Betty Q1 net revenue soars 155% on the back of sustained player growth
CEO and co-founder Chavdar Dimitrov insists the female-centric slots operator is well “positioned for the next chapter” ahead of this summer’s Alberta launch
Betty has reported a 155% surge in Q1 net revenue to $81.2m, with CEO and co-founder Chavdar Dimitrov highlighting “discipline” and a “relentless focus on the player experience” as reasons for the growth.
It means the current annualised run rate for the female-focused online casino startup is $360m, according to management.
EBITDA for the first three months of 2026 amounted $3m, while the number of active players peaked at around 157,000 in March, which was the 38th consecutive month of player growth.
Management said there was a “more selective approach” to user acquisition after “very strong scale reached in Q4 2025”, with total acquisition spend falling from $22m in Q4 to $19m in Q1. Cost per acquisition dipped from $319 to $309.
The Ontario-licensed firm noted two significant developments during the quarter: the launch of in-house bingo and being granted a licence in Alberta, where Betty is planning to begin operations in July this year once the commercial online market opens. A licene for Alberta was secured in Q1.
The introduction of bingo, the startup’s second vertical after casino, “reflects the company’s ambition to redefine an often overlooked vertical”, Betty said.
“This initiative pushed the boundaries of what was deemed possible and underlined the strong execution capabilities of the engineering and operating teams,” the operator added.
Betty initially acquired a paper bingo hall in Kirkland Lake, Ontario, and through this purchase was granted charitable supplier status and was able to launch a real-money bingo product in the province.
Throughout the quarter the team operated a limited number of sessions that show “demand was clearly there”, with some games attracting more than 5,000 players.
Management said the aim is to make the bingo offering available to users seven days a week by the end of Q2, and to “become the go-to destination for the Ontarian bingo players” by the end of 2026.
In a LinkedIn post, Dimitrov wrote: “With icasino revenues scaling steadily in Ontario, we’re well positioned for the next chapter, both product vertical and geographic expansion.”
As well as Alberta, Betty plans to launch in the UK under a franchise model after a license was granted by the Gambling Commission in Q1.
The foray into the UK coincides with the Treasury nearly doubling remote gaming duty from 21% to 40% as of 1 April.
In an interview with EGR last month, co-founder and group CEO Justin Park said the aim is to build “the most dominant casino brand of all time.”
Park said today that he expects the UK brand to go live on June 1 and that the team has “developed a very interesting approach to the 40% tax rate.”
Betty, which employs around 400 people, has raised $12m in equity thus far, the most recent raise a $5m pre-Series A round in early 2024 led by CEAS Investments.