Fifteen of the gambling industry’s largest companies generated a combined estimated €60bn in revenue during their most recent fiscal years, with Flutter Entertainment and Entain occupying the top two positions at approximately €15.1bn and €6.2bn respectively.
The ranking below is based on each company’s reported revenue converted to euros using approximate 2025 annual average exchange rates. Reporting periods and revenue definitions vary by company. Fiscal year-end dates, where they differ from the calendar year, are noted in the table.
| Rank | Company | Reported Revenue | EUR Equivalent | FY End |
|---|---|---|---|---|
| 1 | Stake / Easygo | AUD 970m | ~€584m | Jun 2025 |
| 2 | Rush Street Interactive | USD 1,134m | ~€1,043m | Dec 2025 |
| 3 | Super Group | USD 2,200m | ~€2,024m | Dec 2025 |
| 4 | Evolution | EUR 2,066.5m | €2,067m | Dec 2025 |
| 5 | Lottomatica | EUR 2,255m | €2,255m | Dec 2025 |
| 6 | OPAP | EUR 2,407.9m (GGR) | €2,408m | Dec 2025 |
| 7 | Banijay Gaming* | EUR 3,000m | €3,000m | 2024 PF |
| 8 | Light & Wonder | USD 3,314m | ~€3,049m | Dec 2025 |
| 9 | FDJ United | EUR 3,678m | €3,678m | Dec 2025 |
| 10 | Aristocrat | AUD 6,297m | ~€3,778m | Sep 2025 |
| 11 | Allwyn | EUR 4,112m (net) | €4,112m | Dec 2025 |
| 12 | Bet365 | GBP 4,036m | ~€4,763m | Mar 2025 |
| 13 | DraftKings | USD 6,054.5m | ~€5,570m | Dec 2025 |
| 14 | Entain | GBP 5,259.4m | ~€6,206m | Dec 2025 |
| 15 | Flutter Entertainment | USD 16,380m | ~€15,070m | Dec 2025 |
*Banijay Gaming (Betclic, Tipico, Admiral) figure is a 2024 pro-forma. The Tipico acquisition closed at end of 2025 and no consolidated FY 2025 figure has been published. Stake / Easygo’s reported revenue represents Easygo Group’s Australian-filed accounts for the fiscal year ending June 2025, not Stake.com’s platform GGR. OPAP’s reported figure is gross gaming revenue (GGR), the standard headline metric for the Greek operator. Allwyn’s figure is net revenue, which excludes player prize pass-through typical of lottery operations.
Stake / Easygo
Stake operates as one of the largest crypto-focused gambling platforms globally, but its corporate structure makes direct comparison with listed peers difficult. The brand sits under Easygo Group, an Australian holding company that also owns streaming platform Kick.
Easygo filed revenue of AUD 970m (approximately €584m) for the fiscal year ending June 2025, alongside net profit of AUD 257m. These figures represent the corporate entity’s consolidated accounts lodged with Australian regulators.
Stake.com’s gross gaming revenue tells a different story. Yield Sec data put Stake’s platform GGR at approximately $4.7bn in 2024, up around 80% from 2022. The gap between Easygo’s filed revenue and Stake’s reported GGR reflects the difference between platform-level betting metrics and entity-level accounting revenue. Stake does not publish a consolidated annual report.
Rush Street Interactive
Rush Street Interactive closed 2025 with full-year revenue of $1,134m, a 23% increase year-on-year and above the high end of the company’s guidance range. Q4 was the strongest quarter on record at $324.9m, up 28% from the same period in 2024.
Full-year net income reached $74m, while adjusted EBITDA of $153.7m represented a 66% increase over the prior year. RSI operates BetRivers in the US and several Latin American markets, and monthly active users in US and Canadian online casino markets grew 46% during the year.
For 2026, RSI guided for revenue of $1,375m to $1,425m and adjusted EBITDA of $210m to $230m.
Super Group
Super Group, parent of Betway and Spin, reported 2025 revenue of $2,200m, a 22% increase over 2024. Adjusted EBITDA surged 57% to $560m, producing a margin of approximately 25%.
Africa and Europe drove the growth. The Africa and Middle East segment accounted for roughly 40% of group revenue across the year, while the UK contributed meaningfully through Betway’s operations. Super Group exited its final US markets in mid-2025, citing long-term profitability concerns.
“We sharpened our focus by exiting the US iGaming market and concentrating resources in countries where we expect durable advantages — driving record customer growth.”
— Neal Menashe, CEO, Super Group
The company closed 2025 with $513m in cash. For 2026, management guided for revenue of at least $2.55bn and adjusted EBITDA above $680m.
Evolution
Evolution reported net revenues of €2,066.5m for 2025, effectively flat compared with the prior year. EBITDA declined 9% as regulatory pressure in European markets weighed on the live casino supplier’s margins.
The full-year results reflected growing headwinds in regulated European jurisdictions, where tax increases and compliance costs are compressing operator and supplier economics. Evolution’s EBITDA margin held at 66.4% in Q4, but the full-year trajectory marked a step down from historical levels.
Evolution’s pending acquisition of Galaxy Gaming faced regulatory hurdles in Nevada during the period. The company also contended with ongoing legal proceedings involving Playtech and Black Cube, which continued to draw investor and analyst attention throughout the year.
Lottomatica
Lottomatica Group posted revenue of €2,255m for 2025, up 12% from €2,005m the prior year. The Italian operator’s online segment was the primary growth driver, with online revenue rising 22% to €955m on the back of market share gains and contributions from recently integrated assets.
Group GGR reached €4,735m, up 8%, on total stakes of €44.7bn. Adjusted EBITDA grew 21% to €856m, with margins expanding from 35.3% to 38.0%. Adjusted net profit climbed 45% to €369m.
Lottomatica ended the year with 2.2 million online customers and around 17,400 retail outlets across Italy. The company completed integration of its PWO acquisition, realising €87m in synergies, 34% above the announced target. It also announced a €700m share buyback programme.
“2026 will be a year of further consolidation and evolution. We will continue our strategy of organic growth and targeted bolt-ons, further enhance our product and technology capabilities and invest in brand development.”
— Guglielmo Angelozzi, Chairman and CEO, Lottomatica
OPAP
OPAP, Greece’s largest gaming operator and a subsidiary of Allwyn International, reported record gross gaming revenue of €2,407.9m for FY 2025, a 4.9% increase from €2,296.2m the prior year. Net gaming revenue reached €1,643.5m.
Lotteries remained the largest segment at €803.7m, up 3.7% year-on-year. Betting revenue came in at €782.2m, a 1.4% increase, though Q4 betting GGR dipped 4.9% due to customer-friendly sports results. VLT revenue rose 6% to €365.5m, supported by product upgrades and terminal enhancements.
The standout performer was iGaming (online casino), which grew 16.9% to €350.6m, driven by demand from both new and existing players. The broader Greek iGaming market has been growing rapidly, and OPAP’s online channel continued to capture an increasing share of total activity. OPAP also acquired the remaining 15.51% stake in Stoiximan during the year, bringing the online betting brand fully in-house.
Gross profit from gaming operations increased 5.1% to €1,018.9m, outpacing top-line growth. OPAP is separately listed on the Athens Exchange, though Allwyn holds a controlling interest and the two companies announced a €16bn all-share merger plan.
Banijay Gaming
Banijay Gaming, the division combining Betclic, Tipico, and Admiral under Banijay Group, reported pro-forma revenue of €3,000m and adjusted EBITDA of €854m for 2024. Pro-forma free cash flow was €716m.
Banijay Group’s acquisition of a majority stake in Tipico closed at the end of 2025, and no consolidated FY 2025 figure for the combined gaming entity has been published. The wider Banijay Group reported total group revenue of €4.8bn and adjusted EBITDA of €900m for 2024.
A full 2025 disclosure for Banijay Gaming is expected once post-acquisition reporting aligns with the group’s fiscal calendar. The combined entity positions Banijay as one of Europe’s largest private gambling operators, with Betclic’s strength in France and Southern Europe complementing Tipico’s German and Austrian presence.
Light & Wonder
Light & Wonder delivered consolidated revenue of $3,314m for 2025, a 4% increase year-on-year. Revenue growth was modest, but adjusted EBITDA rose 16% to a record $1,443m and adjusted net profit after tax increased 18% to $567m.
Q4 was the strongest quarter. Gaming revenue reached $602m, up 17%, driven by record North American machine sales of 7,000 units. The company’s North American premium installed base grew for the 22nd consecutive quarter, reaching 36,692 units. The iGaming segment delivered record quarterly revenue and EBITDA in Q4.
Full-year net income fell 18% to $276m, weighed down by the $127.5m Dragon Train IP settlement. Grover, the charitable gaming acquisition, added 345 units during the year and expanded into Indiana. The company ended 2025 with $5.2bn in outstanding debt.
FDJ United
FDJ United (La Française des Jeux) reported revenue of €3,678m for 2025, an increase of approximately 20% year-on-year. The results exceeded market expectations and sent the company’s shares higher.
The French lottery and betting group’s full-year performance came against a backdrop of rising gaming taxes across several European markets. FDJ has been pursuing a transformation strategy that includes its 2024 acquisition of Kindred Group and expansion across European online betting markets through brands including Unibet and iDeal.
FDJ’s management had flagged the 2025 outlook as subject to adverse tax impacts, particularly in France. The final results cleared that bar, with the group demonstrating that its combined portfolio could absorb regulatory cost increases while maintaining growth.
Aristocrat
Aristocrat Leisure reported revenue from continuing operations of AUD 6,297m (approximately €3,778m) for the fiscal year ending September 2025, an 11% increase year-on-year. Group profit exceeded AUD 1bn for the first time in the company’s history.
Gaming and iGaming segments both contributed to growth. Aristocrat’s digital division, Pixel United, and its online real-money gaming expansion through the AWager acquisition, broadened the company’s footprint in US iGaming markets during the period.
Aristocrat’s fiscal year ends in September, placing its reporting cycle out of step with most calendar-year peers in this ranking. The company also completed the acquisition of Gaming Analytics in early 2026, reinforcing its land-based player engagement capabilities.
Allwyn
Allwyn International reported FY 2025 net revenue of €4,112m, derived from total revenue of €8,991m and GGR of €8,632m. The gap between total and net revenue is characteristic of lottery operators: total revenue includes player prize money that passes through the operator’s accounts before being distributed as winnings. Net revenue strips out prizes and government levies, making it the more comparable metric when measured against other gambling companies in this ranking.
Allwyn operates the UK National Lottery, Czech Republic lottery operations, and holds interests across several European markets. The company’s 2025 acquisition of a majority stake in PrizePicks for $2.5bn extended its presence into the US daily fantasy sports segment.
OPAP, which Allwyn controls, reported separately as detailed above. The two companies have announced a €16bn all-share merger, which would consolidate their operations under a single listed entity.
Bet365
Bet365 reported sports and gaming revenue of £4,036m (approximately €4,763m) for the 52 weeks ending 30 March 2025, a 9% increase year-on-year. Gaming revenue grew 25%, while sports revenue increased 5%, supported by new market entries and a successful UEFA Euro 2024 tournament.
Top-line growth was offset by a sharp decline in profitability. Pre-tax profit fell 44% to £349m, and sports and gaming operating profit dropped 43% to £228m. Direct costs rose from £687m to £897m as Bet365 invested in launches across Brazil, Peru, and Serbia, alongside continued development of consumer products and support services in new languages.
The company described the cost increase as a deliberate strategic pivot toward regulated and sustainable revenue. Bet365 exited several unregulated markets during the period and opened a new US headquarters in Denver, expected to create approximately 1,000 jobs. The fiscal year runs April to March, so the reported period does not align directly with calendar-year 2025.
DraftKings
DraftKings posted revenue of $6,054.5m for 2025, with Q4 revenue growth of 43% year-on-year. The company turned a full-year net profit for the first time, recording net income after years of operating losses.
The US-focused operator expanded its prediction markets platform during 2025, launching across 38 states. Q4 represented DraftKings’ strongest quarter on record. The company also formed a partnership with Crypto.com to expand its prediction markets offering and was named PGA Tour ESPN live betting stream provider.
For 2026, DraftKings guided for continued revenue growth, though management flagged potential headwinds from state-level tax increases in several key markets.
Entain
Entain reported group revenue of £5,259.4m (approximately €6,206m) and net gaming revenue of £5,325.4m for FY 2025. The UK and Ireland online segment was a notable contributor, with revenue growth of 8% in that division during the year.
The company’s 2025 results were shaped by the UK government’s confirmation of major gambling tax increases. The online casino rate rose to 40% and the sports betting rate to 25%. Entain estimated the annual impact at approximately £200m. The group’s H1 2025 results prompted an upgrade to full-year guidance, and the company struck a distribution deal with Pragmatic Play to bring the Big Bass series to Ladbrokes and Coral retail shops.
Entain operates across more than 20 regulated markets through brands including Ladbrokes, Coral, bwin, and PartyPoker.
Flutter Entertainment
Flutter Entertainment reported revenue of $16,380m for 2025, cementing its position as the world’s largest online gambling operator by revenue. The company’s brand portfolio includes FanDuel, Paddy Power, Betfair, PokerStars, and Sisal.
Flutter’s US division, anchored by FanDuel, remained the primary growth engine. The company’s Q3 results showed mixed performance as an India market exit produced a $556m writedown, but underlying operational momentum remained strong across North America and Europe.
Flutter listed on the NYSE in 2024 and reports exclusively in US dollars. The company faces a significant impact from UK tax increases, with an estimated £540m annual effect once the new duty rates take full effect.
What 2026 looks like
Most of the companies listed have guided for continued revenue growth in 2026. Super Group targets at least $2.55bn, Rush Street Interactive expects $1,375m to $1,425m, and Lottomatica has announced a €700m buyback backed by its margin expansion. DraftKings projects further top-line growth despite headwinds from state-level tax changes.
The key variable across the board remains tax policy. UK duty increases affecting Flutter, Entain, and Bet365, Brazil’s evolving tax and advertising framework, and mounting state-level changes in the US will all shape the next round of annual results. For suppliers like Evolution and Light & Wonder, the question is whether operator cost pressure translates into tighter procurement budgets or accelerates the shift toward higher-margin digital products. In Greece, the planned Allwyn-OPAP merger could create one of Europe’s largest integrated lottery and betting groups if completed.
Source: Company filings, annual reports, and financial results announcements
