SpinCore Group, the parent company of Hard Rock Casino NL and Blitz Group, has reported revenue of €6.7m (£5.8m) for the first quarter of 2026, as bosses said there were “encouraging” signs of growth in the business.
The figure represents a 22.9% increase year on year (YoY) during the operator’s first quarter since formation.
In December, Hard Rock Casino NL combined with Belgium-facing Blitz Group to form SpinCore Group, with the Netherlands-focused brand’s CEO Cristiano Blanco installed to lead the merged business.
In addition to overseeing the Hard Rock Casino NL brand in the Netherlands, the company also operates the Blitz and SuperGame platforms in Belgium.
During Q1, online revenue in the Netherlands amounted to €3.8m, up 42.1% YoY.
Online revenue in Belgium totalled €2.5m, representing an increase of 14.4% compared to the corresponding period last year.
The earnings update also highlighted €450,000 of revenue was derived from land-based operations in Belgium, down 28.6% YoY.
EBITDA for the quarter came to €260,000, double the €130,000 recorded in the first quarter of 2025.
SpinCore noted that while the Netherlands-facing side of operations is “not yet profitable, the gap is narrowing”.
“Revenue growth is now outpacing much of the cost base, and the improvement in contribution, OPEX and EBITDA suggests that the business is moving in the right direction,” the operator added.
The impact of higher tax rates in the country and a “challenging” regulatory framework were cited as mitigating factors.
In January 2025, the Netherlands increased its tax rate to 34.2% of gross gaming revenue (GGR), with a further hike to 37.8% implemented at the start of this year.
There is also a €700 monthly net deposit limit for players imposed in the market, as well as several advertising constraints.
Data from the Dutch regulator, the KSA, has shown channelisation based on spend is creeping closer to 50%, despite more than 90% of players using licensed operators in the country.
SpinCore Group also confirmed its future intentions for the Netherlands includes adding sports betting to its offering, in addition to plans to enter the soon-to-be regulated Finland market.
A company statement read: “From a strategic perspective, the group continues to build beyond its original single market footprint. SpinCore has applied for a sportsbook licence in the Netherlands, with the current expectation of going live by the end of Q3 2026.
“The group has also submitted its application for Finland and is working towards the go-live on 1 July 2027, the first day of the new regulated market.
“The direction of travel is encouraging: stronger revenue, better operational leverage, improving EBITDA and a broader strategic foundation for future growth.
“Over the last 12 months, the group has started and completed its transition from a single market operator into a broader multi-brand and multi-market gaming group.”
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The post SpinCore Group reports €6m revenue in first quarterly earnings first appeared on EGR Intel.
Hard Rock Casino NL and Blitz Group parent records a 22.9% increase year on year across its Netherlands- and Belgium-facing brands, with plans in place to launch in soon-to-regulate Finland
The post SpinCore Group reports €6m revenue in first quarterly earnings first appeared on EGR Intel.