Serbia’s gambling and betting industry generated combined net profits of approximately RSD 11.3 billion, or around €96.6 million, during 2025. The total represented a decline of more than 20% compared with the previous year, according to figures cited from financial statements. The data also points to the sector’s growing role as a source of fiscal revenue for the Serbian state.
Financial statements analyzed for 25 betting and gambling operators indicate that the market remains highly concentrated. A small number of companies account for the overwhelming majority of sector profits. Although Serbia has 29 licensed betting operators, four major groups continue to dominate both retail and online activity.
Mozzart and SoccerBet lead operator profitability in 2025
Mozzart remained the market leader, generating approximately RSD 29.8 billion in operating revenue during 2025. The company’s position has expanded over recent years through retail betting outlets, online platforms and broader gaming activities. Despite increased competition, Mozzart continued to hold a commanding share of the domestic market.
The second-largest profit generator was SoccerBet, operated by Phuket d.o.o., which reported profit of approximately RSD 4.2 billion (about €35.9 million). Operating revenues were reported at RSD 16.8 billion. The company improved performance compared with previous years, continuing a trend described as characteristic of Serbia’s betting industry since the pandemic period.
State revenues from gambling fees and taxes exceed RSD 28 billion
Government revenues from gambling-related fees and taxes reached more than RSD 28 billion (about €239 million) during 2025. That figure represented growth of roughly 35% compared with the previous year. The total includes licensing fees, betting levies, electronic gambling charges, slot-machine fees and casino-related payments.
The largest contribution came from gaming machines and electronic betting. Fees related to slot machines generated approximately RSD 11.3 billion, while electronic betting contributed almost RSD 9.8 billion. Traditional betting activities added around RSD 4 billion, with casinos and lottery activities accounting for the remainder.
Additional taxes raise total public take beyond direct gambling charges
The scale of fiscal revenues places gambling among Serbia’s more significant indirect tax-generating industries. Beyond sector-specific fees, operators also contribute through corporate income tax, VAT, payroll taxes and taxes on player winnings. When these additional obligations are included, total public revenues linked to gambling are substantially higher than direct fees reported by the gambling regulator.
The sector’s financial performance continues to intersect with public debate on social impact. Serbia remains without a comprehensive and regularly updated national database tracking gambling addiction. Existing studies suggest tens of thousands of citizens may experience problematic gambling behavior, though estimates vary depending on methodology.
No national addiction database; betting outlets total about 2,849 in 2025
Research cited by public-health experts has previously indicated that between 51,000 and 93,000 people may have gambling-related problems. A significant portion is classified as pathological gamblers in that research. At the same time, Serbia recorded approximately 2,849 betting outlets during 2025.
The number of outlets has begun to decline gradually, while Belgrade remained the largest betting market. Belgrade accounted for more than a quarter of all betting locations nationwide. The figures reflect both operator profitability and ongoing consumer demand across retail and online formats.
