Betting and gaming operator eyes further growth after solid Q1 performance in the Dutch and Belgian markets
SpinCore Group has reported a 23 per cent increase in total gross win for the first quarter of 2026 to €6.7 million, benefiting from growth in its online operations in the Netherlands and Belgium.
In its first quarterly business update, the privately owned operator said that it continued to make progress in its transition into a broader multi brand and multi market gaming group.
Gross win from Hardrockcasino.nl in the Netherlands and the Belgian brands Blitz and SuperGame rose to €6.7 million in the first quarter, helping quarterly EBITDA double to €0.26 million.
The strongest growth contribution came from the Netherlands, as turnover climbed 35 per cent to €84.7 million, pushing gross win up by 42 per cent to €3.78 million. Gross profit improved by 65 per cent to €587,000 in Q1 2026, although the Dutch business remains in investment phase and is not yet EBITDA positive.
“The cost base continues to reflect platform costs, the Hard Rock Digital brand licence, and the challenging regulatory environment in the Netherlands, including the impact of higher gaming tax,” said SpinCore.
Despite this, EBITDA from the Dutch business improved from negative €570,000 a year ago to negative €450,000 in the first quarter of 2026.
“This remains a meaningful loss, but the direction is positive,” continued SpinCore. “Revenue growth is beginning to support the fixed and variable cost base more effectively, reducing the distance to profitability.”
The Belgian online business delivered gross win growth of 14 per cent to €2.47 million in Q1, mainly driven by Blitz.
“This performance is particularly encouraging given that SuperGame was not pushed aggressively during the period, as the group is preparing future rebranding and technology improvements for the brand,” said SpinCore.
The land-based business in Belgium remained challenging, with gross win down 29 per cent year-on-year to €0.45 million.
Overall, the Belgian business remained profitable in the first quarter, as EBITDA climbed by 1 per cent to €0.71 million.
First Quarter of 2026 Results Comparison (€ millions)
| Q1 2026 | Q1 2025 | % Change | |
| Netherlands Online | 3.78 | 2.66 | +2.1% |
| Belgium Online | 2.47 | 2.16 | +14.4% |
| Belgium Land-based | 0.45 | 0.63 | -28.6% |
| Total Gross Win | 6.70 | 5.45 | +22.9% |
| Netherlands EBITDA | (0.45) | (0.57) | +21.1% |
| Belgium EBITDA | 0.71 | 0.70 | +1.4% |
| Total EBITDA | 0.26 | 0.13 | +100.0% |
Preparing for its next phase of growth, SpinCore has applied for a new sportsbook licence in the Netherlands, which could go live towards the end of Q3 2026, subject to regulatory approval and operational readiness.
The operator has also submitted an application in Finland, where the regulated online gambling market is expected to open on 1 July 2027, and has partnered with gaming supplier Finnplay to launch two new brands in the market.
“These initiatives are part of the group’s broader evolution,” said the company. “Over the last twelve months, SpinCore Group has started to move from a business with a primarily single market footprint into a broader gaming group with multiple brands, multiple jurisdictions and multiple product verticals.
“The Q1 2026 update shows a business moving in the right direction. Revenue is growing, operational leverage is becoming more visible and EBITDA is improving. The Netherlands remains in investment phase and still needs to progress further toward profitability, but the improvement is clear. Belgium continues to provide positive EBITDA, although the land-based segment requires continued attention.
“Overall, SpinCore Group enters 2026 stronger than it was one year ago,” SpinCore continued. “The group is growing, improving profitability and building the foundations for future expansion across new markets and products. The direction of travel is encouraging: stronger revenue, better operational leverage, improving EBITDA and a broader strategic foundation for future growth.”