed confidence that its performance will provide ‘sufficient resilience’ to absorb the tax burden. 

However, the fact that 90% of its turnover comes from its B2C online gambling brands— plus the reality that last year’s financial growth hinged on UK turnover increases— leaves LiveScore vulnerable to the impact of the new tax framework.

To get ahead of the changes, the group exited the Bulgarian market in December to refocus resources and ensure it remains ‘robust and agile’ in light of the UK budget.

Since leaving the Netherlands, Sadi told SBC News the decision has been ‘validated’ as others ‘wasted’ capital trying to stay profitable despite tax headwinds. Now, LiveScore is one of the major companies seeking a path to profitability amid these shifts. 

Given the UK remains LiveScore’s primary market, its performance could allow the group to strengthen as smaller firms fall by the wayside under the increased financial burden.

Outside the UK, LiveScore has begun expanding beyond Europe, where tax frameworks are often more beneficial for operators.

As mentioned, after securing licenses from gambling regulators in Western Cape and Mpumalanga, LiveScore launched VirginBet in South Africa, building on its existing operations in Nigeria. 

Although LiveScore’s Rest of the World turnover dropped by 14% to £14.4m last financial year, Africa’s iGaming market continues to grow strongly, and launching in South Africa represents a significant opportunity.

However, since the launch occurred after March 2025, the results— positive or negative— won’t be known for a considerable period.