Top 50 iGaming Companies by market cap

The iGaming EU’s Top 50 iGaming Companies ranks the world’s largest consumer-facing betting and gaming operators by estimated market capitalisation or enterprise value as of March 2026. For publicly listed companies, valuations are drawn from stock exchange filings and investor disclosures. For private companies (marked with ★), estimates are based on the most recent available data including tax filings, disclosed fundraising rounds, acquisition multiples, and company statements. All figures are stated in euros.

This ranking focuses on B2C operators, companies that take bets or wagers directly from end customers. Where a company operates both B2B and B2C segments, the ranking reflects the full group valuation but the editorial focus sits on the consumer-facing business. Pure B2B suppliers without a consumer brand are excluded.

#1 Flutter Entertainment — €16.60B (NYSE)

Flutter sits at the top of the global iGaming food chain with an asset portfolio no competitor can match in breadth. FanDuel commands approximately 38% of the US online sports betting market. Paddy Power, Sky Bet, and Betfair anchor the UK. Sportsbet leads Australia. Sisal runs one of the largest Italian operations, bolstered by the €2.3 billion Snaitech acquisition completed in April 2025. PokerStars remains the dominant global online poker brand.

Flutter paid $1.8 billion in July 2025 to take full control of FanDuel, consolidating a business that was already the primary driver of its growth narrative. In Brazil, a 56% stake in NSX/Betnacional valued at roughly $350 million positions the company in Latin America’s most watched new market.

The stock has fallen approximately 60% from its 2025 peak. The cause is not operational weakness but investor anxiety over prediction markets and their potential to fragment US sports betting demand. The company’s verified market capitalisation stood at $17.61 billion as of March 27, per Fintel data.

#2 Allwyn-OPAP — €16.00B ★ (Athens SE)

The merger of Allwyn and OPAP, completed in March 2026, created the world’s second-largest listed lottery company and one of the most significant structural deals the European gambling sector has seen in years. The combined entity holds national lottery concessions in the UK, Czech Republic, Austria, and Greece, giving it unmatched regulated lottery exposure across four major European markets.

The deal was announced at a €16 billion equity value, though the combined entity is currently trading closer to €11 billion on the Athens Stock Exchange. Beyond lotteries, Allwyn’s 62.3% acquisition of PrizePicks for $1.6 billion signals ambitions in the US prediction markets and DFS space.

#3 DraftKings — €9.69B (NASDAQ)

DraftKings operates across 26 US jurisdictions and Ontario, making it one of the two dominant consumer-facing sportsbooks in North America alongside FanDuel. The portfolio includes Golden Nugget Online Casino and Jackpocket, a lottery courier service that extends the brand into adjacent verticals.

The acquisition of Railbird in October 2025 gave DraftKings its entry point into prediction markets, a category the company has moved aggressively to build. That push has come at a cost. The stock is down 40% year-to-date, driven by regulatory uncertainty around prediction market products and mounting legal scrutiny. Verified market capitalisation: $10.53 billion as of March 26, per Fintel.

#4 Bet365 — €9.60B ★ (Private)

Bet365 remains the world’s largest single-brand online bookmaker, operating one consumer brand globally rather than the multi-brand holding company model favoured by most competitors. The company is live in 15 US states and became the first UEFA Champions League betting partner in 2024.

A £9 billion sale was rumoured by The Guardian in May 2025, though no transaction has materialised. The company withdrew from China in March 2025. Founder Denise Coates transferred ownership of Stoke City FC to her brother John, separating the family’s football and gambling interests. The £9.60 billion valuation is estimated from the most recent available disclosures.

#5 Lottomatica — €6.30B (Milan SE)

Lottomatica is the clear market leader in Italian online gambling with a 30.5% market share as of Q2 2025, built through a portfolio that includes GoldBet, BetFlag, Better, Totosì, and Planetwin365. The company joined the FTSE MIB index in September 2025, a milestone that reflects its status within the Italian equity market.

Revenue reached €1.1 billion in H1 2025, with EBITDA growing 33% year-on-year. The stock has gained roughly 36% over the past 12 months. Italy’s new online gambling licensing regime provides Lottomatica with a stable regulatory backdrop in its home market. Verified at €6.04 billion via Yahoo Finance as of March 26.

#6 Banijay Gaming + Tipico — €6.00B ★ (Private)

The combination of Betclic and Tipico under Banijay Group’s ownership has created one of Europe’s largest private gambling operations. Betclic holds the number-one position in French sports betting and is the leading operator in Portugal and Ivory Coast. Tipico dominates in Germany and Austria. The acquisition of Admiral Austria from Novomatic in September 2025 added further scale, and bet-at-home rounds out the DACH presence.

CVC sold its majority stake in Tipico to Banijay at a €4.6 billion valuation in October 2025. The combined entity’s estimated value of €6 billion remains subject to full regulatory approval of the deal.

#7 Caesars Entertainment — €5.04B (NASDAQ)

Caesars straddles the line between land-based casino giant and digital operator. The company runs Caesars Sportsbook, Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Racebook across 23 North American jurisdictions. Land-based operations, including the Caesars Palace, Harrah’s, and Eldorado properties, still account for the majority of group revenue.

CEO Tom Reeg has publicly acknowledged that a digital spin-off is being actively considered, which would separate the fast-growing iGaming division from the brick-and-mortar business. Recent digital earnings have been strong, with the segment posting record numbers in Q4 2025. Verified: $5.48 billion as of March 26.

#8 Super Group — €5.00B (NYSE)

Super Group operates Betway alongside over 20 online casino brands including Spin Casino and Jackpot City. The stock surged 92% in 2025, making it one of the best-performing iGaming equities globally. Africa and the Middle East account for 38% of revenue, a geographic mix that sets it apart from peers concentrated in Europe and North America.

The company exited Sweden, Belgium, and Brazil during the period, sharpening its focus on markets where it holds a competitive edge. Crypto deposits grew 426% in H1 2025, and Super Group launched its own stablecoin, Supercoin, pegged to the South African Rand. Verified: $5.44 billion as of March 2026.

#9 FDJ United — €4.87B (Euronext)

FDJ United combines the French national lottery with the online portfolio acquired through the €2.45 billion Kindred Group takeover completed in October 2024. The combined brand portfolio spans FDJ (lottery), Unibet, 32Red, Maria Casino, ZEturf, and Premier Lotteries Ireland.

Integration has not been painless. H1 2025 online revenue fell 12% year-on-year, driven by tax increases in the Netherlands and France that compressed margins. The company’s stated target is to reach a top-three position in seven of its eight European markets by 2028. Full-year 2025 results showed the land-based lottery business remains the profit engine while the online division finds its footing post-acquisition. Verified: €4.87 billion via Investing.com.

#10 Rush Street Interactive — €4.48B (NYSE)

Rush Street Interactive has built its business as an iGaming-first operator, a strategic distinction from competitors that grew out of land-based casino portfolios. BetRivers is live in 15 US states, PlaySugarHouse serves the Pennsylvania market, and RushBet covers Colombia, Mexico, and Peru.

The company launched a four-state unified online poker liquidity pool across Pennsylvania, Delaware, Michigan, and West Virginia, a move that strengthens its position in US iCasino. Revenue grew 22% year-on-year in Q2 2025 and accelerated to 27.83% growth in Q4 2025. The stock has nearly doubled over the past year, up 95.71%. Verified: $4.87 billion per Google Finance as of March 27.

#11 Entain — €4.10B (LSE FTSE100)

Entain owns Ladbrokes, Coral, bwin, and the Party brands, and provides the technology that powers BetMGM through a 50/50 joint venture with MGM Resorts. The SuperSport CEE joint venture with EMMA Capital extends its presence across Central and Eastern Europe.

Leadership instability has weighed on the stock. CEO Gavin Isaacs departed in February 2025 after just five months, and Stella David took over as permanent CEO from April 2025. The share price dropped 40% in 2025, and the company carries £1.82 billion in debt from the 2022 William Hill acquisition. Entain estimates a £200 million annual tax impact following the UK gambling duty increases. Verified: £3.54 billion as of March 5.

#12 Stake / Easygo — €2.95B ★ (Private)

Stake.com is the world’s largest crypto casino and sportsbook. The broader Easygo group also includes Stake.us (US sweepstakes), Kick (a livestreaming platform competing with Twitch), and the Twist and Massive game studios. ASIC filings for December 2024 show A$5.07 billion in net assets. Revenue reached A$970 million in FY2025, with A$257 million in net profit.

The company is now expanding into regulated markets including Denmark, Italy, Colombia, Brazil, and Peru, moving away from the crypto-native positioning that built the brand.

#13 Bally’s Interactive — €2.70B ★ (Private)

Bally’s Interactive houses the consumer-facing digital brands after Standard General took the parent company private in a $4.6 billion deal. The portfolio includes Jackpotjoy, Bally Casino, Bally Bet (live in 11 US states), Monopoly Casino, Virgin Casino, and Borgata Bingo. In the UK, Bally’s is the second-largest online casino operator with 14% market share.

Intralot offered €2.7 billion for Bally’s International Interactive division in July 2025. The company also serves as Nottingham Forest’s front-of-shirt sponsor.

#14 Fanatics Betting & Gaming — €2.50B ★ (Private)

Fanatics Sportsbook is live in 23 US jurisdictions, with Fanatics Casino available in four states. The 2024 acquisition of PointsBet’s US operations added market access. What distinguishes Fanatics from other US sportsbooks is the Fanatics ONE omnichannel loyalty programme launched in Q3 2025, linking betting, trading cards, collectibles, and apparel in a single ecosystem.

Partnerships with the WWE, NASCAR, and gymnast Livvy Dunne as brand ambassador underscore the company’s push to reach a younger, sports-adjacent audience beyond traditional bettors.

#15 CIRSA — €2.00B ★ (Madrid SE)

CIRSA’s IPO on the Madrid Stock Exchange in June 2025 was oversubscribed eight times by more than 250 institutional investors, pricing at €15 per share. The company operates Sportium in Spain, Apuesta Total in Peru (70% acquired in 2024), and CasinoPortugal (68% acquired in 2024).

The digital transformation story is the investment thesis. Online revenue grew 63.5% year-on-year in Q2 2025, and digital accounted for 23% of H1 2025 group revenue, up from 16% previously. Spain’s online gambling market continues to grow, providing a stable home-market foundation.

#16 Kaizen Gaming — €2.00B ★ (Private)

Kaizen Gaming operates the Betano brand across 17 regulated markets and Stoiximan in Greece, where OPAP holds the remaining 15.51% stake since July 2025 while Kaizen retains its role as the technology and platform provider. The company won EGR Operator of the Year in 2025 for the third time in four years, along with casino and sports betting operator of the year.

Market entries in Belgium (March 2025) and Argentina’s Mendoza province (June 2025) extended the footprint. Kaizen is widely regarded as the market leader in Brazil. Sponsorship deals with Bayern Munich, Flamengo, River Plate, and Brøndby support brand visibility across Europe and Latin America.

#17 Fortuna Entertainment Group — €2.00B ★ (Private)

Fortuna is the dominant operator across Central and Eastern European markets including the Czech Republic, Slovakia, Poland, Romania (via Casa Pariurilor), and Croatia (via PSK). Owned by Penta Investments, the company sought a €2 billion valuation in a 2024 sale process, though bids fell short.

New leadership arrived in January 2025 with CEO Dieter John replacing Victor Corcoran. A new CFO (Uroš Bibić) and CTO (Sotiris Haritos, formerly of Novibet) followed, signalling a technology-led refresh. Fortuna serves as an official partner of Slavia Praha.

#18 Hard Rock Digital — €2.00B ★ (Private)

Hard Rock Digital benefits from a structural advantage few competitors can replicate: the Seminole Tribe’s sports betting monopoly in Florida, one of the largest US gambling markets. Hard Rock Bet is live in nine US states. Hard Rock Online Casino operates in New Jersey.

Unity by Hard Rock is the company’s omnichannel loyalty programme, connecting online gaming with the hotel, casino, and restaurant network. Partnerships with the Miami Heat and Tampa Bay Buccaneers support brand positioning in the Florida market. A motor racing slots product launched in October 2025.

#19 MGM Digital / LeoVegas — €1.84B ★ (NYSE, MGM parent)

MGM’s digital gambling division combines BetMGM (a 50/50 joint venture with Entain covering 25 North American jurisdictions) and the wholly-owned LeoVegas Group, which operates LeoVegas, BetUK, expekt, and BetMGM Europe across 11 markets. MGM acquired LeoVegas in 2022.

Gustaf Hagman stepped down from LeoVegas in June 2025. The division launched a proprietary sportsbook in Denmark in July 2025 and entered Brazil in February 2025 through a Grupo Globo partnership, targeting 10% or more of the country’s estimated $7 billion total addressable market.

#20 PENN Entertainment — €1.72B (NASDAQ)

PENN is rebuilding its digital strategy after the ESPN Bet partnership was terminated in December 2025. The company had been paying Disney $150 million annually for the brand licence. With that gone, PENN is re-entering the US market from Ontario through theScore Bet, its proprietary sportsbook brand.

The land-based portfolio includes Hollywood Casino, Ameristar, and L’Auberge properties. Interactive EBITDA improved from a $110 million loss to a $40 million loss in Q4 2025, suggesting the company is making progress toward profitability in digital. Verified: $1.87 billion per Robinhood as of March 27.

#21 Superbet Group — €1.50B ★ (Private)

Superbet is Romania’s largest operator and also owns Napoleon Sports & Casino in Belgium (acquired 2021). A €1.3 billion refinancing with Blackstone completed in 2025 provided financial firepower for expansion. Founder Sacha Dragic returned as co-CEO and became sole CEO in January 2026.

New product and technology hubs opened in Madrid and Amsterdam. The company made headlines in September 2025 when it honoured a payout glitch in Romania exceeding €30 million. SuperSocial, a free-to-play platform with a content creator programme, targets a younger audience segment.

#22 GGPoker / NSUS — €1.50B ★ (Private)

GGPoker is the world’s largest online poker platform by player volume. The company acquired the WSOP intellectual property for $500 million in 2024, consolidating its hold on the game’s most valuable brand. The 2025 WSOP Online series generated over $100 million in prize pools, awarded 33 bracelets, and attracted 50,000+ player fields.

An AWS fraud detection deal and a security partnership with GTO Wizard strengthen the platform’s integrity positioning. The Olive Branch Initiative reopened the door for previously banned players, a calculated move to expand the active player base.

#23 Caliente Interactive — €1.50B ★ (Private)

Caliente.mx is not just the number-one operator in Mexico. It is the number one by a factor of nine, with over 26 million visits per month as of August 2025, more than nine times the traffic of its nearest competitor. The Caliplay joint venture with Playtech received Mexican antitrust approval in 2025.

The company became the first betting operator to sponsor the CONCACAF Gold Cup in 2025 and maintains sponsorship deals with Atlético de San Luis and Liga Mexicana de Béisbol. In a market where regulatory clarity is still developing, Caliente’s dominance gives it a structural advantage that new entrants will struggle to challenge.

#24 Hong Kong Jockey Club — €1.50B ★ (Non-profit)

The Hong Kong Jockey Club is a 141-year-old institution that operates as a non-profit, distributing revenue to the community through tax and charitable contributions. HK$39.1 billion was distributed in FY2025 alone. Total wagering turnover reached HK$320.3 billion, up 5% year-on-year.

The HKJC runs horse racing betting, football betting (since 2003), the Mark Six lottery, and basketball betting (authorised by law passed in September 2025). Sarena Lin, a former McKinsey partner, was hired as chief transformation officer in August 2025.

#25 Svenska Spel — €1.50B ★ (State-owned)

Svenska Spel is the Swedish state-owned gambling operator, running Sport & Casino, Tur lottery, and Vegas gaming machines. Net gambling revenue reached SEK 7.7 billion in FY2024, though this represented a 4% decline attributable to responsible gambling measures.

A SEK 100 million fine imposed by the Swedish regulator was overturned by court in June 2025. The company is also involved in a Finland joint venture with Hippos ATG, positioned for launch when the Veikkaus monopoly ends in 2027. CEO Anna Johnson was appointed in summer 2024.

#26 Betsson AB — €1.21B (Nasdaq Stockholm)

Betsson operates across a diversified European footprint through Betsson, Betsafe, NordicBet, Inkabet, and the Bukmacherska/Fuksiarz brands in Poland. Central and Eastern Europe, the Caucasus, and Central Asia (CEECA) account for 41% of revenue.

Acquisitions in 2024 and 2025 included Sporting Solutions trading services from FDJ, Betclic Italy in Q1 2025, and full ownership of the Polish bookmaker Bukmacherska. Betsson Georgia was rebranded from Europebet in Q2 2025. Revenue grew 15% to €519.7 million in H1 2025.

#27 ZEAL Network — €1.11B (Xetra Frankfurt)

ZEAL Network is Germany’s leading online lottery broker, operating LOTTO24, Tipp24, ZEAL Instant Games, and ZEAL Iberia. Revenue grew 33% to €101.5 million in H1 2025, with EBITDA surging 76% to €35.4 million. Monthly active customers increased 12% to 1.5 million.

New CEO Stefan Tweraser took over in July 2025, replacing Helmut Becker. The games segment, with over 480 titles, is growing as a secondary revenue line alongside the core lottery brokerage business.

#28 Tabcorp — €1.04B (ASX)

Tabcorp operates the TAB brand, Australia’s leading wagering operator. Group revenue reached A$2.61 billion in FY2025, up 11.8% year-on-year. EBITDA grew 23.2% to A$391.5 million.

The company was fined A$4 million by ACMA for VIP marketing breaches in June 2025. CEO Gillon McLachlan has described the business as “fitter” following a restructuring that included several senior hires, including former HKJC executive Michael Fitzsimons as chief wagering officer.

#29 Danske Spil — €1.00B ★ (State-owned)

Danske Spil is Denmark’s state-owned gambling operator, running Oddset (sports betting), Lotto, Keno, and online casino products. GGR reached DKK 2.55 billion in H1 2025, in line with expectations. The company distributes more than DKK 1.8 billion annually to Danish communities supporting sport, culture, nature, and social causes.

New chair Lars Krarup joined in June 2025, and Jeppe Juul-Andersen was appointed chief innovation officer in September 2025. Denmark’s upcoming advertising ban will reshape the competitive landscape in which Danske Spil operates.

#30 Winamax — €0.80B ★ (Private)

Winamax holds the number-one position in French digital poker and is a top-three sports betting operator in France, where online casino remains illegal. Licensed in France, Spain, and Germany (sports betting only), the company runs a lean, single-brand operation.

Winamax sponsors RC Lens, RC Strasbourg, Stade Rennais, and Le Havre, and became PDC European Tour Germany sponsor from March 2025. A legal dispute ended the VfB Stuttgart shirt deal in 2025.

#31 Betfred — €0.70B ★ (Private)

Betfred folded Sharp Gaming into the main business to build a £100 million proprietary technology platform covering PAM, sportsbook, RGS, CMS, and apps. The migration paid off at the 2025 Cheltenham Festival, where unique users surged 89% year-on-year.

The company withdrew from Pennsylvania in July 2025, its last remaining US state, and completed a brand refresh in September 2025. Betfred remains privately owned by the Coates family and is focused entirely on the UK market.

#32 ATG — €0.60B ★ (State-linked)

ATG is the Swedish horse racing betting operator, linked to the Swedish Trotting and Breeding Association. The company also runs an online casino. Net gambling revenue reached SEK 2.6 billion in H1 2025, down 4.7% year-on-year. The Swedish government raised GGR duty from 18% to 22% in 2024, adding an estimated SEK 200 million per year to ATG’s tax bill.

CEO Hasse Lord Skarplöth has led the company since 2013. ATG is preparing a Finland joint venture with Hippos ATG for the 2027 market opening.

#33 Lottoland — €0.60B ★ (Private)

Lottoland runs its namesake brand alongside Sorte Online in Brazil (via Levante Brasil). The company was among the first operators licensed in Brazil when the market opened in January 2025. It won EGR Europe Operator of the Year for UKI in 2025.

A brand refresh in summer 2025 introduced a new “friendly smile” logo. Lottoland holds a Sky Sports News sponsorship slot in the UK and has partnered with Tunley Environmental on a carbon reduction target of 65%.

#34 Rank Group — €0.53B (LSE FTSE250)

Rank Group operates Grosvenor Casino (the UK’s largest land-based casino brand), Mecca Bingo, Enracha and Yo in Spain, and YoBingo Portugal, which is positioning as the first regulated online bingo product in the Portuguese market. Digital NGR grew 10% to £235.7 million in FY2025, with digital operating profit up 41% to £33.3 million.

CEO John O’Reilly has stated that over 70% of UK casino customers also play online, underlining the group’s omnichannel strategy. New chair John Ott, formerly of Barclays, joined from November 2025.

#35 BetVictor — €0.50B ★ (Private)

BVGroup operates BetVictor, Heart Bingo, and talkSPORT Bet from its Gibraltar headquarters. CEO Andreas Meinrad has led the company for more than a decade. Recent sponsorship activity includes a title deal with Down Royal Racecourse and the World Snooker Tour Home Nation Series (English, Welsh, Scottish, and Northern Ireland Opens).

#36 SkillOnNet — €0.50B ★ (Private)

SkillOnNet operates PlayOJO in the UK, PlayUZU in Spain, Mexico, Peru, and Canada, and BacanaPlay in Brazil’s regulated market. The company employs 200 engineers across Athens and Crete. A Megaways Casino UK relaunch is planned, and expansion is underway into Ireland, New Zealand, Alberta, and Finland.

The company is investing in AI-powered live dealer roulette and an AI chatbot for customer support. An Isobel creative agency “It’s Alive” TV campaign launched in July 2025.

#37 Gaming1 — €0.50B ★ (Private)

Gaming1, part of the Ardent Group, operates Circus in Belgium, the Netherlands, and Portugal, alongside the 777 brand. The company launched Circusbet.fr as a free-to-play platform in France, positioning for a potential legalisation of online casino.

Gaming1 employs 1,600 people across six core European markets and has been named Belgium’s top employer for four consecutive years. New C-suite additions include CPO Steven Scheers and CLO Yannik Bellefroid, formerly of Ladbrokes.be.

#38 Pinnacle — €0.50B ★ (Private)

Pinnacle occupies a niche no other major operator targets: a sharp, high-limit sportsbook known for accepting arbitrage bettors and professional punters. The company operates on a low-margin, high-volume model and maintains a longstanding industry reputation for price discovery.

Pinnacle is registered in Curaçao and licensed in Ontario, where it also offers iCasino. The company migrated to EveryMatrix’s CasinoEngine in Q4 2024 for its casino vertical.

#39 Novibet — €0.43B ★ (Private)

Novibet operates in Brazil, Greece, Mexico, and Ireland. Allwyn’s planned 51% acquisition for €217 million (announced January 2025) collapsed after feedback from the Hellenic Competition Commission in early 2026. The workforce has tripled to 1,200 in three years, with 200 engineers based in Athens and Crete.

A five-year sponsorship deal with Cruz Azul in Liga MX (signed June 2025) extended the brand’s visibility in Mexico. The company’s Dynamic Delay Engine, Opta-powered statistics, and AI multilingual assistant (handling over 500,000 enquiries per quarter) represent significant investment in product differentiation.

#40 ComeOn Group — €0.40B ★ (Private)

ComeOn Group operates ComeOn!, GetLucky, Casinostuen in Denmark (launched March 2025), and 888 Netherlands (acquired via an Evoke deal). The company runs an in-house SpinOn games studio, a proprietary sportsbook, and proprietary jackpot products.

CEO Juergen Reutter is investing in AI experimentation as the company pursues pan-European tier-one ambitions from its Malta base.

#41 Paf — €0.35B ★ (Non-profit)

Paf is a non-profit operator headquartered in the Åland Islands, generating funds for societal benefit. Revenue reached €183 million in FY2024, up 3%. The company operates casino, sports betting, and poker products.

Paf’s defining characteristic is its self-imposed player loss caps, reduced to €16,000 annually (from €17,500) in March 2025, and to €6,000 for players aged 20-24 (from €8,000). New native iOS and Android apps launched in 2025, alongside new brands: Golden Bull, Piñata Casino, Speedy Bet (Spain), and 1X2 (Sweden).

#42 Yolo Entertainment — €0.30B ★ (Private)

Yolo Entertainment operates Sportsbet.io, Bitcasino.io, and the new regulated-market brand Yolo.com, linked to the Bombay Casino in Tallinn. Founder Tim Heath announced a complete pivot from grey to regulated markets in September 2025, cutting 280 jobs in Estonia and leaving 600 employees at the Tallinn headquarters.

“You cannot be white and grey; you have to pick a side,” Heath stated publicly.

#43 KingMakers / BetKing — €0.30B ★ (Private)

KingMakers is the parent of BetKing (Nigeria) and SuperSportBet (South Africa, launched 2024). MultiChoice Group holds 49%, and MultiChoice itself was acquired by Canal+ (France). New CEO Ronnie Whelan, formerly of Flutter, joined in February 2025.

NGR reached $106 million in FY2025, up 76% organically. Group EBITDA was negative $9 million due to naira weakness and the SuperSportBet investment phase. KingMakers is the most prominent iGaming operator in sub-Saharan Africa.

#44 BetPlay — €0.30B ★ (Private)

BetPlay is Colombia’s number-one licensed operator, owned by Corredor Empresarial and powered by Kambi’s sportsbook technology. The Colombian government imposed a permanent 19% VAT on deposits in 2025, creating margin pressure across the market.

BetPlay launched a world-first TV betting experience through TAPPP interactive TV supplier in May 2025. The company serves as the headline sponsor of Liga BetPlay Dimayor, Colombia’s top football division.

#45 GAN / Sega Sammy — €0.25B ★ (Tokyo SE, parent)

Sega Sammy acquired GAN for $96 million in 2025, gaining both a B2B sportsbook technology platform and the Coolbet B2C consumer brand. GAN provides sportsbook technology to US and global operators, while Coolbet operates in 10 markets across Northern Europe and Latin America.

#46 Evoke — €0.23B (LSE)

Evoke, the parent of William Hill, 888, Mr Green, and Unikrn, is among the most challenged operators in this ranking. The share price fell 40% in 2025, and the company carries £1.82 billion in debt from the 2022 William Hill non-US acquisition.

CEO Per Widerström is focused on stabilisation. UKI online revenue dipped 1% in H1 2025, but online adjusted EBITDA improved 37%. The international division (Italy, Spain, Denmark, Romania) posted EBITDA growth of 111%. The company targets 3.5x leverage by end of 2027. UK tax increases add further pressure to the turnaround.

#47 LiveScore Group — €0.20B ★ (Private)

LiveScore Group operates LiveScore Bet and Virgin Bet. The company cut 100 roles after withdrawing from the Netherlands in late 2024. A Bulgaria launch in 2025 featured Dimitar Berbatov as brand ambassador, with South Africa and a potential Mexico entry (via a TV Azteca partnership) in the pipeline.

CEO Sam Sadi has described the company’s growth approach as “very boring and steady.” Sunderland AFC is an official sleeve partner.

#48 Buzz Group — €0.15B ★ (Private)

Buzz Group runs Buzz Bingo and Buzz Casino across 91 UK retail bingo clubs. The company’s Big Money Live product, built with Playtech, broadcasts live twice daily from a Derby studio, enabling nationwide clubs and online players to compete for the same prize pools. Buzz won EGR Marketing Campaign of the Year and Bingo Operator of the Year in 2024.

#49 Coolbet — €0.09B ★ (Private)

Coolbet operates in 10 markets across Northern Europe and Latin America. Sega Sammy acquired the company via GAN for $96 million in 2025. In Chile, where Coolbet sponsors Colo Colo, the Supreme Court has ordered ISPs to block offshore operators, putting that market presence at risk. Coolbet is also licensed in Peru and Ecuador. CEO Endre Nesset previously served at GiG.

#50 Codere Online — €0.08B (NASDAQ, CDRO)

Codere Online operates in Spain, Mexico, Colombia, Panama, and two Argentine provinces (Buenos Aires and Mendoza). NGR reached €111.8 million in H1 2025, up 4% year-on-year. EBITDA grew 37% to €4.1 million, and average monthly active players reached 158,200, a 10% increase.

The company received a second consecutive Nasdaq delisting notice in May 2025 for failing to file its annual report, though it successfully appealed in June. Codere Online serves as the shirt sponsor of Club Monterrey Rayados’ women’s team.

Source: The iGaming EU research, company filings, investor disclosures, regulatory filings, and publicly available financial data. Market capitalisations verified where stated. Private company valuations marked with ★ are estimates based on the most recent available information. All figures as of March 2026.