SpinCore Group has published its first quarterly business update, reporting a strong year over year performance in Q1 2026 and further progress in its transition into a broader multi brand and multi market gaming group.
The Group, which includes Hardrockcasino.nl in the Netherlands and the Belgian brands Blitz and SuperGame, recorded total Gross Win of €6.70 million in Q1 2026, representing a 22.9% increase compared with Q1 2025. Group EBITDA also improved significantly, doubling from €0.13 million in Q1 2025 to €0.26 million in Q1 2026.
The results reflect a positive development across the Group, with revenue growth increasingly translating into improved operating performance.
The strongest growth contribution came from the Netherlands, where Hardrockcasino.nl continued to develop positively.
Turnover increased from approximately €62.6 million in Q1 2025 to €84.7 million in Q1 2026, while Gross Win rose from €2.66 million to €3.78 million. This represents year over year Gross Win growth of 42.1%.
Gross profit also improved materially, increasing from approximately €356,000 to €587,000. This shows that the growth in the Dutch business is not only visible in player volumes and revenue, but is also beginning to translate into stronger contribution at operational level.
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. Despite this, EBITDA improved from negative €570,000 in Q1 2025 to negative €450,000 in Q1 2026.
This remains a meaningful loss, but the direction is positive. Revenue growth is beginning to support the fixed and variable cost base more effectively, reducing the distance to profitability.
In Belgium, SpinCore Group operates through the Blitz and SuperGame brands, including connected landbased activities.
The Belgian online business delivered solid growth in Q1 2026. Gross Win from Belgian online activities increased by 14.4% year over year, 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.
The landbased business remained more challenging. Gross Win from Belgium Landbase declined by 28.6% year over year, from €0.63 million to €0.45 million. This partially offset the positive development of the online segment.
Despite this, Belgium remained profitable overall, generating EBITDA of €0.71 million in Q1 2026.
At Group level, total Gross Win increased from €5.45 million in Q1 2025 to €6.70 million in Q1 2026, representing growth of 22.9%.
Compared with Q4 2025, Gross Win decreased by 5.1%, mainly reflecting a softer quarter versus the previous period. However, the year over year trend remains clearly positive.
Group EBITDA also developed favourably, increasing from €0.13 million in Q1 2025 to €0.26 million in Q1 2026. This represents a 100% increase year over year.
| SpinCore Group €m | Q1 2026 | Q4 2025 | Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|
| GW Netherlands Online | 3.78 | 3.88 | 2.66 | -2.6% | +2.1% |
| GW Belgium Online | 2.47 | 2.58 | 2.16 | -4.3% | +14.4% |
| GW Belgium Landbase | 0.45 | 0.60 | 0.63 | -25.0% | -28.6% |
| Total Gross Win | 6.70 | 7.06 | 5.45 | +5.1% | +22.9% |
| EBITDA Netherlands | -0.45 | -0.68 | -0.57 | +33.8% | +21.1% |
| EBITDA Belgium | 0.71 | 0.82 | 0.70 | -13.4% | +1.4% |
| Total EBITDA | 0.26 | 0.14 | 0.13 | +85.7% | +100.0% |
SpinCore Group is also preparing for its next phase of strategic expansion.
In the Netherlands, the Group has submitted an application for a sportsbook licence. Subject to regulatory approval and operational readiness, the expectation is that sportsbook activities could go live towards the end of Q3 2026.
The Group has also submitted an application in Finland, where the regulated online gambling market is expected to open on 1 July 2027. This positions SpinCore Group early for entry into a new regulated market with long term growth potential.
These initiatives are part of the Group’s broader evolution. 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 landbased segment requires continued attention.
Overall, SpinCore Group enters 2026 stronger than it was one year ago. 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.