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Net Profit of Russian Bookmakers Falls Despite Betting Market Growth

The Sports.ru portal analyzed the financial statements of 16 licensed bookmakers in Russia for 2025. The data does not include the new 7% GGR tax, which came into force on January 1, 2026. The iGN editorial team presents the following figures:

Market Dynamics

  • ₽1.877.4 billion / ~$23.5 billion — total betting deposits in 2025 (+7.6% YoY)
  • +127% → +39% → +41.8% → +7.6% — market dynamics for 2022–2025
  • 5.6% — official inflation rate for 2025 according to the Central Bank

Revenue and Market Share

  • ₽712.4 billion — Fonbet (+17% YoY), 37.95% market share (+3 p.p.)
  • ₽409.2 billion — Winline (−1.4%), 21.8%
  • ₽238.4 billion — BetBoom (+5%), 12.7%
  • ₽143.6 billion — Pari (+7.7%), 7.65%
  • ₽115.8 billion — Liga Stavok (−1.7%), 6.17%
  • ₽72.3 billion — Olimpbet (+4.4%), 3.85%
  • ₽70.6 billion — Betsiti (+5.1%), 3.76%
  • ₽39.4 billion — Melbet (+13.5%), 2.10%
  • ₽19.5 billion — Leon (+19.9%), 1.04%
  • ₽19.2 billion — Marathon (+2.5%), 1.02%
  • ₽12.7 billion — Baltbet (−26.8%), 0.68%
  • ₽12.1 billion — Zenit (+1.8%), 0.65%
  • ₽5.4 billion — Bettery (+343.2%), 0.29%
  • ₽4.4 billion — Tennisi (−3.1%), 0.24%
  • ₽2.2 billion — Sportbet (+16.8%), 0.12%
  • ₽100 million — Bet-M, 0.01%

GGR and Disclosure of Indicators

  • ₽344.9 billion / ~$4.31 billion — total industry GGR
  • ₽149 billion — Fonbet
  • ₽101.4 billion — Winline
  • ₽26.6 billion — Liga Stavok
  • ₽25 billion — Pari
  • ₽16.4 billion — Olimpbet
  • ₽11.7 billion — Melbet
  • ₽5.2 billion — Marathon
  • ₽4.3 billion — Leon
  • ₽3.1 billion — Baltbet
  • ₽1.2 billion — Bettery
  • ₽1 billion — Tennisi
  • ₽40 million — Bet-M
  • BetBoom, Betsiti, Zenit, Sportbet — not disclosed in reporting

Net Profit

  • ₽75.6 billion / ~$945 million — total net profit (−18.5% YoY), decline in 10 of 16 companies
  • ₽28.8 billion — Fonbet (−23.1%)
  • ₽24.6 billion — Winline (−11.3%)
  • ₽10.3 billion — Pari (+23.8%)
  • ₽5.7 billion — Melbet (+6.1%)
  • ₽2 billion — Betsiti (−59.8%)
  • ₽1.3 billion — Liga Stavok (−40.6%)
  • ₽1.3 billion — BetBoom (−48%)
  • ₽1 billion — Olimpbet (−55.2%)
  • ₽400 million — Bettery (+604.3%)
  • ₽400 million — Marathon (−54.6%)
  • ₽200 million — Baltbet (−64.4%)
  • ₽30 million — Zenit (+133.4%)
  • ₽30 million — Sportbet (+161.8%)
  • −₽300 million — Leon (−310.6%)
  • −₽300 million — Bet-M
  • −₽50 million — Tennisi (−117.8%)

Target Contributions

  • ₽37.77 billion / ~$472 million — total contributions to ERAI (2% of revenue, minimum threshold ₽120 million)

Commercial Expenses

  • ₽94.6 billion / ~$1.18 billion — total commercial expenses
  • ₽42.4 billion — Winline (leader for the second year in a row)
  • ₽21.6 billion — Fonbet
  • ₽12.8 billion — BetBoom (+50% YoY)
  • ₽6.3 billion — Liga Stavok
  • ₽5.7 billion — Pari
  • ₽5.2 billion — Olimpbet
  • ₽300 million — Bettery, ₽200 million — Marathon, ₽100 million — Tennisi
  • Betsiti, Melbet, Baltbet, Leon, Zenit, Sportbet, Bet-M — not disclosed in reporting

According to the authors of the review, 2026 will be a challenging year for bookmakers due to increased tax pressure (7% GGR tax, increase in target contributions to 2.25% of revenue with a potential rise to 2.5% by 2028), and not all companies will be able to withstand it.

The sports betting market in Russia recorded its lowest growth since legalization. With inflation at 5.6%, real growth was below 2%, sharply contrasting with double-digit rates in previous years. Amid the slowdown, 10 of 16 bookmakers saw declining profitability, and three ended the year with losses. Fonbet increased its market share by 3 p.p. and widened its lead over Winline, which, despite the highest commercial expenses in the market at ₽42.4 billion / ~$530 million, recorded a 1.4% revenue decline and an 11.3% drop in net profit.