Serbia’s gambling and betting industry remained one of the country’s most profitable consumer sectors in 2025, generating combined net profits of approximately RSD 11.3 billion, or around €96.6 million, despite a decline of more than 20% compared with the previous year. The figures reveal both the scale of the industry and its growing importance as a source of fiscal revenue for the Serbian state.
Financial statements analyzed for 25 betting and gambling operators show that the market remains highly concentrated, with a handful of companies accounting for the overwhelming majority of sector profits. Although Serbia has 29 licensed betting operators, four major groups continue to dominate both retail and online gambling activity.
The market leader remains Mozzart, which generated approximately RSD 29.8 billion in operating revenue during 2025. The company has steadily expanded its position over recent years through a combination of retail betting outlets, online platforms and broader gaming activities. Despite increased competition, Mozzart continues 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 (€35.9 million) and operating revenues of RSD 16.8 billion. The company significantly improved its performance compared with previous years, continuing a trend that has characterized Serbia’s betting industry since the pandemic period.
While operator profits remain substantial, the biggest financial winner may increasingly be the Serbian state itself. Government revenues from gambling-related fees and taxes reached more than RSD 28 billion (€239 million) during 2025, representing growth of roughly 35% compared with the previous year. This amount includes licensing fees, betting levies, electronic gambling charges, slot-machine fees and casino-related payments.
The largest contribution to public revenues 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.
The scale of fiscal revenues increasingly 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 the direct fees reported by the gambling regulator.
Yet the sector’s financial success continues to fuel debate regarding its social impact. Serbia remains without a comprehensive and regularly updated national database tracking gambling addiction. Existing studies suggest that tens of thousands of citizens may experience problematic gambling behavior, although estimates vary widely depending on methodology. Research cited by public-health experts has previously indicated that between 51,000 and 93,000 people may have gambling-related problems, with a significant portion classified as pathological gamblers.
At the same time, the physical footprint of betting shops remains extensive. During 2025, Serbia recorded approximately 2,849 betting outlets, although the number has begun to decline gradually. Belgrade remains the country’s largest betting market, accounting for more than a quarter of all betting locations nationwide.
The combination of strong operator profitability, expanding state revenues and persistent consumer demand illustrates the economic paradox surrounding gambling. While public institutions benefit from rapidly growing fiscal inflows, concerns regarding addiction, household financial stress and the concentration of betting outlets continue to generate criticism from public-health professionals and civil society organizations.
For investors and market observers, the sector remains one of Serbia’s most resilient consumer industries. Even amid slower economic growth, elevated inflation and pressure on household purchasing power, betting operators continue to generate substantial cash flows. The figures from 2025 suggest that gambling has become not merely an entertainment business but a mature, high-margin industry with growing fiscal significance for the Serbian budget and an increasingly visible role in the country’s broader consumer economy.
