Top B2B gambling suppliers ranked by revenue 2024-25

Aristocrat Leisure tops the B2B gambling supplier revenue rankings at AU$6.30bn (US$4.11bn) for FY2025, with a privately held IGT at pro-forma US$3.5bn and Light & Wonder at US$3.2bn next, after a 12-month wave of M&A took five suppliers off public markets and forced a full redraw of the competitive map.

The reshuffle covers ownership and reporting alike. NeoGames, IGT in its previous form, Everi, PlayAGS and GAN no longer publish standalone results. Bally’s International Interactive sits inside Bally’s Intralot following the €2.7bn merger that closed on 9 October 2025. Snaitech moved from Playtech to Flutter Entertainment for €2.3bn in April 2025, leaving Playtech as a pure-play B2B business.

The new top tier

Aristocrat Leisure reported group revenue of AU$6.30bn for the year to 30 September 2025, up 11% year-on-year. The Aristocrat Interactive segment, which now houses the NeoGames assets, generated AU$344.3m, a 54% increase and the first full-year contribution from the US$1.2bn deal that closed in April 2024.

The new IGT, an Apollo Global Management portfolio company since July 2025, combines the former IGT Gaming business with Everi Holdings. Pro-forma combined revenue sits at roughly US$3.5bn. The combined deal value was US$6.3bn. The company is private and has not yet published consolidated results.

Light & Wonder reported FY2024 revenue of US$3.2bn, up 10%. Gaming contributed US$2.1bn, SciPlay US$821m, and iGaming was up 9%. The company exited live dealer in 2025.

Novomatic Group turnover reached €3.45bn for FY2024, up 6.3%, on the back of land-based machines, retail operations and online activity through Greentube.

Brightstar Lottery PLC, the lottery-only entity created when IGT split in July 2025, reported US$2.51bn for FY2025 with adjusted EBITDA of US$1.12bn. Net debt fell 43% following the sale of the Gaming business to Apollo.

Digital-native specialists

Evolution AB reported FY2024 net revenue of €2,063.1m, up 14.7%. The 9M 2025 figure of €1,552.3m showed growth of just 1.5%. Q3 2025 was the first quarter in the company’s listed history to record a year-on-year revenue decline at minus 2.4%, with management citing cyber-attack countermeasures in Asia and ring-fencing in Europe as the drivers.

Evolution FY2025: Revenue Flat, EBITDA Down 9% as European Regulatory Pressure Mounts

Playtech, now operating as a pure-play B2B business, reported B2B revenue of €754.3m for FY2024, up 10%. B2B adjusted EBITDA was €222m, up 22%. The €2.3bn Snaitech sale to Flutter completed in April 2025, and the company subsequently launched a £43.7m share buyback.

Playtech Launches £43.7 Million Share Buyback Program

Bally’s Intralot, the entity created by the October 2025 €2.7 billion acquisition, posted standalone Intralot revenue of €376.4m for FY2024, up 3.4%. FY2025 group revenue rose 35% to roughly €500m, with Bally’s International Interactive consolidated only from October to December. Pro-forma combined annual run-rate is around €1.1bn.

Bally’s Corporation and Intralot Complete €2.7 Billion Acquisition

The challenger pack

EveryMatrix reported FY2024 revenue of €181m, up 59% year-on-year and 55% organically, with EBITDA of €101m, up 70%. Kambi Group reported €176.4m for FY2024, up 1.8%, with FY2025 EBITA(acq) guidance of €20m to €25m. Hacksaw Gaming, which IPO’d on Nasdaq Stockholm in June 2025 at a valuation of around €2bn, posted €137m for FY2024, up 105%. H1 2025 revenue was around €103m with profit of €62m.

Bragg Gaming Group reported €102.0m / US$108.1m for FY2024, up 9.1%. The company’s 2025 guidance midpoint sits at €120.25m, an 18% increase. Konami’s Gaming & Systems segment delivered ¥42.67bn (around US$295m) for the year to 31 March 2025, up 7.4%, with segment profit of ¥7.36bn, up 18.4%. Inspired Entertainment closed FY2025 at US$304m, with Interactive a record US$58.6m. Gaming Realms reported £31.4m for FY2025, up 10%, with adjusted EBITDA of £15.0m.

Private and unreported

Several suppliers no longer disclose audited revenue. Pragmatic Play has stated that 2025 was its largest year for player activity but does not publish a consolidated figure. SOFTSWISS reported a 35.9% year-on-year increase in Total Bet Sum for 2024 across fiat and crypto, but no audited revenue. Games Global, which withdrew its IPO in May 2024, last disclosed €306.9m for FY2023, up 82%. Relax Gaming sits inside FDJ United via the Kindred acquisition completed in October 2024, with no separate FY2024 figure published.

PlayAGS, taken private by Brightstar Capital Partners on 30 June 2025 for around US$1.1bn, last reported US$394.9m for FY2024, up 10.8%. GAN, acquired by Sega Sammy Creation on 27 May 2025, last reported as a public company at US$129.4m for FY2023.

Stockholm becomes the listing hub

Nasdaq Stockholm now hosts the largest concentration of online casino content listings, with Evolution, Hacksaw Gaming, Kambi (First North Growth Market) and GiG Software (First North Premier) all on the exchange. Evolution alone accounts for roughly two-thirds of the Stockholm B2B gambling market capitalisation. Kindred Group was delisted on 24 October 2024 after the FDJ takeover, taking Relax Gaming with it. NetEnt has not been a standalone reporting unit since its 2020 acquisition by Evolution, with its RNG portfolio now reported under Evolution’s RNG line at €287.3m for FY2024.

GiG Software, spun out of Gaming Innovation Group in October 2024, reported €31.8m for FY2024 on a post-split basis. ARR stood at €33.4m at 1 January 2025, with 2025 guidance of €44m revenue and at least €10m adjusted EBITDA.

Three tiers, two pure-play lottery champions

The split between the hardware-plus-digital majors at US$3bn-plus, the digital-native specialists in the €750m to €2bn band, and the growth challengers below €200m is now clearly defined. Brightstar Lottery and Bally’s Intralot are the two pure-play lottery champions left on public markets, both positioning around iLottery and B2C iGaming convergence. Pragmatic Play, SOFTSWISS and the new private IGT remain the largest revenue pools that public investors cannot access directly.

The next test for the rankings comes with the FY2025 reporting cycle for Light & Wonder, Novomatic and Bally’s Intralot, which will determine whether the gap between the top tier and Evolution narrows further or whether the digital-native model regains pace after a flat Q3 2025.

Source: Company financial reports