B90 Holdings - H1 revenue ahead of expectations as AI investment ramps up
Shares in gambling lead generation business B90 Holdings plc (AIM: B90) have edged up on the back of a positive trading update for the six months ended 30th June 2026.
B90 is focused on online marketing for operators in the iGaming industry, specialising in customer acquisition for online sports betting and online casinos. Its wholly owned websites, including Oddsen.nu, Bet90 and Tippen4you, attract visitors by providing quality content, forums and player offers. B90 also provides pay-per-click marketing for its customers, driving traffic and new players to their platforms.
The firm provides a valuable service to clients as across the gaming industry operators face high player acquisition costs and evolving regulatory frameworks, reinforcing demand for specialist affiliate partners like B90 which are capable of delivering measurable customer acquisition. The firm’s strategy is to build a scalable, AI-enabled performance marketing platform.
Revenues ahead of expectations, profits steady after investment in future growth
Trading during the first half is said to have remained strong, with revenue for the period expected to be ahead of management expectations. This was driven by a strong performance from the core iGaming business and the ongoing optimisation of B90’s proprietary AI-driven marketing platform.
Investment in both marketing and technology has been made, particularly in AI automation and machine learning capabilities which have been further embedded across campaign management and operational workflows. This is expected to help improve the success of campaigns, allowing for better decision-making and making it easier to scale the business.
As a result of this investment, EBITDA for the first half is expected to “remain comparable” to the previous year when a profit of €0.30 million was posted. However, prioritising investment in technology and customer acquisition is expected to lead to significantly greater long-term shareholder value.
Alongside its core iGaming operations, B90 is progressing a number of pilot programmes to evaluate the application of its technology platform across adjacent industry sectors. These initiatives are said to be developing positively but remain at an early stage and are not expected to contribute materially to revenues during the current financial year.
B90 Holdings 1-year share price chart
Building on the full year
The trading update follows on from results for the year to end December 2025 which were announced a few weeks ago. Revenue for the period more than doubled, to €7.2 million from €3.5 million, with EBITDA increasing to €1.1 million from €0.66 million. The firm also returned to profitability at the after tax level, with the figure of €0.4 million comparing to a loss of €1.7 million in 2024. Cash at the period end increased to €967,383 from €364,259.
Last November B90 was forced to put out a statement in reaction to the gambling tax increases announced in the UK budget, namely Remote Gaming Duty increasing from 21% to 40% of a gaming provider’s profits from remote gaming with UK persons from 1st April 2026. The firm clarified that all of its current revenue is derived from partners and customers located outside the UK, highlighting that duty changes have no impact on its business model, financial guidance or operations.
All in all, things seem to be going well for B90’s operations and investors will be keen to see if there was any additional boost to revenues from the 2026 Fifa World Cup, which continued for an additional c.3 weeks after the trading update’s reporting period.
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Disclosures
B90 Holdings is not a corporate client of Optimo Research Ltd.
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