Acroud Defies World Cup Challenges: Revenue Rises in Q2 2026

Swedish affiliate powerhouse Acroud has presented its financial results for the second quarter of 2026, demonstrating resilience despite significant challenges surrounding major sporting events. With a total revenue of €12 million, the group recorded a 9.4% year-on-year increase. A primary driver was the performance in new customer acquisition, fueled by the 2026 FIFA World Cup held in the US, Mexico, and Canada, even if the commercial monetization of the tournament did not entirely meet high internal expectations.

A key factor for growth was the traditional iGaming affiliation business, which contributed €5.1 million to the total revenue, representing a 13% year-on-year increase. During this period, Acroud referred a total of 39,239 new depositing customers (NDCs) to operators, a 17% rise. The Software-as-a-Service (SaaS) segment, providing lead generation solutions for the wider industry, delivered an additional 28,319 NDCs and generated €6.9 million in revenue.

Numbers and facts

However, a look at profitability reveals the impact of recent restructuring. Adjusted EBITDA fell 15.1% to €1.3 million compared to an exceptionally strong prior-year quarter. Nevertheless, this marked a 7% improvement over the first quarter of 2026. Ultimately, Acroud recorded a loss after tax of €80,000 for the quarter, compared to a profit of €218,000 in the previous year. Cash flow from operating activities decreased from €1.1 million to €234,000.

A major achievement of the quarter was the completion of principal repayments on all interest-bearing debt outside the bond structure. This marks the end of a long period where a significant portion of liquid funds was allocated to servicing historic acquisition obligations and restructuring costs. Furthermore, personnel expenses were reduced by 14.9%, a success management attributes largely to the implementation of AI-enabled workflows.

"The opening stages of the tournament provided a significant acquisition opportunity, which our team executed strongly upon. Monetisation during the tournament was below our expectations, due to a large proportion of customers being located in European time zones not aligned with match schedules." - Company Spokesperson, Acroud Financial Report

Background

The 2026 FIFA World Cup was the defining event of the summer for many actors in the gambling sector. Since the matches took place in North America, European betting providers and their partners often faced difficult broadcasting times late at night or early in the morning. According to Acroud, this diminished the immediate conversion of generated attention into direct revenue. Nonetheless, the company views the high number of new customers acquired as a "strong base for future revenue generation."

In July 2026, the company also set ambitious new targets for the period leading up to the end of 2028. The goal is an annual adjusted EBITDA growth of 12%. Additionally, the net debt to adjusted EBITDA ratio is expected to fall below 1.25x by the end of 2028. Following the release of these latest figures, the company reaffirmed its confidence on 25 August in achieving these milestones.

Why it matters for German players

For players in Germany, developments at large affiliate networks like Acroud are felt indirectly. As Acroud focuses more on SaaS solutions and AI-driven workflows, the way offers are presented is changing. However, it remains crucial for German users to play exclusively on portals that hold a license from the Gemeinsame Glücksspielbehörde der Länder (GGL). The rules established in the State Treaty on Gambling 2021 (GlüStV 2021) provide the only legally secure framework.

In Germany, a strict deposit limit of €1,000 per month applies across all providers, monitored via the LUGAS system. Furthermore, stakes on virtual slot machines are limited to €1 per round. Anyone reaching a casino via affiliate sites should always verify if the provider is on the official GGL whitelist. Only there are player protection measures like the panic button and connection to the OASIS lockout system guaranteed.

What it means for GGL-licensed casinos

German licensees face the challenge of high acquisition costs due to strict advertising rules. If major partners like Acroud reduce their costs through AI efficiency, these savings could theoretically lead to better terms for operators. However, GGL-licensed casinos must ensure that their affiliate partners strictly adhere to German advertising guidelines. This includes a ban on misleading bonus promises and clear labeling of gambling offers. The high NDC figures cited by Acroud show that the market is growing despite regulatory hurdles, provided the technology is right.