The National Lottery of Benin (LNB) has reported a steep decline in earnings for the first half of 2025, following a strong 2024 that ended with its successful IPO on the BRVM stock exchange.

LNB (BRVM: LNBB) posted a net profit of 841 million CFA francs, representing an 88% drop from its 2024 annual result. Revenue also fell by 6%, largely due to increased competition from private and illegal gaming operators.

In 2024, the state-owned company achieved 102.5 billion CFA francs in revenue and distributed dividends of 275.5 CFA francs per share to shareholders.

To counter the slowdown, LNB plans to launch an online sports betting and virtual gaming platform in September 2025. The company says this digital expansion will help recover market share and meet its year-end financial goals.

Since its stock market debut in December 2024, LNB shares have fallen about 8%, reflecting cautious investor sentiment.