Goodman will exit the company on 12 December, unless an earlier date is agreed with the provider. Scott will serve as interim CEO while Golden Matrix seeks a permanent replacement.

Goodman became CEO in January 2016. During this time, he oversaw a shift in the business from a micro-cap operator to a NASDAQ-listed international gaming group. This included expansion into multiple regulated markets and the growth of its portfolio of both B2B and B2C platforms.

Prior to joining Golden Matrix, Goodman worked as CEO for Articulate Play for almost 23 years.

Next phase of ‘strategic execution’ for Golden Matrix

Golden Matrix said appointing a new CEO is part of a planned leadership transition for the business. This, it added, aligns with the company’s next phase of “strategic execution and operational scale”.

“Golden Matrix is committed to innovation, compliance and delivering consistent results in a dynamic industry landscape,” the provider said.

In addition to serving as interim CEO, Scott will chair the board committee responsible for appointing a new permanent CEO. Scott is an experienced gaming executive, having held senior executive roles at GTECH/Lottomatica.

“Golden Matrix is built on solid ground – diversified, profitable and prepared to scale,” Scott said. “Brian laid the foundation. Our next chapter is about execution, scale and consistent performance.

“With strong fundamentals, global reach and disciplined execution, we believe we are positioned to outperform the market and deliver exceptional long-term value for our shareholders.”

The trade-off is clear. Regulated businesses offer durable, if slower, returns and build genuine institutional equity value. Unregulated peers deliver rapid ROI but sacrifice longevity and rarely accumulate lasting equity.

For years, investors accepted this sustainability vs. speed equation. Recently, however, the “regulated markets offer certainty” argument has collapsed spectacularly.

Whatever happened to the grey?

The distinction between regulated and unregulated is now binary. Enforcement risk and institutional pressure have made operating in between untenable. Bet365 made headlines last May as bankers circled and liquidity-event rumours intensified. The backdrop: withdrawals from India in 2023 and China in 2025. Analysts estimated around £185 million in lost Chinese revenue – a trade-off the company appeared willing to accept to refocus on fully regulated markets.

Bet365’s retrenchment underscores that institutional-scale operators can no longer justify regulatory ambiguity – and how quickly crypto challengers move to occupy the space. Stake, BC.Game and other crypto-first platforms have expanded aggressively, serving global audiences from offshore jurisdictions.

Below is a Google Trends chart which shows a stark reality of the bleed from Bet365 to Stake over the past three years.

In 2025 we witnessed eye-watering valuations for unregulated crypto iGaming startups, often trading at parity or even a premium to regulated peers. Capital is impatient. With leverage expensive and M&A markets weak, allocators prioritise near-term cash generation. The traditional “safe” bet is being strangled by red tape and legal frameworks that squeeze onshore margins and stretch ROI timelines. As players and affiliates migrate offshore, liquidity and capital inevitably follow.

The protagonist: Tax and compliance burden

In key markets, the public take now exceeds 50% of GGR on certain products. Pennsylvania taxes online slots at 54%. New York takes 51% of sports-betting revenue. Germany taxes turnover on slots and poker, forcing operators to cut RTP and pushing players to unlicensed sites where their money goes further. The Netherlands hiked its online gambling tax to 34.2% this year and 37.8% in 2026. These policies wreck channelisation. Players chase value; affiliates chase traffic; investors chase cash.

Governments treat online gambling like tobacco or alcohol, forgetting that gambling lives on a borderless internet where VPN use is second nature (global data shows VPN penetration exceeding 40% in several key iGaming territories). Tobacco and alcohol cannot be consumed online (joking aside).

By copying policies built for physical vice markets, regulators ignore the elasticity of demand. When taxation and restrictions rise, players don’t stop gambling; they simply move to unregulated sites that offer better odds and familiar product features. Over-taxation and blunt restrictions will ultimately reduce treasury revenue while undermining player protection. Offshore operators often ignore responsible gaming tools and aggressively target vulnerable users. Until policymakers wake up, the gap between the regulated and unregulated sectors will only widen.

Reality cheque, please

Today’s hot thesis promises juicy yields, but is it worth the risk? Australia offers a sobering reminder. Since 2017, the ACMA has blocked approximately 1,000 illegal sites, resulting in more than 200 offshore exits.

One rule change or a coordinated payment squeeze can flip economics overnight. Crypto is no invisibility cloak – blockchains are traceable. The moment value hits a KYC off-ramp, identities attach. That limbo leaves a paper trail.

So why are valuation multiples converging? Two forces are at play: First, public-market compression: Regulated gaming stocks trade at roughly half the multiples of average tech peers, reflecting regulatory headwinds and slower growth. Private regulated deals anchor even lower. Public buyers can’t pay up without diluting their own stock unless synergies are ironclad. That structural ceiling compresses valuations across the regulated M&A chain.

Second, cash-yield hunger and scarcity. Unregulated valuations are driven by capital rotation and simple supply-demand dynamics. Investors are buying yield streams, not future listings. They price cash-flow yield, not blue-sky equity. The strongest bids go to businesses with high double-digit growth, minimal capex, unrestricted product features and borderless reach.

Unregulated assets can still sell, but the buyer pool shrinks with scale and multiples drop to low single digits. Policy sets the spread. Turnover taxes and GGR rates above ~35% crush onshore margins. Ad bans and product restrictions inflate CAC and shrink LTV.

Germany compounds the pain with stake limits and strict advertising bans, making market recovery nearly impossible. The result is more capital chases grey cash cows while they last.

The US has delivered shocks before: UIGEA (2006) and Black Friday (2011) reset online poker overnight. A similar jolt would reprice unregulated assets.

Operator signals matter. Tim Heath pioneered crypto-first betting withSportsbet.io and Bitcasino; his public pivot toward licensed frameworks is telling. If you want a strategic exit or institutional capital, play by the rules. The market ultimately rewards cash-generative and licensable over cash-generative and opaque.

What’s persistent, what’s transient?

Persistent (micro): As long as regulators overreach, then high taxes, blunt limits, weak channelisation and a vacuum remain. Nimble unregulated players will fill it, and risk-tolerant capital will fund them for yield.

Transient (macro): 2025’s volatility should fade (absent black swans). Falling rates and looser liquidity typically lift gaming equities. Cheaper capital also makes regulated cashflows more valuable, pulling pricing back toward licensed, auditable businesses. In the near term, quality assets may see narrow spreads; overtime, the premium should drift back to licensed operators as enforcement and traceability tighten.

As liquidity cycles turn, risk capital will again chase the highest yields, until policy/enforcement resets the spread. Each cycle brings the same lesson: yield can price anything until it can’t. Every yield has a half-life; know which one you’re buying.

Takeaway for capital allocators?

Don’t overpay for cash cows. If equity value and capital appreciation are capped, price for run-off, not fairy-tale exits. Price the licence. Value credible paths to regulated revenue; without them, expect earnouts and holdbacks. Audit the rails. Payments and AML posture determine bankability – weak rails mean a governance discount.

Assume traceability. The “anonymous” premium is gone. Investment always sits somewhere on the risk spectrum. Just make sure the reward justifies the ride.

BEN ROBINSON is managing partner of Corfai and an entrepreneur, investor and adviser with over 25 years of experience in iGaming, payments, tech and media. Since entering iGaming in 2009, Ben has led a global publishing business, co-founded and exited a crypto exchange and, through establishing RB Capital and Corfai, completed over 20 transactions and raised millions in investment capital.

A dominant global force in gaming, the operator has become market leader in the US through its FanDuel brand and has expressed similar lofty ambitions in Latin America.   

In September 2024, Flutter acquired a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. That same month, the company insisted the deal boosted its market share to 11%. NSX provided the operator with a wealth of local talent and experience.

The deal was completed in May, when NSX CEO Joao Studart stepped into the top job at the newly formed Flutter Brazil.

The agreement mirrored Flutter’s strategy across Europe and the US, combining local brand strength and the group’s financial and technology firepower and global structure. For Studart, the deal made perfect sense and marked a new chapter for the Brazil sports betting market.  

“Flutter saw in Brazil not only an opportunity for strategic expansion, but also a market with real prominence within the global sector,” Studart tells iGB. “It recognised in Betnacional a successful example of genuine connection with Brazilian fans – a popular, culturally rooted and fast-growing brand.” 

M&A specialist Christian Tirabassi, founder and senior partner of Ficom Leisure, believes Betnacional was a top-10 player in Brazil’s pre-regulated market.

Acquiring a local hero of this size meant Flutter could achieve an early-mover advantage, a key benefit in such a highly competitive market.

“The opening of other markets has shown us that whoever is early into the market has an important market share and will probably stay there or even increase that leading position,” Tirabassi says. 

Local prowess 

Stakeholders have noted just how important localisation is to succeed in Brazil, which differs culturally from its LatAm neighbours even beyond the language distinctions.

Pre-regulation, many shared the belief that international entrants could struggle in Brazil unless they properly localised through a boots-on-the-ground approach that differs vastly from their other markets. 

Studart believes Flutter Brazil combines NSX and Betnacional’s local prowess and the Flutter Edge technology stack, bringing scale and local autonomy.

“Flutter Brazil [is] an operation that remains Brazilian at its core, with local leadership and a deep understanding of the consumer,” Studart explains. “At the same time, it operates with the resources, governance and technology of a global group. 

“Through the Flutter Edge, we brought to Brazil state-of-the-art tools, a robust infrastructure, high-level compliance standards and a responsible gaming programme tailored to the country’s reality.

“At the same time, we preserved Betnacional’s essence as a local hero – a brand that represents the Brazilian spirit of football, entertainment and popular culture.”

Brazil’s launch has dominated gaming news in the last couple of years. A huge nation with a population of around 213 million, Brazil has a vibrant sporting culture, and many expected its opening to provide an entry into LatAm’s growing gambling opportunity.  

H2 Gambling Capital ranks Betano, Superbet and Bet365 as its top three players by market share, according to its revenue estimates. International entrants are clearly gaining a strong foothold in the market.

Since the launch, operator revenue figures for Brazil have varied. In Q1 most listed players reported strong numbers as early entrants, but as competition has increased, and KYC pressures remain, some have seen that growth slow slightly.  

In Q3 London-listed Entain warned that iGaming was not performing as well as it could be, due to a slow and arduous certification process, which meant few games were available in the market during the period. Flutter reported revenue of $87 million in Brazil in Q3, marking a 412% uptick on the same period in 2024, prior to regulation.  

Of course, this year the company has included NSX’s revenues within its mix, with Betnacional reportedly achieving record iGaming revenues during the quarter. Excluding NSX’s revenue, Flutter saw a 18% year-on-year revenue drop across its Betfair brand in Brazil.

Group CEO Peter Jackson said this was due to its continued recovery from bottlenecks that occurred during and following the regulatory process.

Ed Birkin, H2 Gambling Capital managing director, estimates Flutter Brazil is currently sitting in fifth position in the market with a 4.5% market share. 

“While it’s still very competitive at the moment, I would imagine Flutter’s strategy will be focused on getting the best product [out],” Birkin explains. “And then as other people start to pull back, which is going to happen at some point because the losses that I’d imagine a lot of companies are making aren’t sustainable, that’s when they will start to leverage their financial firepower, start to lean in as they call it and pick up the slack.” 

A slice of the pie 

The Flutter Edge platform is the core function powering the operator’s “local heroes” strategy, through which it has acquired numerous leading brands in various markets and integrated them into the central platform.

Analysts are bullish on the power of the Edge platform. In December 2024 Macquarie senior gaming analyst Chad Beynon estimated the platform would help Flutter gain up to 25% market share in Brazil by 2030.  

In his December note Beynon said the platform had proven to affect market share gains in new markets quickly. He also said further M&A was on the cards for Flutter in LatAm.  

“Flutter Edge brings to Brazil state-of-the-art resources in infrastructure, data intelligence, innovation and compliance – ensuring that our brands operate with robustness, speed and security,” Studart says. “At the same time, we have the freedom to adapt products, experiences and strategies to local realities, delivering tailored solutions that truly connect with our audience.  

“It is precisely this combination of global structure and local leadership that positions Flutter Brazil among the most prepared companies to lead the sector – with consistency, credibility and a positive impact on the entire ecosystem.” 

Birkin expects Flutter will invest heavily in marketing further down the line, as competition slows and others pull back from the market. This will enable it to capitalise on waning competition, a strategy that worked for Flutter in stunning fashion in the US. 

“My view is the best strategy would be to focus on integrating their very strong technology and know-how into the Betnacional business to improve the product,” Birkin says. “Once they’ve got the product where they want it, then to spend their money on marketing as others pull back on it. 

“What you’d notice in the US is that as people started pulling back on bonusing and marketing, as lots of operators were loss-making, they pull back, then FanDuel starts to lean in and kind of use their scale to take customers.”

Birkin notes Bet365 employed a similar strategy in the US, where the operator avoided spending huge amounts to gain brand awareness. Instead, it operated efficiently in the background, waiting to make market share gains when others pulled back. 

The sheer scale of Flutter Brazil compared to smaller operators is demonstrated by its massive local workforce of over 500. The business operates multiple functions locally, including technology, marketing and customer services. The company also recently changed its corporate structure, with a raft of new C-level appointments to work alongside Studart. 

Flutter Brazil has drawn from other sectors to build out its executive team, while also ensuring a combination of international expertise with a “deep cultural connection” to Brazil.

“The IT team is a great example of this integration, with professionals from Flutter’s international structure working remotely in collaboration with the local team, expanding our capacity for innovation and integration,” Studart adds. 

“The new executives bring extensive experience in their fields, foster local reach and lead highly qualified teams that are already recognised as industry benchmarks, always operating with responsibility and a long-term vision. With Betnacional as part of its brand ecosystem, the goal is to sustain an operation centred on Brazilian talent and local insight.” 

Further M&A 

Tirabassi shares Benyon’s view that Flutter will make other acquisitions in LatAm, in part due to their strong history of successful M&A across its global portfolio and with the company’s sights set on reaching the summit of the regulated Brazil sector.

“Their objective, clearly, is to become number one, and that’s why I think they’re going to make other acquisitions,” Tirabassi says. “Large ones that would allow them to be quickly number one or number two, so something of the same size or similar size. I think that Flutter is actively looking for an [M&A] target. I know that for sure.” 

But Tirabassi knows well that this process isn’t easy.

“We believe the issue [in Brazil] is finding a target which is ready to transact,” Tirabassi adds. “Being on the sell side, the majority of the work we do is prepare the target, because they’re not ready. We understand the priority is business. But then again, very big business, very small corporate. So that’s why we’re trying to kind of help them to realign the size of the corporate together with the size of the business.  

“They need at least a couple of quarters to organise the company. So, we expect that in 2026 you will see some additional M&A in the market, because targets will be in a better position than now to engage in a transaction with a company like Flutter.” 

With Birkin currently ranking Flutter Brazil and its Betnacional and Betfair brands at number five in the market, he has reservations over whether they can scramble to the top spot. H2’s numbers give Betano, Superbet and Bet365 a combined 47% of the market, and Birkin feels that could be a tough trio to crack for Flutter. 

“They want to be in a podium position,” Birkin explains. “On our numbers that would involve them overtaking Sportingbet and Superbet. Is that possible? Yes. Do I see them being able to capture in a year, five years, Betano and Bet365? That would involve a significant change in market structure.” 

Tirabassi, however, is a little more confident and believes in the value of the NSX acquisition. Add to that Flutter’s capability to conduct more M&A, and Flutter could certainly buy its way to the top.  

“I think the difference is that culturally, the Flutter group has been extremely capable in M&A, they have a very strong team and also the guys that come after the deal. Betano has basically no experience in M&A or very little so it’s not really their culture.” 

Ultimately, Studart is confident Flutter Brazil will continue to make strides in the new and exciting Brazil market.

“The Brazilian market is going through a phase of consolidation that brings great opportunities for operators who invest with seriousness, a consumer-first mindset and a commitment to best practices,” Studart concludes.  

“The progress of regulation has laid the foundation for a more balanced ecosystem – one that combines innovation with responsibility. Flutter Brazil sees this new scenario as fertile ground for sustainable growth. By combining global scale with a deep understanding of local specificities, we aim to actively contribute to the sector’s maturation – offering relevant and safe experiences to users while reinforcing the pillars of trust, transparency and Brazilian culture that underpin our brands.” 

An SGP, also called a Same Game Multi or Bet Builder, lets bettors combine multiple outcomes within a single match. Instead of just betting on Barcelona to win, a punter can add: over eight corners, a specific player to score and both teams to get a card – all in one bet with compounding odds. The format turns every bet into a potential payday story.

The appeal is obvious. Recreational bettors aren’t always satisfied with a $20 profit on a straight match bet. They want the $10-into-$500 story. SGPs deliver that lottery-style format.

For operators, SGPs solve a critical problem. Rising costs – licences, taxes, compliance, data fees – squeeze margins on traditional betting. Head-to-head bets return 4%-6% on turnover; SGPs consistently deliver high-teen margins, often exceeding 20%.

This margin expansion isn’t luck. Because SGP outcomes are correlated (if Barcelona wins, they’re more likely to have had shots on target), pricing becomes complex. Punters can’t benchmark value across operators and the house edge compounds with each added leg. The huge appeal to bettors and structural margin advantage have made SGPs the most important product innovation in modern sports betting.

The margin multiplier

In the US, parlays have grown to more than a quarter of total handle and more than half of revenue. For Flutter, SGPs accounted for 19.2% of stakes in 2019, rising to 24.3% in 2023, with margins on these bets increasing from 13.1% to 18.5% as bettors added more legs. In 2023, 262 million SGPs were placed across its brands, up 75% year-over-year (Source: Flutter).

Entain reports that in Spain, about 20% of football bets are now bet builders, while in Brazil the figure approaches 40%. Overall bet builder stakes more than doubled in 2024 and their share doubled again in the first half of 2025. DraftKings’ path to profitability has been driven largely by mix-shift towards parlays and SGPs.

Illustrative margin impact on $1 billion handle (assuming 5% single hold, 25% SGP hold)

How we got here

Given their impact, it is striking how recent SGP growth has been. When bookmakers first transitioned online in the 2000s, priorities centred on replicating retail. It was functional and familiar, with no major incentive to build differently.

The 2010s shifted focus to mobile and in-play. Apps, streaming, cash out and fast data feeds absorbed investment, while regulators pressed compliance hurdles and costs onto operators.

In-play looked like the natural growth engine. It delivered higher hold than straight pre-match 1X2, and made it harder for customers to benchmark fair prices in real time, producing margins in the 8%-12% range. Retail shop windows had long advertised high-margin combinations like “Team A to win to nil and Player X to score”, prefiguring the modern SGP, but there was no infrastructure to price correlated legs dynamically.

Request a bet

The first signal of changing preferences came from Twitter (now X). Sky Bet noticed customers asking for prices on markets that didn’t exist, turned the feed into ‘Request A Bet’, and put traders on it full-time, with other competitors soon following suit. Manually pricing thousands of requests was not scalable, so operators pre-packaged popular combos, but the demand was for self-service.

Coxy85’s question reached John Maguire at Sportsbet, then Paddy Power’s emerging Australian brand. Maguire’s team used correlation models developed by Paddy Power and launched SGPs for the 2016 AFL Grand Final. A $50,000 win from two $20 bets showed the pull of long-odds, small-stake builders. Flutter rolled the product across Europe and what began as manual Twitter quotes became a systematised, high-margin core product.

Engineering problem

The complexity of what Flutter and a few other operators and suppliers have built is easy to underestimate – and that complexity is the moat. When FanDuel launched SGP in the US in 2019, the core engine had been hardened in European football. By month five, SGPs were 5% of online sports betting wagered. DraftKings took two years to release their own version.

Today, the majority of SGP legs are player props. A typical ticket is no longer ‘player to score, team to win and over 2.5 goals’. It is: ‘team to win, over 2.5 goals, striker to score, defender 2+ fouls, winger 3+ shots, midfielder to be carded and 10+ corners’. Every leg pulls on the others. If the winger shoots more, the striker is more likely to score, the team is more likely to win and the game is more likely to go over.

To handle that, you need a single model that sees the whole match. Historical data has to be ingested and refreshed. Live feeds have to be mapped in real time. On top sits a projection layer that simulates how the game will play out and produces prices for every market. The SGP layer then takes the customer’s selections and asks that engine for the combined probability, instantly, every time a leg is added or removed.

Product market fit

SGPs succeed because every event becomes an opportunity to express a view. Few understand implied probabilities, but they hold opinions about the players and their attributes, and those opinions – not mathematical expectation – drive behaviour. When it comes to Ashes cricket, they talk about Joe Root and Marcus Labuschagne’s recent form, Bazball aggression, and Nathan Lyon on a deteriorating pitch.

As legs tick off, there is the same satisfaction as working through a checklist. When one leg loses, it feels like a near miss rather than a clean loss which is a powerful retention mechanic. DraftKings have even introduced a GhostLeg feature that still pays out if one leg loses.

On a seven-leg builder at 18.0, benchmarking value is tough. The true price might be 30.0, but few will rebuild across operators to check. The margin builds as small pricing errors compound and customers pay a convenience premium for doing everything in one app.

For most recreational bettors, correctly “calling the game” is more satisfying than being validated on price. FanDuel reports that around 90% of its SGP tickets are 30 dollars or less, with roughly 60% at $5 or less (Source: WSJ). This small-stake structure is suited to restrictive markets like the UK, where financial vulnerability concerns have constrained high-limit bookmaking. In Australia, where there is no online casino, or in-play online, operators need high-margin formats to avoid margin compression.

The risks for operators

The format’s popularity creates new risks operators are still learning to manage. Most SGP action is recreational – punters aren’t thinking about correlation pricing. That makes them interesting for sharps, who can disguise themselves in the flow. Books are happier to take SGP action than straight bets and thinking laterally can surface angles.

AK Bets highlighted one example: goalkeeper cards in specific game states. If a heavy favourite was trailing late, the opposing goalkeeper was often priced at 200-1 to be booked in the last 10 minutes – prime time-wasting territory. The model priced 200-1 across all game states rather than differentiating for specific situations.

Popularity also creates concentration risk. Gambling influencers regularly post their picks to large followings. Thousands of individuals backing the same 100-1+ combinations could eventually land and expose a small operator to significant liability – particularly when the correlated outcomes all hit at once.

The opportunity

For Waterhouse VC, SGPs are a case study in how regulation, consumer behaviour and innovation can align. The same forces will shape the next wave of products that let fans go deeper into the sports they care about, while giving operators defensible margins in heavily regulated markets.

Data is the starting point for any modern betting product – from pricing correlation in SGPs to creating entirely new markets and experiences. That is one of the reasons why we believe a business like Racing and Sports is particularly exciting. Those who own the data, can build the best pricing engines and control the product layer that will set the terms for everyone else.

SGPs are also a product that sportsbooks currently will offer better than any prediction market. Every contract requires full cash backing up front, limiting the breadth of combinations they can offer compared with a sportsbook’s risk model. In the near term, product depth and differentiation will remain with the books.

Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,880% (annualised at 81%), as at 31 October 2025, assuming the reinvestment of all distributions.

Under the deal, the financial terms of which were undisclosed, the Goma team will operate as a standalone unit. The business will run side-by-side with the existing EveryMatrix front-end division.

EveryMatrix said the acquisition will strengthen its front-end capabilities across casino and sports betting. This, it added, will focus on improved customer experience and a wider range of alternatives for its clients.

Launched 20 years ago, Goma Gaming has worked with tier-one operators in markets around the world. Current and existing clients include Betsson, with Goma supporting its launch in the French market.

According to Goma, operators that partner with the company generate higher retention and longer engagement, with an average 30% margin uplift.

EveryMatrix to accelerate ‘rapid’ business growth

EveryMatrix Group CEO and co-founder Ebbe Groes said the acquisition will support the group’s ongoing growth plans. He said the addition of Goma and its expertise will “further accelerate” business growth for EveryMatrix.

“Our front-end development has made huge strides, creating bespoke sites and features for some of our largest customers such as Bet-at-home and the Hungarian Lottery,” Groes said.

“The addition of Goma means we will immediately have more front-end firepower to deploy and deliver to both existing and new sports and casino turnkey customers who require differentiation that moves the dial when it comes to higher retention, engagement, margin and revenues.”

Andrew Brown, CEO of Goma, also talked up the deal. He said it will allow the company to work with more operators active across the EveryMatrix network.

“We’ve made great progress developing Goma in the last five years,” he said. “But joining the EveryMatrix Group now means we have greater resources to rapidly scale our capacity whenever it’s needed and to make an even bigger impact.”

Another new addition for EveryMatrix

The acquisition follows EveryMatrix striking several other deals in 2024. These included the purchases of UK-based betting and iGaming platform FSB in July 2024 and the purchase of Fantasma Games later that year.

With FSB, EveryMatrix said its full end-to-end turnkey solutions, including its player account management software and horse racing products, would enhance its OddsMatrix platform.

As for Fantasma Games, this focused more on content. Fantasma titles were made available to its network of more than 250 operators including Paddy Power, Betsson, LeoVegas and DraftKings.

EveryMatrix also recently made changes at the top for its management team. Earlier in November, the group announced Jonas Groes will become co-CEO with effect from 1 January 2026.

Groes, brother of Ebbe Groes, will bring experience from across technology, finance and policy, having spent over 11 years with EY. This includes the past nine and a half years as a partner in the business’ Nordic Consulting practice.

He also worked for the European Regions Research and Innovation Network, the South Denmark European Office and in local government Denmark. In addition, he has chaired Management Rådgiverne, a Danish organisation for management-consulting businesses, for the past two and a half years.

Nederlandse Loteri secured an initial majority stake in the platform in 2021. It said the full acquisition would strengthen its position in the charity lottery market within the Netherlands.

Lotify works with sports federations, sports clubs, charities, events and companies across the country. The platform provides a solution for organising lotteries and competitions that meet Dutch reguatory requirements.

Financial details of the acquisition agreement were not disclosed.

Lotify acquisition will support fundraising efforts

Arjan Blok, CEO of Nederlandse Loteri, welcomed the acquisition. He said that the deal will allow the organisation to help more organisations around the country to raise funds.  

“As a fully integrated part of the Dutch Lottery, Lotify can leverage our knowledge, network and impact even more effectively,” Blok said. “This allows us to support even more sports federations, clubs and charities, who are especially looking for new ways to raise funds during these times.”

Lotify founder Guy van Iperen also talked up the deal. He said the “time was right” to hand full control to Nederlandse Loteri, adding that this will strengthen Lotify’s offering.

“After four years of intensive collaboration, the time has come to transfer Lotify to the Dutch Lottery,” van Iperen said. “This is in line with the agreements we made in 2021, when the Dutch Lottery acquired a majority stake.

“I look back with pride on what we have built together and am confident that the platform will continue to grow under this new owner. This way, Lotify can help more organisations generate additional funding.”

Nederlandse Loteri seeks to offset impact of tax hikes

The acquisition comes as Dutch operators prepare for another rise in gambling tax. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. This will follow an increase to 34.2% that came into effect at the start of 2025.

Nederlandse Loteri is one of several operators to have hit out at the decision, saying it will not only impact their own operations, but also damage the country’s regulated market.

Being state-owned, lottery is somewhat limited across its operations and activities. There was speculation that it could be privatised but such reports were put to bed earlier this year when the government confirmed Nederlandse Loteri, as well as Holland Casino, would remain under its control. However, this did not stop both operators criticising the government over tax rises.

Concerns over the hike were heightened in August when the Licensed Dutch Online Gambling Providers (VNLOK) trade body suggested the higher rate could result in a €200 million tax black hole.

The Ministry of Finance had expected to collect an additional €200 million annually between 2025 and 2028, it said last September when the tax hike was approved.

From 2 December, residents in the following countries will be unable to place bets with William Hill; Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nepal, Nicaragua, Nigeria, Republic of Congo, Democratic Republic of Congo, Somalia, Vietnam.

As explained on the William Hill website, any open bets will be settled as normal up to 2 December. Any bets due to be settled after that will be voided and refunded to accounts.

Customers will be able to log in to their accounts until 5 January to withdraw their funds.

From 6 January onwards, players’ login details will no longer work. To withdraw their remaining funds, they will have to contact the customer service team.

In 2022, Evoke licensed the 888 brand to the Africa-facing joint venture 888Africa for regulated online markets in the continent. Evoke retains a stake in the venture.

Ex-Paddy Power head of competitive intelligence Christopher Coyne serves as CEO of 888Africa, while former William Hill online manager director Andrew Lee holds the position of chief product officer.

Threat of retail closures in the UK

The withdrawal from these 13 markets comes after Evoke warned it could close up to 200 William Hill retail shops in the UK should the government increase gambling tax in the November budget, which is due next Wednesday.

Evoke is reportedly mulling the closure of up to 15% of its UK William Hill stores, with 1,500 jobs potentially being lost.

An Evoke spokesperson said: “As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations. This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

Brazil has captured much of the gambling sector’s interest this year after regulation launched on 1 January, with a number of international giants entering the market.

One such company was Flutter, which created its new Flutter Brazil business after acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional.

That deal was concluded in May and, in Q3, Flutter achieved $87 million in revenue from its Brazil venture. This was 412% higher than the $17 million it generated in the same quarter last year prior to the completion of the NSX deal, which largely came from its existing Betfair business.

But while Betnacional achieved record iGaming revenues in Q3, excluding M&A Flutter’s revenue during the quarter was actually down 18%, which Flutter attributed to the fact that Betfair Brazil was still continuing its recovery from the friction derived from the re-registration required at the start of regulation in January.

Despite the Betfair struggles, Flutter CEO Peter Jackson remains confident the company will succeed in Brazil.

“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” Jackson said in the Q3 report.

Entain hampered by poor sports margin

Entain, meanwhile, enjoyed a successful transition to the regulated market with its Sportingbet brand, reporting a 21% year-on-year NGR rise in Brazil during H1.

But Q3 was a different story, with NGR in Brazil down 11% despite 14% volume growth.

Entain deputy CEO and CFO Rob Wood put this down to “genuine bad luck from sports results”, stating the company is still trading on the right side of expectations when it comes to volume.

He expects sports margin to normalise over time, with the volume growth demonstrating why Flutter continues to be enthused about its future in Brazil.

It’s not just sports betting where Entain struggled during Q3, however, with Wood saying slow game authentication has hampered the company’s iGaming efforts in Brazil.

“iGaming is not particularly strong at the moment and all the growth is coming from sports,” Wood said on the earnings call. “We think this is a market-wide phenomenon, not just Entain.

“The good news is we think there’s a lot more growth to come out of gaming as we look forward. But so far in 2025, it’s been slow.”

BetMGM investing heavily in Brazil

Last August, MGM Resorts International struck a partnership with Grupo Globo, LatAm’s largest media group, to introduce the BetMGM brand to the Brazilian market as a joint venture.

The company has stated on a number of occasions that it is aiming to reach 10% market share in Brazil, and it reiterated this target in its Q3 presentation.

MGM achieved “strong growth” in Brazil during Q3 without giving direct figures. The company is focused on efficiently building brand awareness and customer acquisition, powered by its on-the-ground team led by MGM Brazil CEO Almir Ribeiro.

However, MGM Resorts International CFO Jonathan Halkyard said the company’s heavy investment in Brazil will likely lead to MGM Digital reaching an EBITDA loss of close to $100 million for the year.

Halkyard explained the company’s investment is in line with its roughly 50% stake in the JV, which is already showing positive signs.

“The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR,” Halkyard said on the company’s earnings call.

Record LatAm casino revenue for Betsson in Q3

Betsson continues to make significant efforts in LatAm, launching in Brazil and Paraguay during 2025 to add to its existing markets which include Argentina, Colombia and Peru.

It is proving a successful venture, with Betsson achieving year-on-year revenue growth of 10.2% to €76.5 million in LatAm over Q3.

This was powered by record casino revenue in the region, rising from €46.1 million in Q3 2024 to €56.6 million in the same period this year.

Casino growth helped to offset a year-on-year drop in sportsbook revenue from €23.1 million to €19.8 million. Betsson put this down to tough comparisons with last year’s Q3 which included the European Championship and Copa America football tournaments.

LatAm accounted for 26% of Betsson’s revenue in Q3, down from 28% in Q2.

Betsson CEO Pontus Lindwall pointed to Argentina, Peru and Colombia as key areas of focus, with the former continuing to show strong underlying growth in terms of deposits and turnover.

Codere Online positioned to become a leading player

Codere Online is currently operating in the LatAm markets of Mexico, Colombia and Panama, as well as certain provinces in Argentina.

Its current total addressable market (TAM) is €4.8 billion, although it noted in its Q3 presentation the combined TAM of online expansion markets, which includes Brazil, Peru and Uruguay, could be €8.4 billion by 2029.

In the presentation, the company said: “Codere Online is especially well positioned to become a leading player across the region.”

Mexico continues to be Codere Online’s biggest market, achieving market revenue of €26.8 million in Q3. This is ahead of the €22 million generated in its home market of Spain.

However, with Mexico’s government weighing up increasing the gambling tax rate from 30% to 50%, Codere Online said it may have to reconsider its investment into the market.

Outgoing CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects the tax to come in from 1 January.

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” Iglesias told analysts.

“The tax obviously factors into … our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Codere Online is also working under the assumption that the 19% VAT in Colombia, which is set to end from the start of 2026, will be renewed.

Codere Online Executive Vice Chairman Moshe Edree explained the operator’s short- to mid-term strategy “does not include Colombia”, echoing CEO Aviv Sher’s post-Q2 comments that the company was pulling back in the market.

RSI confident Colombia VAT won’t be renewed

But while Codere Online is expecting the VAT to be renewed, Rush Street Interactive CEO Richard Schwartz said on the company’s post-Q3 earnings call that the business is predicting the tax will be scrapped.

Rush Street Interactive followed many other operators in absorbing the tax through player bonusing. This meant in Q3, while GGR from Colombia grew over 50%, net revenue was down 27%. Revenue across LatAm fell 11%.

Despite this, Rush Street Interactive believes it holds second place in Colombia, while it also claims to be among the top seven operators in Mexico.

Monthly active users in LatAm during Q3 were up 30% year-on-year to around 415,000.

Rush Street Interactive listed Brazil, Ecuador, Argentina and Chile as potential expansion opportunities.

When asked on the earnings call whether the situation in Colombia may dampen the company’s interest in further LatAm expansion, Schwartz responded by saying the company was still excited by the region.

“We believe those markets are at the infancy of growth,” Schwartz said. “And as we see in our growth ourselves, there’s lots of opportunity there, and it’s a very large population across Latin America that are in the process of or will be legalising online gaming in the future. So we certainly remain very excited for it.”

Kambi lowers FY2025 guidance due to slow Brazil progress

In its Q3 report, Kambi announced it was lowering its full-year 2025 guidance from an adjusted EBITDA of €20 million-€25 million to approximately €17 million.

The company said this was in part down to the Brazilian market developing more slowly than expected, with CFO David Kenyon stating the company isn’t seeing the growth in Brazil it had “hoped for”.

Kambi CEO Werner Becher said on the earnings call that while the Brazil market is continuously growing, he believes the overall pre-regulation market size was overstated.

“There’s a little bit of disappointment, I would say, in the entire industry about the Brazilian market,” Becher claimed.

“The legalised regulated market grew slower than expected because the black market is still very big there.”

As part of the agreement, the full Yield Sec platform, including the technology and team, will be integrated into GCI’s operations. Founder and CEO Ismail Vali will also move into the role of president of GCI.

Yield Sec operates an intelligence platform which utilises player data to assess the size and impact of illegal gambling markets. The company works with operators, policymakers and other stakeholders on mitigating black market leakage and improving channelisation.

GCI’s AI-driven platform provides in-house player protection, advertising and
media content monitoring. It provided black market mitigation efforts prior to the deal, but the combined operation is expected to build scale and support even more stakeholders.

GCI pledges ‘unprecedented’ market awareness with Yield Sec

Matt Holt, CEO of GCI, said clients would have “actionable awareness” of the iGaming market with Yield Sec’s technology.

“Yield Sec’s innovative platform for effective and efficient disruption will become a cornerstone of our offering, enabling regulators and operators to gain unprecedented awareness and actionable awareness across the total online gaming marketplace,” he said.

“This acquisition accelerates our mission to deliver transparency, integrity, player protection and certainty for regulated jurisdictions worldwide.”

Holt has held a number of prominent roles within the compliance technology space. Prior to joining GCI he led integrity and anti-fraud services supplier IC360 (formerly US Integrity) as CEO.

Vali continues fight against black market proliferation

As CEO for Yield Sec, Vali has been a prominent voice in the sector’s fight against the growing black market. Yield Sec’s data has painted a concerning picture of illegal gambling’s proliferation globally. He has long called for stronger enforcement against illegal sports streaming and illegal sites that target vulnerable players.

“All legal stakeholders should be involved in the fight against black market operators,” Vali wrote in a September 2024 op-ed for iGB. “Legal online gambling can only stamp out the black market once every stakeholder takes action and acts in their own best interest.”

At GCI Vali will lead a global team in monitoring polices and optimising marketplaces across online gaming, streaming, crypto and consumer goods. This will ensure they are adequately protected from the threat of the black market.

Yield Sec’s integration is expected to help deliver awareness-and-action solutions for clients, without impacting their gaming operations. GCI said this offering will be available for marketplace monitoring and black market mitigation, as well as compliance and auditing.

In a statement announcing the deal on Tuesday, Vali said joining GCI was the “next stage” in Yield Sec’s mission.

“Yield Sec was founded to help regulators and operators see the entire online marketplace – legal and illegal – and act with certainty,” he added.

“GCI strengthens that foundation, expanding our ability to serve clients across commerce, community and consumers. The purpose remains the same: to secure a sustainable, compliant and fair marketplace that benefits everyone.”

Codere Online reported its Q3 earnings on Monday. It said net gaming revenue for the period had dropped slightly to €51.6 million from the €51.7 million reported last year. 

Adjusted EBITDA for Q3 was up €2.9 million or 93.3% compared to €1.5 million last year, with Codere Online reiterating its full-year NGR guidance of between €220 million-€230 million and adjusted EBITDA of €10 million-€15 million. 

The company’s NGR in Mexico was €26.8 million, a 0.4% year-on-year rise. Codere Online CEO Aviv Sher noted revenue had been flat in Mexico despite a 5% devaluation of the peso and a consistently low sports betting margin. 

However, Mexico is in the process of increasing its tax rate on gambling from 30% to 50%, as part of the government’s 2026 budget. 

The hike hasn’t yet been approved, but CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects it to come into effect from 1 January. 

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” he told analysts during the earnings call, in response to questions on its position in the market.  

“The tax obviously factors into that in terms of our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Mexico government targeting the wrong side of legality 

Mexico continues to be Codere Online’s biggest market, with its €26.8 million in Q3 revenue ahead of the €22 million achieved in its home market of Spain. 

Its monthly active players in Mexico soared by 39% to approximately 88,300, compared to 50,200 in Spain. 

Elsewhere, Codere Online is working with the Mexican government to highlight the prevalence of the black market in the country.  

Iglesias said the government should be looking to bring illegal operators onshore as a source of additional revenue. 

“Directionally, obviously, a tax increase is not good,” Iglesias explained. “We always are looking for governments to look to increase compliance with anyone operating offshore or operating in the grey or black markets. That’s the first place we prefer for governments to look for additional revenues.  

“We are partnered with the Mexican government. We are partnered with governments in every market in which we operate, and we are going to find a way through this and continue to be confident that the Mexican market is going to be a winner for us over the short, medium and long term.” 

Tax rise might ease competitive landscape in Mexico 

Iglesias did note the incoming tax increase could dampen the competitive landscape in Mexico, perhaps benefitting well-established players such as Codere Online. 

“While it is difficult to know how other operators will react, we are expecting that this tax increase may have a chilling effect on both new market entrants in regards to their appetite for further investment in the Mexican market and on those not yet operating in Mexico, but with near or medium-term plans or ambitions to enter the market,” Iglesias said.  

“It is difficult to quantify the impact of that chilling effect, [but] we would at least directionally expect a more benign competitive landscape in Mexico going forward, which we believe will be to our and other incumbents’ benefit.” 

Codere Online five-year strategy does not include Colombia 

In the company’s Q1 results, Codere Online said it was pulling back in Colombia because of the 19% temporary VAT. Sher reiterated this strategic change on the business’ post-Q2 earnings call. 

The VAT is set to come to an end from the start of 2026, but the company is working under the assumption it will either be renewed or made permanent. 

Speaking on the Monday call, Codere Online executive vice-chairman Moshe Edree said the operator’s short to mid-term strategy “does not include Colombia”.  

“We just monetise it as it is. So we’re not going to invest any further unless the tax will change,” he said.  

Iglesias added more colour: “We continue operating under the assumption that this will continue, that this will get legislated in a more permanent way.  

“That said, that may not necessarily be the case. If it’s not the case, then we will rethink what it is we want to do. Obviously, that’s a game changer and fixes the primary problem in Colombia, which is the unit economics are not good in the context of a tax on customer deposits. It is a situation we’re monitoring. 

“As things stand today, it’s a tough market for us to find a way forward that makes sense for us.” 

Acquisitions, aggressive expansion into retail betting and a determination to navigate Germany’s highly complex regulatory framework have turned it into one of the country’s most ambitious emerging challengers. 

Under the direction of 54-year-old CEO Pierre Hofer, who has been on the board since 2010, the company is accelerating a wave of consolidation that is reshaping the German betting landscape. 

The major acquisition by Pferdewetten AG subsidiary NetX Betting of the HappyBet franchise from Playtech, as part of the latter’s B2C exit, marked a major pivot for Pferdewetten.de AG. The deal was announced in late May and includes approximately 600 hardware units, such as betting terminals and POS systems. The main strategy is a simple question of gaining market share, explains Hofer to iGB. 

“We knew we could make the shops perform better with our product, improving revenues for franchisees. Playtech also wanted a fast and simple deal,” he says. But for Pferdewetten.de AG, it is only the beginning. A joint venture with Bet3000, another retail heavyweight, is already under way. 

“This [next] deal is actually five to six times bigger than the HappyBet deal. They will switch to our licence. Contracts are ready to sign and several dozen shops are already in the process of switching.” 

And yet another deal is on the horizon, Hofer says. He reveals that his company is in talks with another important player. “But I cannot talk about it for now. It’s consolidation.” He insists an announcement is imminent. 

Reshaping the German betting landscape 

For a company long in the shadow of national giants such as Tipico, the prospect of a sudden leap in scale is dramatic. Hofer admits that the past year has been transformational: “We have seen more or less every single part of a life with ups and downs,” he says. Yet the ups increasingly outweigh the downs. 

Pferdewetten.de AG began modestly during the early days of online betting. In its formative years, it offered general sports betting – until a lack of regulation forced a retreat. “Because we didn’t have a law or regulation for sports betting, management decided to pull out of the sports betting market and focus on horse racing,” says Hofer.

It was a fateful decision. Rivals pressed on in the regulatory grey zone, eventually becoming today’s industry giants, Hofer remarks. Pferdewetten.de AG remained a niche business, profitable but limited by the scale of Germany’s horse racing market. 

The pivot back to sports betting came only in 2018, facilitated by the acquisition of the Sportwetten.de domain (sportswetten means sports betting). “ It’s more or less the best domain you can have in the German market,” Hofer says.

Revenues from the racing business financed the relaunch. “We took positive results and cash from the horse racing business and invested them into the sportsbook in Germany,” he says. The firm grew cautiously, “in line with predictions”, while biding its time for a larger opportunity. 

That opportunity arrived in 2021. “The entire team of a leading sports betting operator in Germany – offering land-based shop betting and online betting – was looking for a new home. They had major discussions with the owner and decided to split,” Hofer explains. The move signalled turbulence among competitors – several foreign firms were shrinking their German exposure or withdrawing outright as compliance pressures mounted. Yet Pferdewetten.de began amassing talent, technology and shop expertise. 

The company’s business model shifted too. “We transformed from a stable, ‘boring’ horse racing operator into a sports betting startup, investing heavily. We moved from paying dividends to issuing capital increases and convertible bonds,” Hofer notes – a clear signal to investors Pferdewetten.de was preparing to scale. 

HappyBet: The deal that set the pace 

The next turning point was the aforementioned acquisition of HappyBet. Following Flutter’s purchase of Snaitech, the German HappyBet business was left in limbo and with Playtech, eager to complete its B2C exit, it sought a buyer. Hofer moved quickly. 

“Around a year ago, we started negotiating with Snaitech and Playtech to get hold of these franchise shops,” he recounts. The final agreement brought over a substantial portion of the HappyBet retail estate – along with the Maltese HQ, employees and several hundred betting terminals. Compatibility with Pferdewetten.de’s systems was a lucky bonus. “Our supplier is the same, so terminals are 100% compatible without major investments,” Hofer applauds.

HappyBet’s steady decline meant the portfolio required selective pruning. “There were maybe 90–95 shops available. We didn’t want around 30–35 of them – too small,” Hofer says. Even so, the remainder represents meaningful scale: “Yes, as expected, we are integrating a mid-double-digit number of shops.”

Pferdewetten.de wants to be number two behind Tipico

Perhaps it is the next chapter that signals a more profound shift. Alongside HappyBet, Pferdewetten.de is finalising a joint venture with Bet3000, one of Germany’s most recognised retail operators. Hofer outlines the scale: “They run 68 owned shops and 120 franchise shops.” 

Contracts are “ready to sign”, he says, with several dozen shops already migrating. If executed as outlined, the group could operate approximately 400 shops by mid next year – a remarkable escalation for a company that entered the retail market only in 2022. 

And then comes the tantalising hint of the new as-of-yet unannounced deal. The implication is clear: Pferdewetten.de is lining up a third acquisition, potentially larger than HappyBet, in a market where weaker operators are seeking exits. 

Hofer’s ambition is now explicit: “Three or four years ago, there were 11 players in the retail market. Now we are down to six. The Bet3000 deal will make it five. Another deal may make it four. Our goal is to become number two in the market – after Tipico – within four years of operations.” Tipico has a current market share of around 50%. 

For a company that once abandoned sports betting entirely, the target is bold. And Hofer’s enthusiasm suggests that he sees consolidation not as opportunism, but as a once-in-a-generation chance to model Pferdewetten.de AG’s trajectory. 

Germany’s regulatory knot 

The obstacle, as always, is regulation. Since the introduction of the Interstate Treaty on Gambling in 2021, Germany has imposed strict monthly deposit limits which narrow product offerings and require heavy compliance reporting. 

Hofer is blunt about the challenges. “Deposit limits make things complicated. It’s overregulated,” he says. He points to the flood of offshore competition. “There are more than 430 illegal betting platforms targeting Germany.” With restricted odds and capped deposits, “many high-volume customers go to illegal platforms. The online casino market is hit very hard.” 

Even fully compliant operators pay a steep price. “Compliance costs are huge – seven digits per year,” he says. “Last quarter alone we spent €300,000 on lawyers and consultants, excluding employees.”

He hopes that next year’s planned update to the treaty may ease restrictions. “Authorities believed they had 95% channelisation – this was unrealistic,” Hofer says. In reality, “the market appears to shrink but actually grows underground.” 

On whether regulation will improve, his answer is measured: “We hope so. Authorities are slow, but starting to understand reality.” 

Performance and prospects 

Despite regulatory pressures, the company’s underlying business is strengthening. “Third-quarter numbers were presented today — we didn’t expect to disappoint. We are at more or less break-even now,”  Hofer notes, adding that next year it should deliver “record EBIT”. 

Growth has been helped by a broadening retail base and a strong sportsbook product built specifically for domestic preferences. “We focus on the German market nationwide – from Munich to Hamburg to Berlin,” he says. 

There is tentative expansion abroad. The company also operates in Denmark under JackpotBet.dk, licensed for sports betting and casino, and maintains a small presence in Austria. But Germany remains the overwhelming priority. 

Asked whether the model is sustainable amid regulatory change, Hofer replies: “Yes, definitely for the next few years. Regulation can change, but we don’t expect it to get worse.” 

The company that in 2007 stepped back from sports betting now stands on the verge of becoming Germany’s second-largest retail operator. In one of Europe’s strictest markets, Pferdewetten.de AG is betting not on luck, but on timing – and on the sudden availability of competitors’ assets. 

If Hofer’s instincts prove correct, the horse racing specialist may soon find itself racing among giants. 

IBIA is fresh from unveiling new branding and Mission 2030, a new five-year plan for the sports integrity body, and Ali joins Ed Birkin and Robin Harrison to discuss the evolving nature of integrity threats.

But that comes with growing acceptance and engagement from international sports governing bodies, with IBIA taking a seat at the table alongside the likes of Fifa and the International Olympic Committee. 

Ali also shares his thoughts on the unfolding NBA gambling scandal. Even if the sports integrity risk were flagged by licensed bookmakers and the alarm raised, it’s never good for the industry he says. However, the fact there is a licensed and monitored industry meant that the betting element involving Terry Rozier was uncovered. Without regulation, it could have been a very different story.

On iOS? So is Right to the Source! 

Is Banijay’s acquisition of Tipico creating the next industry disruptor?

But before he joins Right to the Source, there’s Betclic owner Banijay Group’s acquisition of Tipico to consider. Ed is dubious as to whether it’s going to move the needle.

Robin, on the other hand, argues that it could herald disruption coming from tightly regulated, highly taxed markets. 

Companies used to working in these conditions could survive and thrive while the current top-tier operators adjust to tax rises in markets such as the UK and the Netherlands, he argues. But is he just saying that to annoy Ed?

We even find time to share some listener stats and read through some of the YouTube comments. After that, we won’t dare to forget Winamax again.

“As a group, we’re deliberately shifting away from that short-term cash mindset,” Falzon tells iGB.  

She says the company is leaning on its “truly unique” technology platform to drive its new strategy.  

“It’s highly agile, allowing us to enter new markets quickly and deliver exactly what customers want,” Falzon tells iGB. “We believe that, combined with our ecosystem of live studio, slots and aggregation products, this agility gives us a strong advantage.  

“In the regulated space, this means we can move faster than competitors, adapt to local requirements efficiently and provide a superior, compliant experience for players.” 

In September, Yolo announced it would incorporate its Sportsbet and Bitcasino brands into the single Yolo.com brand, which it would utilise to target Tier-1 regulated markets. 

Yolo has already secured two gaming-related vendor licences for its Hub88 Holdings and Live Online Gaming Services subsidiaries in the UAE. These licences will allow Yolo to supply iGaming content to the regulated market in the UAE.

With Yolo having enjoyed a hugely successful period as an unregulated operator, the move away from grey markets raised questions over how exactly the company would manage this seismic shift. 

Shift from quick-buck mentality 

In its announcement the company said it had a responsibility to bring the crypto casino experience to regulated domestic markets. 

This has necessitated a cultural shift for Yolo, and Falzon describes the strategy change to one of heavy regulatory compliance as “by far the biggest hurdle”. 

“In terms of changes, I think the biggest one is mentality,” Falzon explains. “I’m not saying we’re done yet.  

“Historically, our business has operated at a pace of speed, speed, speed – let’s get the money, let’s move fast. But when you’re dealing with regulators, it’s a completely different world. 

“There’s a lot of paperwork, processes and procedures that we have had to implement. It requires patience and discipline, and it changes how people think – some initially resist because it doesn’t feel immediately revenue-generating. But that’s part of the regulated environment and embracing it has been a major shift for us.” 

A long-term financial outlook for Yolo Group

Falzon raises an interesting point on margins, with iGaming and sports consultant Stefan Kovach previously telling iGB that Yolo’s strategy change could “significantly impact” its profitability, at least in the short term. 

But this is something Yolo is well aware of, says Falzon, and it has formed a large part of its strategy.

“I believe it’s about more than just margins – it’s really instant cash versus long-term valuation,” she adds. “It’s the million-dollar question that many business owners ask themselves: do you prioritise immediate cash and dividends, or focus on building sustainable, long-term value?  

“We’d rather invest in creating a robust, high-value proposition that positions Yolo for growth, stability and leadership in regulated markets over the long term.” 

Will Yolo Group face increased scrutiny from regulators? 

In the announcement of its plans, Yolo acknowledged domestic regulators “are not keen” on operators continuing activities in other pre-regulated markets. 

Elizabeth Dunn, partner at UK law firm Bird & Bird, suggested Yolo’s previous position as a grey-market crypto operator could raise concerns among Tier-1 regulators. 

“Regulators in most Tier-1 markets continue to struggle with the idea of operators directly accepting cryptocurrencies and/or being funded through cryptocurrencies,” Dunn previously told iGB. 

“Yolo’s history as a crypto-first operator is, therefore, likely to come under scrutiny when regulators are assessing its suitability to hold a licence.” 

But while Falzon emphasises the strategy change hasn’t been an “easy ride”, Yolo’s collaboration with regulators has made the transition smoother. 

“I believe proactive engagement, transparency and collaboration is paramount,” Falzon says. “We are not shy of our crypto origins; it defines who we are. However, at the same time, we want to collaborate closely with regulators, educating them about our platform while learning about their concerns.  

“By working together as a team, we can find a middle ground that ensures player protection, transparency and compliance, while allowing our technology and ecosystem to deliver the best possible experience for our players.” 

This week, UK Gambling Commission CEO Andrew Rhodes warned the government cannot ignore crypto gambling.

However, he stopped short of saying the UK could soon issue licences for crypto-based betting, instead stating the government must take steps to regulate the activity.

Reeves will succeed Nikolaos Nikolakopoulos, who will now hold the position of president. Chrysostomos Sfatos will serve as COO.

Reeves has also been elected to Intralot’s board of directors following the resignation of Konstantinos Farris, the company’s group chief technology officer.

Reeves had been serving as CEO of Bally’s International Interactive when Intralot agreed to a deal in July to acquire the division. The €2.7 billion ($3.1 billion) transaction was completed in October.

At the time the deal was announced, it was confirmed Reeves would replace Nikolakopoulos as Intralot CEO. Nikolakopoulos will lead the lottery division.

Intralot’s board of directors is now as follows;

Intralot acquisition of Bally’s international assets

The Intralot and Bally’s deal sees the Greek lottery and gambling operator acquire the US operator’s technology business, with Bally’s becoming Intralot’s majority shareholder.

With the deal, Intralot is positioned to become a leading digital gaming operator and technology provider for lottery solutions, with a strong presence across key markets in Europe and North America.

The company stated that its enhanced technological capabilities will enable it to seize new growth opportunities in gaming and lottery sectors worldwide.

Bally’s reports revenue gains for Q3

Bally’s announced its Q3 earnings on Monday, with revenue increasing by 5.4% year-on-year to $663.7 million.

Its UK online revenue increased by 8%, although its international interactive revenue dipped by 6.9%. Bally’s attributed that decline to the sale of its interactive business in Asia late last year.

Reeves believes the agreement with Intralot will prove fruitful for Bally’s, saying the company has created a “scaled, global omnichannel provider of retail and online experiences”.

“We continue to demonstrate strategic and prudent use of our capital resources to drive growth and returns for our stakeholders,” Reeves said.

“Combined with our operational expertise and long-term vision, we are eagerly and aggressively pursuing the many growth opportunities before us.”

Ott will replace Alex Thursby, whose departure as non-executive chairman was confirmed by Rank in September. Thursby served in the role for six years and formally stepped down at Rank’s AGM in October.

Karen Whitworth has served as the interim chair since Thursby’s departure. She will switch back to her role as both senior independent director and audit chair when Ott assumes his new position.

Ott is currently a senior advisory partner at the UK arm of Bain & Company. He has worked at the business consulting and services company since 2006.

Ott has also been a founder, investor and board member for two private businesses. These include financial services company Funding Xchange and global fractional ownership business The Hideaways Clubs.

Prior to this, he was group strategy and M&A director at Barclays Bank. In addition, he spent time as a partner at McKinsey & Company and assistant vice president for US Bancorp.

“During a rigorous and wide-ranging selection process, John emerged as the stand-out candidate to become Rank’s chair,” interim chair Whitworth said.

“His wealth of experience in highly regulated industries, and advising and working with boards across the globe, will provide the group with the expertise and leadership that it requires as we embark on the next phase of our strategic journey.”

Widespread growth for Rank in Q1

Thursby’s exit from Rank coincided with the group publishing its results for Q1 of its 2025-26 financial year. These revealed a 9% year-on-year increase in revenue during the three-month period.

Net gaming revenue totalled £210.2 million ($275.9 million). Rank’s digital arm again saw the most growth. Revenue jumped 13% year-on-year to £61.6 million, with a 31% spike in Grosvenor digital revenue and a 9% rise within its Mecca online segment. In Spain, however, revenue fell 1% due to previously reported platform capacity issues.

At the time, CEO John O’Reilly set out his opinion on speculation on tax changes in the UK in the upcoming budget, saying Rank already pays its fair share of tax in the UK.

“Last year the group generated £44.6 million in profit, having paid HMRC and local authorities £188.0 million in taxes,” he said. “Rank Group, with its strong UK focus, is certainly paying its fair share.”

The combination will, on paper, create a €6.4 billion-revenue European champion, according to Banijay’s own pro forma figures. But the significance of the transaction lies less in its scale than in what it reveals about the industry’s direction of travel.  

“This deal represents a significant convergence of the media and gambling industries. It combines entertainment content with sports betting,” says Gabriele Stark-Lütke Schwienhorst, senior associate at CMS Germany.   

The deal, he says, also reflects the trend of vertical integration, whereby content producers leverage their media assets to boost customer engagement and stand out in highly competitive betting markets. 

It signals a shift towards cross-media ecosystems in the European gambling industry and a clear strategy for Tier 1 operators towards continued consolidation in heavily regulated European markets.

Banijay-Tipico’s combination proves entertainment, data and gaming are beginning to interact and integrated digital experiences could become more common.

Last week on Banijay’s Q3 earnings call, CEO François Riahi dismissed analyst suggestions the group could go all-in on gaming and look to wind down its media business. “The Tipico acquisition was a very major event for us and we stick to our strategy here for growth in gaming,” he told analysts.

“However, we also believe that we have very positive opportunities on the content side. So no, we don’t have any plans to sell this division.”

Banijay-Tipico: A strategic marriage 

Banijay’s €3 billion financing package will buy out CVC Capital Partners’ majority stake in Tipico, uniting two complementary businesses: Betclic, a digital specialist with leading positions in France, Portugal and Poland; and Tipico, a dominant omnichannel operator across Germany and Austria. The result is a combined force in six regulated markets, serving 6.5 million customers and operating over 1,200 betting shops. 

For Banijay the rationale is diversification. Long known for producing shows such as “Survivor” and “Big Brother”, the Paris-based group has been edging steadily into gaming. With Tipico, gaming becomes the majority of Banijay’s revenues.

Vaughan Lewis, a veteran gambling strategist, calls it a “transformational deal, creating a leading betting and gaming operator across key European countries, and one of the largest in the world”. The logic, he says, is “further evidence of the ‘local hero’ consolidation strategy, combining market-leading brands while benefiting from group economies of scale”. 

Risks and legal challenges 

The transaction’s stakeholders all emerge with distinct advantages. Betclic gains access to new markets in Germany and Austria, while Tipico inherits a continental platform and capital backing for expansion.

“Big tech synergies should drive better operating margins for the buyer group,” notes Paul Richardson, managing partner at Partis Capital. For CVC, the deal is a well-timed exit after a recent refinancing of Tipico. “This is a great result for them and shows it’s somewhat opportune versus planned.” 

For Banijay’s shareholders, the financial story is equally compelling. The company expects to generate around €100 million in annual synergies in the medium term, while raising profitability from 18.7% to 21.6%.

“Banijay’s gaming division doubles to become the majority of the group,” Lewis adds, suggesting that “there is potential for an IPO or spin-off of the gaming or media unit to unlock further value”. 

The Banijay-Tipico deal will impact the broader gaming landscape for the European sector, remarks Paul Richardson, as “it stops Flutter moving into Germany, as there is very little else to buy of scale in the market”. 

For all the enthusiasm, integration risks remain. Banijay will have to harmonise corporate governance across two highly regulated jurisdictions, reconcile technology stacks and manage cultural integration between a French tech-driven operator and a German retail-anchored one. As Stark-Lütke Schwienhorst points out, “aligning licensing and compliance could be complicated”, since Tipico operates under a German licence.  

And cross-border fiscal implications may also give rise to further legal issues for the Banijay-Tipico transaction, warns Stark-Lütke Schwienhorst. “Chief among these are regulatory and competition law issues, given that the deal is likely to be scrutinised under the EU Merger Regulation and potentially by national competition authorities.” 

Banijay will need to navigate Germany’s Joint Gambling Authority, one of Europe’s strictest regulators, as well as obtain approval from EU competition authorities. Completion, expected in mid-2026, hinges on those approvals — and on Banijay’s ability to integrate entities with very different operating cultures, experts point out. 

Consolidation will continue to drive the sector 

The Banijay-Tipico union is the latest chapter in an accelerating wave of European gambling consolidation – following on from Allwyn´s takeover of OPAP only a few weeks ago. Operators are racing to gain scale as taxes rise, margins narrow and regulation tightens across the continent. “Consolidation will continue to drive the sector, driven by margin pressure from regulation and operating costs,” says Richardson.  

The logic is simple: compliance costs and marketing restrictions are squeezing smaller firms, while established players look to spread fixed costs across wider revenue bases. As in other industries, bigger increasingly means safer. “Scale and resilience to regulatory shocks is key to long-term success,” Richardson observes. 

Lewis agrees, describing the Banijay move as a new template for consolidation across regulated European markets.

The shift, he argues, is away from chasing high-risk grey markets and towards mastering complex regulated ones. “This demonstrates that significant value creation is being driven by regulated markets,” he says. “Regulatory challenges create barriers to entry, which tends to increase the value and sustainability of the leading operators.” 

The French paradox 

That dynamic explains an irony not lost on observers: with Banijay’s gaming division and FDJ United’s acquisition of Kindred Group earlier this year, Europe’s two largest gaming empires are now based in France — a country with punishing tax rates and no legal online casino sector.  

“France’s market is indeed highly regulated and heavily taxed, yet certain operators demonstrate a sophisticated regulatory resilience,” says Stark-Lütke Schwienhorst. 

Their compliance expertise, financial strength and institutional relationships provide a competitive edge as other jurisdictions tighten controls. “Ironically, being forged in a tough market like France or Germany could become a strength when expanding across Europe,” he adds.

Lewis goes further. “France as a hub for Tier 1 operators despite regulatory challenges shows that domestic-based companies are proving operational excellence in challenging environments,” he notes. Any expansion of regulation of online casino in France could significantly grow the total potential market size, he points out.  

For investors, this resilience carries appeal. France’s high tax environment might deter weaker players, but for those that master it, it creates defensible, sustainable competitive advantage. The same logic underpins the position of the state-linked FDJ United, which completed its purchase of Kindred in 2024, adding Unibet’s pan-European presence to its lottery backbone. 

Continental realignment 

The broader picture is of a sector reorganising across the whole continent. The UK – once Europe’s undisputed iGaming powerhouse – is increasingly constrained by a tightening regulatory regime, rising tax burdens and curbs on cross-vertical marketing.

The Netherlands and Sweden are following suit. And last month Denmark announced new tightened rules regarding advertising. In contrast, continental European groups are quietly consolidating strength in markets with stable, albeit strict, regulatory frameworks. The sector is entering a phase of regulatory convergence and market cleansing, suggests Stark-Lütke Schwienhorst.  

“Smaller operators will struggle with rising taxes and compliance costs, leading to further consolidation. Larger, well-capitalised groups with diversified portfolios are best positioned to adapt. There is a good chance that the future European landscape will favour integrated entertainment ecosystems, not pure betting operators.” 

Banijay’s move follows a pattern seen before. Richardson compares it to Flutter’s acquisitions of Sisal and Snai. “A large multinational buying market leader in a local market. In both cases, the buyer had bought into an omnichannel operation and is now exposed to retail,” he says.

Lewis draws parallels with the Sky Betting & Gaming sale to The Stars Group, where CVC also exited.  “That was also CVC selling a market-leading position in a key country to a more diversified leader,” he notes. “FDJ and Kindred had some similarities too. So did the Allwyn/OPAP merger and the Intralot/Bally’s deal.”

Such comparisons underscore how Europe’s betting landscape is becoming a handful of regionally diversified conglomerates — Flutter, Entain, FDJ United, Banijay Gaming and Allwyn are among those.

The road ahead 

Analysts see the Banijay-Tipico deal as an early sign that additional similar deals are coming. 

“This is likely to be a trigger for further M&A across regulated markets,” predicts Lewis. “The industry remains fragmented and relatively immature. Scale is critical, as demonstrated by the €100 million synergies here.” 

Richardson foresees “other private-equity or former PE single-market operators like Lottomatica needing to buy international diversification at scale and get more ‘baskets for their eggs’”.  

Stark-Lütke Schwienhorst, meanwhile, expects a wave of smaller acquisitions: “We can expect continued consolidation, especially targeting small- to mid-sized operators in Europe.”

Acquisitions in RegTech and FinTech will likely also rise, driven by the need to automate compliance and improve efficiency. The broader trend also points toward media-gaming convergence where entertainment companies seek audience monetisation through gaming and betting firms seek audience engagement through content, Stark-Lütke Schwienhorst points out. 

The consensus among experts is that the next phase of European gaming growth will not come from regulatory arbitrage or from unregulated grey zones, but from disciplined execution in challenging jurisdictions.  

Therefore, future growth in Europe’s iGaming industry won’t come from taking advantage of loopholes or operating in loosely regulated markets, but instead from doing business well in countries with strict rules. 

“Operators that thrive under strict regimes such as Germany or France develop advanced compliance frameworks, responsible gambling systems and scalable tech infrastructures,” says Stark-Lütke Schwienhorst. “These conditions foster innovation and credibility, enabling them to outperform less mature competitors. In short, regulatory maturity breeds operational excellence.” 

Lewis concurs: “Betclic and Tipico have shown that operators with strong brands, effective operations and a clear strategy can build a highly profitable and sustainable business in mature, regulated markets.” 

The outcome, if Banijay’s bet pays off, could be a new European order in gaming – one where stability and compliance, not aggression and opportunism, define leadership. The entertainment conglomerate from Paris will need to prove that it can integrate Tipico smoothly. But if it succeeds, the combination of storytelling, data and betting could reshape not only Europe’s gaming industry but its entire digital entertainment economy. 

“Yolo is entering the UAE market with a complete eco system offering, live studio experiences, slots and aggregation services,” Falcon tells iGB. “Thus, providing a fully connected entertainment platform that can provide quality, safety and innovation to players.

“This all-in approach builds credibility and trust, which effectively gives us a lot of opportunities as well as a head start when compared to our competitors.”

First-mover advantage for Yolo in the UAE

Yolo is aiming to “press the start button” in the UAE as early as this month, with its live studio in Abu Dhabi very close to completion, according to Falzon. “As soon as they’re ready, we’re ready to go,” Falzon declares.

Falzon believes Yolo’s first-mover advantage in the UAE is imperative to success, especially in a market that could prove to be hugely lucrative.

“Speed to market is key,” Falzon adds. “It provides the opportunity to have a local footprint and thus raising barriers to entry for competitors. This could be quite rewarding both in terms of revenue but also valuation.”

In early October, Yolo Group announced it had secured two gaming-related vendor licences in the UAE for its Hub88 Holdings and Live Online Gaming Services subsidiaries.

The licences enable Yolo to supply iGaming content to the UAE’s regulated market. As per the the UAE’s gambling regulations, one online licence will awarded per emirate.

The news of the approved licences followed Yolo’s announcement that it had decided to pivot to fully regulated markets, leaving its grey past behind.

Yolo CEO Tim Heath described the move into the UAE as a “statement of intent” and Falzon, who was appointed CEO of Yolo’s B2B brands in July, says the company’s mentality should prove a successful strategy in the market.

UAE a key market for Yolo’s future

During Falzon’s time at the company she says securing the UAE licences has been one of her proudest achievements so far.

“Beyond the commercial opportunity it represents, it fundamentally changes Yolo’s positioning in the market,” Falzon says. “The licence has elevated our credibility and opened new conversations that weren’t possible before. It’s a strong foundation for the next phase of our growth.”

It’s a big opportunity for Yolo and its B2B segment, especially considering some other more mature regulated markets are already dominated by monopolies or big operators.

The UAE, meanwhile, is described by Falzon as a “forward-thinking, well-regulated market”, which aligns with Yolo’s company values. “Yolo Group believes it has the opportunity to innovate responsibility in a high growth region,” Falzon explains.

“In the UAE, there are a lot of untapped opportunities which makes it very exciting as we don’t know where this will take us, both in terms of product offering but also from a strategical point of view.”

Falzon believes Yolo’s ability to differentiate itself in the UAE market will hinge on two strategic levers – product and technology.

“One of our core initiatives is to treat the UAE as a live lab trying to test & identify what players value most,” Falzon says. “As a content aggregator our key focus is to understand the market & identify different product offerings that appeal to the players in this region.

“The other lever is technology. Yolo can differentiate through a best-in-class tech stack which is trusted by its suppliers and customers. The technology allows for rapid iteration and deployments. Moreover, it provides other tools such as analytics, automated promotional setups as well AI-driven personalisation.”

Localisation as a safety net

One interesting finding so far has been the UAE’s affinity for camel racing. Falzon jokes: “I need to find a studio that offers camel racing first!” But while she feels localisation is important, it goes beyond simply making Yolo “fit in”.

“It acts as a safety net, reducing cultural, regulatory and engagement risk,” she says. “However, I still believe that long term success depends on how quickly Yolo ‘integrates’ into the market.

“An additional factor which is very important in the UAE is the religious and social alignment that is unique when compared to other markets.”

A transparent licensing process in the UAE

The licensing process in the UAE as tough but collaborative, she says.

“Overall, the process has been thorough, transparent and internationally benchmarked, but it’s still evolving. We had several briefing sessions, guidance calls and documents reviews whereby GCGRA offered a level of engagement that was more of a collaboration or ‘partnering’ rather than punitive,” she concludes.

“What is unique is that the UAE’s approach is to encourage innovation and co-operation while still asserting control.”

He will be responsible for accelerating the growth of an ecosystem serving global gaming professionals with intelligence, data, marketing solutions and community activations. 

Clarion Gaming Digital, which spans the iGB, GGB, iGB Affiliate and iGB Executive brands, has been building the foundations for a dedicated digital proposition since 2022. 

New phase of growth for Clarion Gaming Digital

Holland is now tasked with unlocking new value across that digital portfolio. He will oversee work to enhance the end-to-end audience funnel, from reach and engagement through to community and membership while enhancing the solutions on offer for commercial partners. 

“Reid’s appointment represents a huge moment for us,” Sophie Webster, managing director at Clarion Digital said. “We’ve been building the foundations for a more connected, insight-rich digital portfolio that truly puts the audience first. 

“He brings exactly the right mix of strategic vision, operational experience and commercial drive to take that ambition to the next level and to deliver greater value for our audiences and partners alike.”

Experienced operator

Holland has more than two decades’ experience leading transformation and commercial growth across some of the world’s leading media brands. He served as chief marketing officer and chief revenue officer at Hearst Europe, where he evolved its approach to brand, content, audience engagement and monetisation. 

Recently he has advised The Telegraph, Saga and outsourcing specialist CDS Global on digital strategy and audience monetisation. 

“I’m thrilled to be joining Clarion Gaming at such a pivotal moment,” Holland said. “There’s huge potential to unlock growth by aligning more closely powerful content, tools and data around our users’ needs and using that to deliver smarter, longer-term solutions for global clients. I’m looking forward to building on the strong momentum that’s already under way.”

Clarion Gaming Managing Director Alex Pratt added that the appointment underpins the business’ commitment to developing a future-proofed digital ecosystem to support the global gaming industry, with connections, intelligence and community. 

“We will be making further announcements during Q4 2025 as our strategy continues to scale.”

Fileding questions from analysts during the operator’s Q3 earnings call on Thursday, Riahi said the group had no plans to dispose of its content division as there were still opportunities for growth within the sector.

“We are very happy with our development in sports betting and gaming,” he said on the call. “The Tipico acquisition was a very major event for us and we stick to our strategy here for growth in gaming.

“However, we also believe that we have very positive opportunities on the content side. So no, we don’t have any plans to sell this division.”

Banijay’s Entertainment content business exists outside the gaming industry, as a developer and producer of global media, including television and film. Within the business sits a creative marketing agency called Banijay Media Germany and a branded content arm called Banijay Branded Entertainment.

In October the group announced it would acquire a majority stake in German operator Tipico in an agreement including Tipico’s Admiral business, acquired from Novomatic in January. Banijay will take a 65% stake in Tipico in a deal that will complete in mid-2026.

After completion, Banijay will merge Tipico with its Betclic brand. Betclic has been part of Banijay for several years. In May 2022, Betclic merged with Banijay to create a new listed entity, FL Entertainment. Last May, the company rebranded to Banijay Group, with the Banijay Gaming sub-division regrouping online sports betting and gaming activities.

9M revenue hits €3.22 million at Banijay

Switching attention to Banijay’s financial performance in the nine months to 30 September and the results read positively for the group. Revenue for the period reached €3.22 billion, an increase of 3.2% from the previous year.

Content- and production-focused Banijay Entertainment and Banijay Live drew the largest portion of revenue at €2.09 billion, an increase of 0.4%. However, it was gaming where the group saw the most growth.

Banijay Gaming revenue increased 8.7% to €1.13 billion, with increases across all areas of this business. The number of unique active players within this segment also jumped 23% year-on-year.

Sportsbook drew the most gaming revenue at €857 million, up 5.3% year-on-year. The group said this was despite a tough comparable period in 2024, which included the latter stages of Euro 2024, and unfavourable sports in September.

Online casino delivered double-digit growth of 16.4%, with revenue reaching €179.1 million for the period. Banijay put this down to continued momentum in Portugal and launching in Ivory Coast. It also noted the impact of cross-selling from the sportsbook and a strengthened content offering.

As for other gaming-related revenue, poker revenue increased 32.7%, more than any other segment in the business, to €76.2 million. The remaining €17.8 million was drawn from turf activities, up 17.8%.

Adjusted net profit rises to €271.2 million

In terms of group spending, external and personnel expenses were 2.2% higher for the nine-month period. However, such was the impact of revenue growth that adjusted EBITDA was up 9.3% to €597.1 million.

Operating profit hiked 38.6% to €381.1 million while pre-tax profit jumped 76.4% to €189 million, despite higher finance-related costs. Banijay paid €60.1 million in income tax, with this leaving a net profit of €128.9 million, up 132.2%.

However, certain other factors were also accounted for. This included taking off €17.4 million in restructuring costs and other on-recurring items, €87.8 million in long-term incentive plan and employment related earn-out and option expenses, as well as €37.0 million in other costs. Banijay was left with an adjusted net income of €271.2 million some 9.3% above last year.

“Banijay delivered solid growth and strong performance during the first nine months of 2025 across all activities, underscoring the strength of our diversified model,” Riahi said of the results,

After its authorisation to operate in the newly regulated Brazil online gambling market was formalised in July, Caixa set a November date for the launch of its betting offering.

However, the plans received political criticism, as Senator Damaras Alves launched a scathing attack on Caixa in October, describing its plans as a “contradictory, dangerous and profoundly irresponsible move”.

This attracted the ire of Brazil’s president, Luiz Inácio Lula da Silva, who then met with Caixa President Carlos Vieira to discuss the matter.

According to local news outlet O Globo, Caixa has now decided to delay its planned November launch, with no new date given.

Vieira previously estimated Caixa’s betting business would achieve revenues of between BRL2 billion (£371.8 million) and BRL2.5 billion in 2026, in its first full year of operation.

The licence covers three brands: BetCaixa, Megabet and Xbet Caixa. The company did not respond to iGB’s request for comment on the delay.

What does this mean for Caixa and the market?

Caixa’s plans to launch betting also raised questions around competition, with concerns over whether a state-owned entity should be involved in the market considering the potential for government influence.

As an example, Vieira had previously described a potential rise in the gambling tax rate from 12% to 18% as “reasonable”, going against the opinions of the majority of the regulated sector.

Fabio Ferreira Kujawski, partner at Brazilian law firm Matthos Filho, expects this comment stems from Caixa’s difficult position, in which it “cannot publicly oppose what the federal government is saying”.

Atucha has warned Caixa’s delayed launch highlights various “contradictions” within Brazil’s regulatory landscape, with the government seemingly halting Caixa’s entrance into what is now a legal activity.

“With rising taxes, political debate and public backlash, the move risks undermining the regulated market itself,” the LatAm iGaming expert tells iGB.

“Instead of fostering a sustainable, competitive environment, these actions may end up strengthening the position of unlicensed, offshore operators, precisely the opposite of what regulation is meant to achieve.”

Questions over Caixa’s potential

Vieira has voiced his hopes Caixa will become a “major player” in the regulated Brazil betting market.

Caixa holds a legacy federal lottery monopoly, and its status as a state-owned bank means it should have strong brand recognition as a trusted entity in Brazil.

However, H2 Gambling Capital Managing Director Ed Birkin doesn’t expect Caixa to be at the very top of the market, despite its existing lottery player base.

“I do not believe that they will be one of the number one operators,” Birkin told iGB earlier this month. “Lotteries have never done particularly well against commercial operators in the online betting and iGaming market.”

Birkin describes Vieira’s estimate of 2026 revenues between BRL2 billion and BRL2.5 billion as “highly ambitious”, with the upper band of that prediction placing Caixa at a market share of 7.5%, according to H2 data.

“It would be completely unheard of for a lottery operator to get to a podium position, or even a top five position in a commercial market,” Birkin explained.

However, Caixa may not need to invest as heavily in marketing as other operators entering the Brazilian market, since it can leverage its established lottery brand and possibly its existing player database.

This advantage, Birkin suggests, is one reason Caixa is likely to run a profitable betting operation.

“In terms of the financials, they can be profitable with a much lower market share than other people in the market,” Birkin said.

“They already have all the land-based network there, they already do have online operations. So it financially makes sense for them. It should very much be additive to their earnings. The financials are more compelling than they would be for commercial operators.”

Under the deal, the terms of which were undisclosed, Kambi will acquire source code for a PAM platform from OMEGA. Kambi said it selected OMEGA after a “rigorous” request for proposal processes.

At first, Kambi will focus on the Nevada sports betting market, where it secured licensure earlier in 2025. It has already started commercial discussions with prospective partners in the state and will now submit the platform for licensing.

Kambi also made reference to existing integrations between its sportsbook and the OMEGA platform, which is already being used by several partners and is connected to the Kambi front-end. As such, the provider expects only “minimal” resource requirements to bring it to market in Nevada, with the aim of it being product-ready in Nevada by the end of H1 2026.

Kambi to unlock commercial opportunities

Outside Nevada, Kambi said the acquisition would potentially open up opportunities in other jurisdictions where third-party PAM options are limited. This viewpoint was reflected by Kambi CEO Werner Becher in his comments on the deal.

“Kambi is already the trusted home of premium sports betting solutions, and this acquisition reinforces that leadership position,” Becher said. “While we remain platform-agnostic, the addition of an in-house PAM solution to our turnkey sportsbook ensures we can unlock commercial opportunities in Nevada and potentially in other jurisdictions as they arise.”

Jim Godsell, founder and CEO of OMEGA, said the deal would see Kambi “take control” of its PAM solution.

“Over the years, OMEGA and Kambi have provided combined solutions to operators in multiple jurisdictions,” Godsell said. “This acquisition allows Kambi to build on the OMEGA PAM architecture and enter new markets quickly.

“As is the case with other OMEGA licensees, Kambi is “Taking Control” of its PAM solution.”

Revenue and net profit down in Q3

In other news, Kambi published its results for the third quarter, revealing a decline in both revenue and net profit.

Revenue for the three months to 30 September reached €37.4 million ($42.9 million), down 13.1%. Kambi said while new partner launches had a positive impact, it was hit by a quieter sporting calendar, deposit limits in the Netherlands, increased taxes in several jurisdictions – such as in the Netherlands – and new commercial terms of certain renewed contracts.

“Since the start of Q3, Kambi has signed seven turnkey sportsbook partners, three Odds Feed+ deals and two partner renewals – a clear reflection of the commercial progress we are making,” Becher said

“Our Q3 financial performance was disciplined in a period impacted by a quieter sporting calendar, which last year included the Euros, Copa América and the Olympics, and the ongoing increased impact of gaming-related taxes.”

Operator turnover in the quarter decreased by 6% year-on-year, with performances mixed across Kambi’s active markets. Operator turnover in Americas climbed 8.9%, helped by going live in the newly regulated Brazil market. However, turnover in Europe dropped by 21.8%, again on the back of higher taxes and fewer sporting events.

In terms of costs, spending was lower on the whole, but reduced revenue meant operating profit slipped 54.6% to €1.6 million. Pre-tax profit was also down 50.9% to €1.8 million.

Kambi paid €820,000 in tax, leaving €1 million in net profit, a drop of 61.5%. In addition, adjusted EBITDA dropped 14.1% to €11.6 million.

Kambi heading for full-year decline?

As for the year-to-date, revenue in the nine months to the end of September sat 9.6% lower at €119.3 million. Gross profit was also down 11.8% to €104.3 million and operating profit 71.8% to €4 million on the back of this.

Pre-tax profit declined 70.1% to €4.3 million while after €2.3 million in tax, net profit hit €2.1 million, a drop of 79.8%. Adjusted EBITDA for the period was also 19.7% lower at €35.1 million.

However, despite the declines, Becher was upbeat on future prospects, including the new opportunities with the PAM.

“With the busy sporting calendar upon us, we continue to focus on delivering an unbeatable product and service to our partners while building the foundations for long-term growth,” he said. “The recent commercial wins, ongoing improvements to our market-leading product, the opportunities that the PAM will create, as well as the continued progress of our efficiency programme are, together, evidence of the positive momentum we are building.

“When coupled with the exciting opportunities we continue to pursue, I have growing confidence we will deliver sustainable growth and long-term returns for our shareholders.”

For the period ended 30 September, revenue amounted to €1.64 billion ($1.88 billion), the Italian-facing operator reported. This surpassed the previous year at Lottomatica by 16%.

Key to this growth, the operator said, was the SKS365 deal, which completed in April 2024. Now referred to as PWO by Lottomatica, integration by the operator has been completed sooner than anticipated.

As such, Lottomatica said synergies are being delivered ahead of schedule. Two-thirds of synergies from the acquisition are expected to be realised in 2025, with PWO now fully operational on the group’s proprietary platform.

Calm, collected approach from Lottomatica

Despite the success of the acquisition, and delivering targets earlier than expected, Lottomatica said it will not jump into another deal. Instead, as Angelozzi set out in an earnings call, the operator will retain its calculated approach to M&A.

Over the past five years, Angelozzi revealed, the group identified 57 targets for possible M&A. However, it elected to proceed with just three deals, despite having completed due diligence on 14 potential agreements.

The three that completed were all in Italy, including SKS365, now PWO. It also completed the purchase of Betflag in late 2022 and a 65% stake in Distante S.r.l earlier in 2025.

“With M&A, we are going to keep our disciplined approach, measured on value creation and benchmarked against share buybacks,” Angelozzi said. “We have a very selective approach, and we are committed to it.

“Share buyback continues to be remain the main benchmark for shareholder return with our M&A activity. Our focus is on Europe, regulated markets and B2C, within the key segments of operation at Lottomatica.”

His comments reflected similar remarks made after both Q1 and the first half. Post-Q1, Angelozzi spoke about “interesting opportunities” for the group, while at the mid-point of 2025, he refused to rule out more M&A activity in the not-too-distant future.

Double-digit online growth in 9M

Looking to performance for the nine-month period, online was the star of the show for Lottomatica. Revenue climbed 27% to €688.9 million, making it the primary revenue source for the business.

As well as the contribution from PWO, the group said other factors were in play to support the year-on-year increase. These included growth across all product segments and legacy brands, notwithstanding the unfavourable impact deriving from Euro 2024. However, this was partially offset by the FIFA World Club Cup in Q2 2025.

There was also double-digit growth in the sports betting segment, with revenue up 22% to €381.7 million. Again, the PWO purchase helped push revenue up, while Lottomatica also noted an overall favourable sport betting payout.

The group also reported growth within its gaming business, but at a much lower rate than the other segments. Gaming revenue increased 2% to €569.6 million, sandwiched between online and sports betting.

As for player activity, some 32.48 billion bets were placed during the nine-month period. Of these, 21.63 billion were online, 8.05 billion for gaming activities and 2.81 billion sports bets.

Net profit more than doubles

Looking towards the bottom line, spending was higher in almost all areas. The main outgoing was cost of services at €962.6 million, while personnel and other costs were also both higher year-on-year. However, some savings were made in terms of financial expenses.

As such, pre-tax profit for the nine-month period was €158.4 million, a 59.5% increase from last year. Lottomatica paid €60.1 million in tax and deducted €5.0 million in revenue attributable to non-controlling interests.

This meant it ended the nine months with €93.3 million in net profit, up by 102.8% year-on-year.

“Looking forward, we continue to see solid drivers of growth supported by market tailwinds in online, continued improvement in our cash flow conversion and growth and a disciplined approach to capital allocation focused on shareholder returns,” Angelozzi said.

What was once a familiar fixture of local life and working-class leisure could soon become a casualty of what the gambling industry has called a shortsighted fiscal ambition. 

Even before the threat of new levies, the retail segment was faltering as the nation’s gambling habits migrated largely online. Quarterly updates from Entain – with over 2,000 stores across its Ladbrokes and Coral brands – have repeatedly described retail as a “stable” but low-growth segment, although the group insists it “treasures” its shops as the backbone of its brand.

Major operators have issued stark warnings against a hike, insisting the impact could wipe out retail betting in the country, with thousands of jobs and hundreds of shops at stake. Aside from Flutter’s recent closures, Evoke, which operates 1,300 William Hill outlets, has also threatened to close as many as 200 shops – 15% of its estate – if taxes rise. As have Entain and Betfred.

“If [the tax rate] went up to anywhere like 40% or even 35% there is no profit in the business,” Betfred founder Fred Done said in an interview with the BBC on 19 October. “We would have to close it down … probably 7,500 job losses.”

Speaking to iGB, a spokesperson for Flutter UK & Ireland reiterates the impact a rise could have on its retail business, noting it has already had to close shops even before any tax increase. “We unfortunately had to close 57 Paddy Power shops last month – and that’s before any increase in gambling duty. Any tax increase on business isn’t a free hit, it comes with consequences,” they warn.

Tax hike will ‘devastate’ UK high street bookmaker jobs

A rise in gambling duty will have a significant effect on jobs and sports sponsorships, as well as offering a huge boost to an illegal black market that has almost tripled in size in the UK in the past three years. 

A report commissioned by the UK’s Betting and Gaming Council (BGC) in October claimed such a “tax raid” could wipe out £3.1 billion from the UK’s economic output and threaten more than 40,000 jobs.

The analysis by EY found that once lost employment, reduced corporation tax and lower National Insurance contributions are considered, the Treasury’s net gain from the proposed UK gambling tax hikes could fall below £500 million.

“Further tax hikes would devastate jobs, reduce Treasury revenues and drive billions into the hands of the black market,” the BGC tells iGB.

The impact of a possible UK gambling tax rise on the already suffering retail sector has been clearly outlined by stakeholders, but some parliamentarians appear skeptical of the sector’s warnings.

Treasury committee doubts impact of remote tax hike on retail

During a Treasury committee session held in Parliament on 28 October, committee members probed BGC CEO Grainne Hurst and the trade body’s tax policy advisor, Stephen Hodgson, on the issue, seemingly expressing doubts over the sector’s threats that retail would take a hit even if remote taxes were to increase.

Hurst confirmed that UK gambling companies operated a “circular economy” and a single profit-and-loss model, meaning any impact to one side of the business would inherently be felt across the group.

“They will be reinvesting money they make in one part of their business into another. And so if we see any additional further tax increases on any part of the sector, it is likely to have an effect on the retail side of the business,” Hurst told the panel.

“These are businesses that operate in an integrated manner. So if you were to increase remote taxes and leave land-based taxes untouched, you would still see a consequence on the overall ecosystem,” Hodgson added.

“If you look at some of the larger businesses the BGC represents, they are quite integrated. That’s how they manage to achieve economies of scale and become the large, successful businesses they are. And they will look at costs across the board.”

Could the retail sector be shielded from the impact?

Elsewhere, the panel discussed the potential of specifically shielding the retail sector from any tax increase by establishing a separate rate for online and retail betting activities.

Currently the sector pays a flat 15% General Betting Duty across profits made from bets made both online and in-person. But during the meeting Paddy Power co-founder Stewart Kenny proposed a separate lower rate for retail activities to help protect high street bookies from extinction.

“I believe there should be provisions in any taxation [model] that betting shops will be lower, because I think they can be a real social [hub] for people who don’t drink, to have fun. Betting shops do have a future, but obviously like [everything] on the high street they are going to suffer,” he said.

A social institution under threat 

Operators have equally raised concerns over the human impact of shop closures. In an interview with The Times, Entain CEO Stella David said closures would be a blow to community identity. “We don’t want to close shops,” she said. “These are part of Britain’s cultural fabric – not just places to bet, but places where people come together.” 

The sense of loss is echoed across the industry, says Bethan Lloyd, senior associate at Wiggin LLP who previously worked in William Hill’s legal team. She points to the special place the high street bookmakers hold in the lives of punters.  

“Many of these bookies serve as something of a social base for their regular customers; it is sad that this will be taken away,” she notes.

“Many of our shops play a central role in communities and we are committed to our retail estate, but clearly any duty rise in the upcoming budget could impact our plans,” the Flutter spokesperson adds.

Dan Waugh, a partner at Regulus Partners, believes the disappearance of the betting shop will have real social consequences. “Millions of people choose to bet and watch racing in shops despite the fact they can do both at home. A meaningful number of consumers will find their lives negatively impacted by the withdrawal of an activity that brings them pleasure,” he says. 

Impact on mental health 

Mark Pearson, Betfred’s head of corporate affairs and communications, stresses there is a lot more at stake than just a line on a balance sheet. “Retail is the very heartbeat of our business,” he says. “Fred [Done] started with just one shop in 1967. Betting shops are a massive part of communities and high streets.”

He also warns the knock-on effects would be profound. An impacted retail sector would mean reduced investment in horse racing and sport, and not least “a free pass for the black market that offers no protection for vulnerable players.” 

The BGC estimates that 1.5 million Britons stake up to £4.3bn annually with unlicensed operators in a growing black market.

Dan Waugh at Regulus Partners also adds a sobering warning that funding for treatment of gambling disorders, as well as harm prevention initiatives and research, is at risk of falling too. Under the new statutory levy, around 90% of funding comes from betting shops, online betting and online gaming.  

“If consumer spending in these channels falls as a result of tax increases, then we may see essential mental health treatment services collapse.”

The human cost 

The threat to the UK land-based gambling sector is not just about betting shops. The proposed UK gambling tax structures from think tanks such as the IPPR and Social Market Foundation (SMF) would hit all land-based gambling venues – from casinos and bingo clubs to seaside arcades.

Dan Waugh believes the SMF and IPPR reports which propose more than doubling current UK gambling tax rates are of “extremely poor quality”.

“Neither think tank appears to have considered the impact of shutting down large swathes of the land-based industry,” he laments. “Clearly, omnichannel incentives will be far less relevant if there are far fewer shops,” he says of crucial player retention strategies that operators have built over years.

But Lloyd acknowledges that successfully converting customers between online and retail has been a challenge for all the major operators. She says many retail clients don’t regularly bet online and stricter marketing rules have added a layer of complexity to omnichannel approaches.

Behind UK high street bookmakers lie thousands of British employees, many of whom have spent decades in the same communities and companies. Lloyd notes the personal cost is that these staffers will unlikely be redeployed as the industry is tightening its belt across the board.  

UK high street bookmaker employees won’t be redeployed

This will also negatively impact the consumer experience, Lloyd says: “This route will be minimised or removed, and with it, the grassroots knowledge of the punter and the product.”  

Waugh agrees that political advocates of the tax hike underestimate this disruption. “It is easy for people in Westminster think tanks to say that betting shop employees can easily find work elsewhere,” he says. “This ignores the fact that unemployment is rising, that in some parts of the country jobs simply aren’t there.”  

The industry’s geography aggravates the issue. “Online gambling – as with ecommerce in general – tends to concentrate employment in a small number of locations,” Waugh notes. “There might be some opportunities for shop workers in places like Stoke-on-Trent and Leeds, but these are exceptions.” 

The end of an era? 

Retail betting shop closures could have a ripple effect across British racing and related industries. A quarter of racing turnover occurs in betting shops, meaning their disappearance would erode media rights revenues and levy receipts.

“Racing will be the most impacted,” says Lloyd. “Given the demographic of the shops’ customers and their betting patterns.” 

As the chancellor’s autumn budget approaches, the industry’s lobbying has reached fever pitch. Entain’s David has urged policymakers to look beyond short-term revenue. “When you start damaging the regulated market, you don’t get less gambling, you just get less safe gambling,” she has told the media.

The image of the British bookmaker has endured for decades. But it now stands at a crossroads. Taxation that aims to boost public finances could instead hollow out the very communities it is meant to serve and, if the environment becomes unsustainable for the operators, policymakers may soon witness the disappearance of one of Britain’s last surviving high street institutions.  

The 2025 shutdown is the 15th by the US government since 1980. However, most of those lasted a week or less. On Tuesday, this edition became tied for the longest ever, which stretched from 22 December 2018 to 22 January 2019 during President Donald Trump’s first term. With the US Senate rejecting a stopgap funding bill for the 14th time, this shutdown will now officially become the longest.

For the gaming industry, a prolonged shutdown puts pressure on both retail and digital stakeholders. Fears related to sluggish tourism and air travel, especially for Las Vegas, will continue to mount, as will uncertainty regarding prediction markets and federal financial regulators.

The American Gaming Association, the industry’s lobbying arm, has not commented directly on the shutdown but referred iGB to a letter from the US Travel Association dated Monday, which the AGA co-signed. The letter was addressed to Senate and House leaders. Other gaming co-signers included Delaware North, Caesars Entertainment and MGM Resorts.

“As a broad coalition of organisations and companies representing every sector of the US travel industry, we urge Congress to immediately pass a clean continuing resolution to reopen the federal government,” the letter reads in part. “With Thanksgiving, the busiest travel period of the year, imminently approaching, the consequences of a continued shutdown will be immediate, deeply felt by millions of American travellers and economically devastating to communities in every state.”

Las Vegas most likely to feel air travel strain

For consumers and travellers, disruption to air travel is one of the most noticeable aspects of a shutdown. Air traffic controllers for the Federal Aviation Administration have missed one paycheck and are on track to miss another in the coming days. This strain has led to staffing shortages and subsequent traffic delays in airports around the country.

Transportation Secretary Sean Duffy said at a press conference on Tuesday that if the shutdown extends for another week, the nation “will see mass chaos”.

“You will see mass flight delays,” he warned, per Politico. “You will see mass cancellations. And you may see us close certain parts of the airspace because we just cannot manage it because we don’t have the air traffic controllers.”

That is a worrying development for Las Vegas, America’s premier gambling destination. Monthly visitation has not seen a meaningful year-over-year increase since September 2024, and Trump’s aggressive tariff and trade policies had already been impacting international traffic, especially from top feeder markets Canada and Mexico. International traffic to Harry Reid International Airport was down more than 13% YoY in September.

Despite these trends, gaming revenue had been increasing for three consecutive months, but that too slipped back in September. The stage is now set for a pressure-packed Q4, which features the annual Formula One Las Vegas Grand Prix in November as well as the Thanksgiving and Christmas holiday breaks.

It is hard to pinpoint the exact economic impact the government shutdown is having or will have on Las Vegas. But the US Travel Association in September estimated that the travel industry as a whole would lose $1 billion per week.

Prediction markets abound during government shutdown

Unfortunately for digital stakeholders, they too are seeing the effects of a strained federal workforce. The rise of prediction markets in late 2024 and early 2025 has captivated the gaming industry, and their rise has been attributed in part to federal law and regulations.

Prediction markets operate as financial exchanges through which users can place contracts on wide-ranging events that relate to economics, politics, pop culture and, most recently, sports. By venturing into sporting events, they are now direct competitors to state-licensed commercial bookmakers. They are regulated at the federal level by the Commodity Futures Trading Commission. As a result of the lapse in federal funding, the CFTC has curtailed operations.

The CFTC was already stretched incredibly thin before the shutdown. Acting Chairwoman Caroline Pham is currently serving as the sole commissioner amid several resignations. There are typically five commissioners at any given time, all of whom must be nominated by the president and confirmed by the Senate.

Pham has indicated she too will step down when a new chairperson is confirmed. Trump’s first nominee, Brian Quintenz, had his nomination pulled, and Securities and Exchange Commission crypto chief Michael Selig is the new nominee. Thus, Selig or whoever else is confirmed would still be the lone commissioner until other nominations are advanced.

Less regulation, more valuation

Prediction markets have seen an influx of legal challenges from a number of states in 2025. So far, they have clung to the argument that the CFTC is their lone regulator, not state agencies. The gaming industry, in response, has questioned the commission’s ability to effectively serve as a national gambling watchdog.

Forty-eight of 50 US states have some form of legal gambling, and a regulatory body is staffed to oversee each jurisdiction. Some states, like Nevada and New Jersey, allow considerable gaming operations and therefore allocate abundant resources to policing the legal gambling industry. Even with these frameworks in place, scandals and controversies still arise.

The CFTC has less than 700 full-time staff total, with a national scope overseeing trillions of dollars in commodities, futures and, now, prediction markets.

The longer the shutdown continues, the more uncertainty the CFTC faces. Many federal workers from various agencies are potentially facing layoffs, although legal battles on this issue have already begun. Other financial bodies like the Federal Trade Commission, the Consumer Financial Protection Bureau and the Treasury Department have seen staff reductions this year.

Prediction markets, in the meantime, have flourished under the current environment. Platforms Kalshi and Polymarket have fetched multibillion-dollar valuations and both are now partners of the National Hockey League. Meanwhile, the stocks of sports betting market leaders Flutter (FanDuel parent) and DraftKings have dropped by nearly 30% and 40%, respectively, since 1 September.

Winvia commenced trading on AIM, a sub-market of the LSE which is tailored to help smaller, riskier, or high-growth companies secure capital. It provides greater regulatory flexibility than LSE’s primary market.

It opened trading with a market cap of approximately £205 million. Company directors said the listing would raise funds to support its wider growth plans.

According to an LSE filing published on Monday, Winvia had sought to raise funding to take advantage of the ‘roll-up’ opportunity emerging from the UK’s prize draw market.

To roll-up means to acquire and merge a number of smaller companies within a fragmented industry to establish a bigger consolidated entity.

The company also believed the listing would help enhance brand equity and awareness to improve customer and stakeholder trust.

Winvia said the listing would also improve brand equity and awareness, as well as customer and stakeholder trust. In addition, the group said it would benefit from the “discipline and structure” of being a listed company.

Established in 2024 when Crowd Entertainment and its sbsidiaries were brought together, the company operates in the UK and Romania. It focuses on prize draws, skill games and iGaming.

Winvia counts BOTB and its ‘Dream Car’ competition among its brands, while it also added Click Competitions to its suite earlier in 2025. As for Romania, Winvia runs both the Princess Casino and Luck.com iGaming brands.

Aside from this, Winvia offers a range of supporting technologies, which the company bills as the “backbone of the business”. These include proprietary platforms and technology solutions, delivered to partners through B2B arrangements.

LSE listing a ‘defining moment’ for Winvia

Mihai Manoila, CEO of Winvia, welcomed the listing. He said it is a “defining moment” for the business and the next step in its ongoing growth strategy.

“We’ve built a profitable technology-led business across two dynamic markets,” Manoila said. “Listing provides the visibility and momentum to accelerate our next phase of growth.

“I’d like to thank our team and investors for their confidence and support.”

Manoila is one of several experienced executives who make up the Winvia senior team. He has held key leadership roles focused on product innovation, technology, user acquisition and customer experience.

Other senior team members include CFO David Perry, who spent 14 years at Deloitte London. He also worked as chief corporate officer at Games Global. Meanwhile, Jo Bucci, former managing director of People’s Postcode Lottery and chair of the Lotteries Council, serves as non-executive chair at Winvia.

Accountancy and business advisory firm BDO acted as reporting accountant for the listing.

Jo Davenport, a BDO deal advisory partner who led the project team, said: “After a quiet period for London listings – both on AIM and the main market – it’s very encouraging to see momentum building once again.

“We’ve been delighted to support Winvia on its IPO. We wish the company well on the next stage of its journey.”

Changing face of UK prize draw market

The prize draw sector in the UK has faced scrutiny from the legacy lottery industry. Earlier this year, Baroness Fiona Twycross, minister of state for the Department for Culture, Media and Sport, revealed plans for a voluntary code for prize draws and competitions operators, after lottery stakeholders called for the government to unify regulations across the vertical.

However, under the voluntary code, prize draw operators will not need to secure a licence from the Gambling Commission.

Jumbo Interactive in October purchased Dream Car Giveaways (DCG), a UK-facing digital prize draw competition platform. This deal marked the operator’s entrance into the UK prize draw market.

Not long after, Jumbo also agreed to acquire Dream Giveaway USA, granting it access to the US prize draw market.

Political tension over Caixa’s plans reached a peak last month as local news reported President Luiz Inácio Lula da Silva has requested a meeting with Caixa’s president, Carlos Vieira, to discuss the matter.

In October, Brazil Senator Damara Alves condemned the launch, which is planned for November, describing the plans as “perhaps one of the greatest moral and social setbacks in the country’s recent history”.

Caixa’s move has raised questions over whether a state-owned financial institution should be involved in a sector that has gained a hugely negative reputation among politicians, who are increasingly concerned about the harms related to betting.

Is President Lula just looking for election support?

Despite this political pushback, Caixa’s legacy federal lottery monopoly could help propel its upcoming betting brand as consumers respect and know the brand well.

These plans have been known for a while, with Caixa applying for a licence to operate in the regulated market in August last year. Its licence to operate was formally authorised on 29 July this year.

With an election coming up next year, Fabio Ferreira Kujawski, partner at Brazilian law firm Matthos Filho, believes President Lula is trying to appease the significant evangelical faction of Brazil’s Parliament with his pushback against Caixa’s plans.

“I think the government is wanting the taxable revenue [from Caixa] on one hand, which is good. [It could be] making a lot of money and collecting a lot of taxes,” Kujawski tells iGB.

“On the other hand, they’re trying to make a [comment] to the society that we are against this [move], and that Caixa should not be involved in gambling at all because that’s not the principal reason why [we have] such a big bank controlled by the state.”

Kujawski suggests the negative press surrounding the gambling sector and the timing of the general election next year have led to the rise in discourse around Caixa’s betting plans.

Caixa’s difficult position as a state-owned entity

Lula’s government is making moves elsewhere to restrict Brazil’s nascent betting sector, with additional ad restrictions on the horizon and multiple bills seeking to raise the gambling tax rate in discussion.

A provisional measure to increase the tax rate from 12% to 18% was vetoed in October, although an additional proposal has been launched to double the current rate to 24%.

Notably, Caixa President Vieira previously labelled the rise to 18% as “reasonable”, going against the views of the vast majority of the regulated sector.

The company’s mammoth status could help support it through tightening regulations, while much smaller operators will likely be forced out of the market if the measures are enacted.

Kujawski warns Caixa could also be in a difficult position in terms of opposing Parliament’s plans, due to its state-owned status.

“Caixa is in a situation where it cannot publicly oppose what the federal government is saying,” Kujawski explains. “That’s why they said 18% is not that bad, while we know that 18% is a disaster for the legal market.”

If new restrictions are to come in as many fear, H2 Gambling Capital Managing Director Ed Birkin suggests Caixa, as well as the black market, could be set to profit.

“Let’s say they double the tax rate and they ban all advertising,” Birkin says. “Do you know who benefits from that? Apart from the black market, obviously it’s Caixa.

“They’re well known. They’ll probably still be able to advertise on their lottery products and all the other things. So they’re still have all the brand recognition. They can probably absorb higher taxes than commercial operators can.”

Will Caixa be successful in the betting sector?

Beyond whether the bank and lottery monopoly should be allowed to operate a betting business, stakeholders have also questioned whether Caixa will be able to compete with the other already established operators in the regulated sector.

Despite Caixa possibly profiting from incoming restrictions, it will come up against huge international entrants with seismic investments behind them.

H2 Gambling Capital is forecasting players Betano, Bet365, Superbet and Sportingbet as the top four operators in Brazil by market share. Notably, these players have been operating in Brazil since, or even before, the licensed market opened in January.

Caixa holds a state monopoly for the federal lottery in Brazil, and it is reportedly preparing its 15,000 lottery outlets to operate betting options. The bank has partnered with Playtech to supply this technology, ahead of the launch.

Birkin believes Caixa won’t make it to the very summit of the market, despite its existing lottery audience and the trust and loyalty that surrounds such a well-known institution.

“I do not believe that they will be one of the number one operators,” Birkin says. “Lotteries have never done particularly well against commercial operators in the online betting and iGaming market.”

Caixa’s expectations

Vieira has said the bank expects to achieve betting revenue of between BRL2 billion ($371.8 million) and BRL2.5 billion next year. The upper band of that estimate would place Caixa at a 7.5% market share for 2026 according to H2 estimates.

Birkin thinks Vieira’s prediction is “highly ambitious”, with the crossover between lottery and sports betting not historically a hugely successful venture.

“It would be completely unheard of for a lottery operator to get to a podium position, or even a top five position in a commercial market,” Birkin adds.

However, it could be said that Caixa won’t need to match the same levels of marketing investment as competitors that have entered Brazil, as it could lean on its legacy lottery brand and potentially even its player database. This is partly why Birkin believes Caixa will likely be a profitable betting business.

“In terms of the financials, they can be profitable with a lot lower market share than other people in the market,” Birkin concludes.

“They already have all the land-based network there, they already do have online operations. So it financially makes sense for them. It should very much be additive to their earnings. The financials are more compelling than they would be for commercial operators.”

Despite the ongoing political tension surrounding betting in Brazil, the sector has largely operated as normal in its first year. And although President Lula has called on Caixa to discuss its plans, stakeholders believe the bank’s betting business will likely launch as planned.

Australia-based Jumbo will pay AU$57.8 million (US$37.6 million) in upfront cash to acquire Dream Giveaway. This will be funded through a combination of cash on hand and an existing debt facility.

A B2C-facing business, Dream Giveaway specialises in higher-value, automotive-themed giveaways, operating under a long-standing charitable donation model.

Jumbo said the deal represents an “important” step within its growth strategy, expanding its international footprint into the US. It will establish a B2C presence for the operator in the US market for the first time.

Should the deal complete as expected, the current Dream Giveaway management team will remain in place. Retention arrangements have also been implemented to ensure operational continuity, Jumbo added.

“The acquisition provides us with an entry point into the US prize draw market via a well-established and profitable operator with a consistent track record of performance,” Jumbo managing director, CEO and founder, Mike Veverka, said. “We can accelerate the business with its software platform and 25 years of digital marketing expertise.”

Dream Giveaway CEO Ryan Maturski added: “Dream Giveaway has successfully grown over the past seven years into a leading brand in the US prize draw market. Jumbo brings considerable digital expertise to help us achieve the next level of growth.”

How will the acquisition impact financial performance?

During the 12 months to 31 July 2024, Dream Giveaway posted AU$21.6 million in revenue. This was in addition to AU$7.1 million in adjusted EBITDA, while total transaction value hit AU$27.1 million.

Jumbo said the acquisition is expected to deliver low-to-mid single digit earnings per share accretion for the first 12 months post-completion. Performance will be reported separately in the group’s financial results.

Looking ahead, Jumbo has updated its outlook for the 2026 financial year to reflect the anticipated contribution from Dream Giveaway. Underlying EBITDA from the US entity is expected to range from US$2.7 million to US$3.0 million, covering a period of eight months.

This, Jumbo said, excludes an initial strategic investment of US$0.4 million to US$0.6 million, to support future growth. This includes digital marketing initiatives and preparatory activities to support transition to the Jumbo Lottery Platform.

Eyes on the prize for Jumbo

The acquisition marks Jumbo’s second deal in the prize draw sector in just a matter of weeks.

Earlier in October, Jumbo also purchased Dream Car Giveaways (DCG), a UK-facing digital prize draw competition platform This deal also marked the operator’s entrance into the UK prize draw market.

Jumbo agreed to pay AU$109.9 million (US$71.6 million) to secure ownership of the DCG business. B2C-facing brand DCG offers players the chance to win prizes, such as cars, cash, property and lifestyle products.

Dragic founded the company and returned as co-CEO in September last year. He will switch to the solitary leadership position from 1 January 2026, Superbet confirmed on LinkedIn.

Jimmy Maymann, who has been serving as co-CEO since January 2024, will step back but rejoin the company’s board. His reappointment to the board will also take effect from January.

Other changes include Albert Simsensohn, currently group chief operating officer, becoming deputy CEO. This, Superbet said, will “align strategy and drive execution” across its business.

In addition, Eamonn O’Loughlin will switch from chief operating officer international to the position of chief operating officer. Superbet said this will expand his responsibilities to lead customer operations and partnerships across the group. O’Loughlin will retain commercial leadership for markets outside Central and Eastern Europe.

‘Planned evolution’ for Superbet

Commenting on the changes, Dragic said the new-look team marked a “natural step” in the operator’s growth journey. Dragic founded Superbet in 2008 and initially exited as CEO in 2019 after 10 years in the role, shifting to board member.

“This planned evolution of our leadership team marks a natural step in our growth journey,” Dragic said of the changes. “It reflects the maturity of our organisation and our ambition to push forward, positioning Superbet for the next phase of sustainable global expansion.”

Maymann became CEO at the start of 2024, succeeding Johnny Hartnett, who spent almost five years in the role. He subsequently stepped into a non-executive board position.

“I want to recognise Jimmy, whose leadership and partnership have shaped much of our progress to date,” Dragic said. “Over the past couple of years, we have achieved remarkable results, advancing our product and technology capabilities, strengthening our position in key markets, and building a culture of financial discipline and accountability.

Maymann added: “It’s been a privilege to work with Sacha and the whole Superbet team. I’ll continue to do so as an advisor and as part of the group’s board. This is a great company with a huge potential ahead and I’ll stay engaged and help see it materialise.”

Superbet plots further growth

The news came in what has been an active year for Superbet. In February, it secured a €1.3 billion refinancing agreement with existing investors Blackstone and a number of funds and accounts managed by HPS Investment Partners (HPS).

At the time, the operator said this would support growth into new markets and M&A. It also said it was planning further investment in technologies. 

Superbet was one of the first operators to be granted a full online betting licence in Brazil on 1 January. It was among 14 to be granted a full licence upon the market’s opening. The operator is active in 12 markets in total, also listing Romania, Belgium, Poland and Serbia as key regions.

In recent months, the operator has sought to expand its presence in some of these markets through local sponsorship agreements. These include new deals with Polish football clubs Jagiellonia Białystok and Arka Gdynia.

Hailing from a legal background, Carleton has more than 30 years of experience in gaming law, regulation and compliance. During her career, she has worked with a range of public and private land-based gaming facilities and entertainment companies.

Most recently, Carleton was chief legal officer at industry payments solutions Sightline Payments, working in the role for more than four years. She also served on the company’s board for the past two years.

Prior to this, Carleton was a partner at US law firms Howard and Howard and Brownstein Hyatt Farber Schreck. She spent over a decade as senior staff attorney for the Oneida Tribe of Indians of Wisconsin.

“Jennifer will play a key role in advancing our mission to regulate with integrity, transparency and global best practice,” the GCGRA said on LinkedIn.

“Her extensive background has fostered strong relationships with global regulators and licensing professionals, reinforcing her reputation as a trusted leader in gaming compliance and governance.”

Carleton added: “I’m honoured to return to the UAE after all these years; it’s been a few years since I lived in Abu Dhabi. I’m excited to be a part of this incredible team.”

Evolving face of GCGRA

The GCGRA came into being in September 2023, with the primary task of creating a regulatory framework for national lottery and commercial gaming in the UAE.

Kevin Mullally has been at the helm as CEO since the organisation’s inception. He previously served as Missouri Gaming Commission executive director and spent 17 years at Gaming Laboratories International (GLI).

Jim Murren also continues to chair the organisation’s board of directors. Murren led MGM Resorts as chairman and CEO from 2008 to 2020.

However, there have been several changes to the management team at the GCGRA. These include Ahmed Barakat, who took on the position of chief operating officer but has since departed. The organisation is yet to bring in a replacement.

Meanwhile, Manuela Croci has seen her initial role of chief of supervision, investigations, FCP change, with the investigations part of the position removed. Carleton will oversee this as part of her new role with the regulator.

Other key staff members remain the same, including Leina El Barasi as chief financial officer and Carlos Gutierrez as chief information officer. Dina Helal (chief human resources officer) and Ourouba El Arab (general counsel and board secretary) also remain in place.

As for the board, this remains unchanged from its initial setup. Members include Chris O’Donnell, John Kelly, Giovanni Lega, Mark Lipparelli, William Grounds and Nick Casiello.

In a statement on Tuesday, Banijay Group said it would seek to own up to a minimum of 72% equity in the operator through various call options. The acquisition will be paid in cash, backed by a certain funds financing package worth €3 billion ($3.5 billion).

The deal will merge the Betclic and Tipico businesses and shareholders of both companies will maintain shares in the combined entity. Tipico’s founders will also roll over 100% of their shares, into the combined Banijay Gaming group.

To support the acquisition, some of Betclic’s primary financing partners will refinance and underwrite Tipico Group’s existing debt.

The acquisition of Tipico Group will bring Banijay Group’s revenue to €6.4 billion on a pro forma basis, with an adjusted EBITDA of €1.4 billion in 2024.

The deal valued Betclic and Tipico at €4.8 billion and €4.6 billion, respectively. The parties expect to close the acquisition in mid-2026, pending merger control and regulatory approvals.

Banijay group to operate vast retail footprint

According to Banijay, the combined group will become the fourth largest European sports betting and gaming player, as well as the leader of sports betting in continental Europe.

The combined group will operate with a strengthened regulated market footprint and a vast retail presence, including over 1250 betting shops.

Banijay Group CEO François Riahi described the deal as “transformative”, highlighting Tipico’s strong standing in the German and Austrian markets as a particularly attractive proposition for the company’s own goals of expanding and creating value.

“Tipico fits perfectly well in this strategy and is in line with our DNA: strong leader in two important markets, fully regulated, product focused, highly profitable, providing us – in the sports betting business – with the reach, the scale and the diversification that already make the strength of our content business,” Riahi said.

Banijay Tipico deal includes Admiral Austria business

The deal will include Tipico’s Admiral business which was acquired from Novomatic in January. Admiral produces betting and gaming terminals in Austria and operates a suite of retail betting shops.

But Betclic will divest its 53.9% stake in the German iGaming and sports betting company Bet-at-home.

Bet-at-home recently announced it was experiencing struggles with regulation in Germany, leading to essentially flat revenue for H1.

The reformed Banijay Gaming will operate only in locally regulated markets, with the three combined brands currently operating in Germany, Austria, France, Portugal, Poland and the Ivory Coast.

Personnel changes

As of 1 January 2026, Betclic CEO Nicolas Béraud will become chairman of Banijay Gaming’s board, with Lov Group Invest continuing to serve as president.

COO Julien Brun will assume Béraud’s current role as Betclic CEO.

Once the transaction is concluded, former Tipico CEO Joachim Baca will become vice-chairman of the Banijay Gaming board, while current Tipico CEO Axel Hefer will continue in his current position.

Analysts confident deal will pay off

In the wake of Banijay Group’s announcement, Regulus Partners voiced its confidence in the deal’s revenue possibilities, noting these will likely outweigh the costs.

According to a Regulus note, both Tipico and Betclic have proven they can add value even in challenging regulatory environments through “operational excellence”.

Additionally Regulus views both Tipico and Betclic as “local hero specialists”, although the note warned the deal’s long-term value creation could be reliant on Banijay’s ability to replicate its “local hero” model in additional markets.

The note also suggested value creation could hinge on achieving tax and regulatory liberalisation in key existing markets like Germany and France. The black market is likely to be Banijay’s biggest competitor in these core regions.

This month we spotlight Bernard Marantelli – one of the few who can industrialise edge. In 2023 he orchestrated a coup on the Texas lottery for US$57.8M – arguably the largest single advantage play on record.

He’s also a builder. Someone who moved from solely hunting inefficiencies to building infrastructure that others depend on. Across White Swan Data, Colossus Bets, Colossus Fantasy, and most recently iBankroll, his career has been a systematic search for scalable edge. Waterhouse VC is fortunate to have him as an investor and collaborator in our network.

Marantelli’s wagering pedigree

Marantelli grew up in Melbourne in a bookmaking family. His father Gavin worked (and still works) on-course; his uncles and cousins were also bookies. As a teen he clerked and helped his father with greyhound form. Hours of race replays taught him that to beat the market, you must know more than everyone else.

He studied Genetics and Biochemistry at UWA, but punting stayed central. Like many university students, bankroll discipline was thin. He might stake A$500 on a dog with only A$2,000 to his name. He gravitated to pools where careful preparation exposed mispriced combinations in exotics. However, pre-internet seeing the local bookmaking trade and betting in general on the wane, he moved to London for biotech in 1998.

Edge in exchanges

Betfair launched two years later. With a university friend, he built algorithmic bots to attack inefficient prices. The approach is commonplace now; then it offered real edge. By 2004 he was betting systematically at volume. Still unsure whether to pursue a full time career in betting, the trading experience sent him to finance. He finished an MBA at London Business School and joined Deutsche Bank’s options desk in 2007.

Scoop 6

Despite the full time job at Deutsche, he was still hunting for gambling opportunities, and his attention turned to the UK Tote’s Scoop6 jackpot. Because of the rolling nature of the jackpot, positive expected value (EV) situations can arise for those who can price races well and execute at scale with bankroll to support the volatility.

Back home, when the Big 6 swelled, his father and friends pooled capital and fired at seven-figure pools. Marantelli won his first Scoop6 attempt in 2004, netting about 150K and doubling his bankroll in a week. In late 2009, he won the Scoop6 and bonus solo on two successive series netting about £1 million each time. He warned his boss there might be publicity. The reply was blunt. “What the **** are you doing still working here?” He took the hint and left in 2010.

Six years later, the jackpot hit record territory. He organised coverage, landed one of eight winning tickets, and the following week his syndicate shared the £5.5 million bonus when Top Boy won at York – the biggest scoop rollover and bonus ever.

Player to product

Playing the Scoop6 religiously highlighted a structural flaw. Multi-leg pools trap players between legs and there is no ability to hedge. Win four of six and you’re holding a ticket worth millions or nothing.

In 2012, Marantelli founded Colossus Bets to fix that. He introduced what is now standard across the industry: cash-out (then branded “cash-in”), giving players a way to realise value mid-bet. He patented the idea, and the world quickly copied it. Cash-out is now industry standard, and he is in the middle of a multi-million dollar infringement case against DraftKings.  

He also built syndicates, so bettors could combine stakes and share returns in proportion to their contributions – the cooperative model he knew was essential for landing outsized jackpots.

White Swan a further pursuit of wagering edge

The pursuit of edge continued. In 2019 he started White Swan Data, a formalisation of his betting group, initially to focus on better models for betting for himself, but more recently to monetise that data and knowledge on either side of the fence.

The focus is on exploring any vertical that can be monetised, investing heavily in data collection to widen that edge over time. Today White Swan runs proprietary models across most sports including soccer, boxing, MMA, tennis, cricket and horse racing, as well as daily fantasy. The team has grown from 10 to 150 plus today, split evenly across quant, engineering and commercial.

Texas Showdown

In the spring of 2023 his dedicated lottery-tracking team flagged an opportunity in Texas where the jackpot had swollen to US$70 million. Six numbers from a field of 54, with 25.8 million combinations at one dollar per line. It was “school boy maths” – but to maximise value, Marantelli would need near-total coverage while avoiding obvious sequences to reduce the risk of a split pot.

With a tested playbook after other smaller wins overseas, Marantelli gathered a 30-plus-person team for a round-the-clock operation. They secured access to official ticket-printing terminals and ran a three-day print across multiple official sites. Every combination became a scannable code, rotas ensured 24/7 production; boxes were indexed so the winner could be found quickly. Marantelli’s airport Uber driver, was even enlisted, with wages tripled to keep the lines running.

They bought 99.3% of the possibilities and one of the tickets hit. The prize was claimed anonymously through a limited partnership and the US$95 million annuity collected as a cash-value jackpot paid US$57.8 million.

iBankroll

Marantelli’s latest venture flips him from hunter to game keeper. For wagering operators, especially for challenger brands, the biggest risk is bankroll. A small share of users drives most GGR, and the same cohort can wipe you out overnight.

iBankroll absorbs operator variance. Partners stream wager-level data, receive a fixed share of expected GGR upfront. In return, iBankroll shoulders the volatility. That underwriting lets operators raise limits, fund instant withdrawals, and compete for VIP play without stressing the balance sheet.

It also gives challenger brands day one credibility to take “Stake sized stakes” and brands such as Klub28 already bannering their website with iBankroll for customer assurance, and Marantelli believes it will become industry standard.

“Cash-out was win win, and was globally adopted – I think iBankroll will be equally dominant for 1000s of challenger brands, once 100 challengers take this those without it will truly be left behind” 

He believes that number will be reached in less than six months, with 15 already signed and 20 more in discussions.

Marantelli’s core skill is risk management. Here it’s packaged as bankroll-as-a-service: a safety net that converts edge into stable, financeable revenue.

Power of the network

Marantelli’s career is a loop: find inefficiencies, build systems to exploit them at scale. White Swan hunts edges. Colossus lets bettors monetise pools. iBankroll now underwrites operator risk. He plays both sides of the table and raises the bar for the market.

The tools he’s built are practical and competitive. Having individuals like Bernard in our network is incredibly valuable – people with deep, cross-market know-how and a willingness to collaborate on real opportunities.

Pitch Waterhouse VC

If you know any gambling tech companies seeking capital or distribution support, our ‘Pitch‘ page makes it simple to connect with our investment team.

Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,766% (annualised at 82%), as at 30 September 2025, assuming the reinvestment of all distributions.

The gambling tech giant first mooted the move in February and then in August, when it said the switch would be completed before the end of November.

Light & Wonder provided notice to the Nasdaq to delist its common stock in October, while its Form 25 (with respect to common stock with the Securities and Exchange Commission (SEC)) will be submitted on 3 November.

Nasdaq is expected to suspend trading in common stock once trading closes on 12 November, then Light & Wonder’s delisting would become effective the following day.

Its share price on the Nasdaq was down 0.68% at $75.85 at the close of play on 23 October, the day of the delisting announcement.

Strategic focus for Light & Wonder

When confirming the news earlier in the year, Light & Wonder said the switch to ASX fit in with the group’s wider “strategic focus”. It stopped short of saying when exactly it would begin trading on the ASX.

“Consistent with our previous announcements, our decision to transition to a sole primary listing on the ASX reflects our strategic focus on aligning our capital markets presence with our long-term growth plans and shareholder base,” the company said in its Friday update.

“We are seeking to consolidate trading liquidity onto the ASX, a deep and liquid market that has a robust understanding of the gaming sector.”

Light & Wonder set for ASX top 50

The group has said transitioning to the ASX will help to consolidate liquidity in a market that has deep understanding of gaming. It added that the pivot could unlock greater shareholder value and align with its wider growth plans.

Since launching its secondary ASX listing in May 2023, equity traded on the exchange has accounted for approximately 37% of the company’s total equity.

In an update during its Q2 2025 results presentation, the group said sit market cap could go from circa AU$4.5 billion to AU$12.2 billion. It is also expected to ascend from circa #90 in the ASX 100 into the ASX 50 and into the index.

More light could be shed on the switch when Light & Wonder publishes its Q3 results on 5 November.

Caixa is a state-owned bank in Brazil, which raises questions over whether such an entity should be involved in an industry that divides opinion among Brazilian politicians, despite its strict regulatory framework.

Earlier this month, in an interview with Brazilian news outlet O Globo, Caixa President Carlos Vieira revealed the bank would launch its betting offering in November.

The move remains controversial, however, and on Wednesday Senator Damares Alves hit out at Caixa’s plans.

Alves said the launch contradicted the level of social responsibility expected of Caixa, as a state-owned entity in Brazil, as its product would put bettors at risk of gambling addiction.

“Caixa Econômica Federal’s decision to create its own online betting platform represents perhaps one of the greatest moral and social setbacks in the country’s recent history,” Alves told the Senate plenary.

“It is a contradictory, dangerous and profoundly irresponsible move, coming precisely from a public institution created to promote social development, affordable housing and financial inclusion, not to exploit the addiction and economic vulnerability of the poorest population.”

Why is Caixa’s betting entrance so controversial?

Alves claimed the launch of Caixa’s betting offering goes against the Brazil government’s objective to protect players from gambling harms.

Brazil’s government recently failed in its attempts to raise the gambling tax by 50%, while proposals to retroactively tax operators on their activities prior to regulation also collapsed.

However, the government seems to still be intent on raising taxes on gambling operators, with a new bill in motion to raise the rate to 24% of GGR, while additional ad restrictions are also on the horizon.

With the government believing it is taking steps to better protect bettors, Alves fears Caixa’s betting launch will legitimise the activity of betting and cause potential damage to Brazilians.

“The same government that claimed to want to control the damage now decides to be the agent of exploitation itself, transforming a public bank, a symbol of national trust, into an official betting house,” Alves explained. “It must be said bluntly: this is a tragedy waiting to happen!”

Caixa hoping to be at the forefront of Brazil betting

In the interview with O Globo, Vieira said he hoped Caixa would become a “major player” in the Brazilian regulated betting market.

Vieira estimated revenues of between BRL2 billion and BRL2.5 billion in 2026, Caixa’s first full year in operation.

Caixa’s authorisation to operate in the market was formalised through Ordinance No 1,665, issued on 29 July this year. The licence encompasses three brands, named BetCaixa, Megabet and Xbet Caixa.

This week’s revelation that Playtech commissioned a secret and seemingly invasive investigation into Evolution proves that competition among games developers has reached a tipping point.  

 “We are seeing an upward trend in IP disputes because people see huge value in this space. There is a lot to fight over,” says Joel Vertes, partner and co-head of Intellectual Property at CMS in London. 

His team, which is one of the largest IP practices in Europe, regularly deals with disputes involving game developers, platforms and even individuals accused of IP infringements or misappropriation of trade secrets. Vertes highlights the rapid expansion, advanced technology and vast variety as key drivers. “The gaming sector as a whole has just exploded in the last 10 years,” he adds.  

How the Spribe/Aviator case broke new ground 

One case in particular crystallises how IP disputes manifest in the sector. It is the recent high-profile legal battle between the two game developers Spribe and Aviator LLC, which involves Spribe’s award-winning crash game Aviator. 

The dispute started in Georgia last year, in a case that resulted in Spribe being found to have registered Aviator LLC’s trademarks in bad faith. This year the dispute resurfaced in a UK High Court, and in August Spribe won a UK injunction against Aviator LLC, blocking it from producing a copycat crash game and the use of Spribe’s trademarks. 

Although Aviator filed for permission to appeal in the Court of Appeal on 11 September, the application was abandoned on 8 October, and the court dismissed it the same day, having criticised Aviator’s conduct as “petulant”.

The case highlights the UK’s strong enforcement of IP rights. Proceedings regarding the same case are ongoing in other jurisdictions, including the EUIPO. The UK trial is expected to be heard in either 2027 or 2028.  

Protecting IP is challenging 

Vertes underscores the importance of interim injunctions in IP disputes: “Even though temporary, they can be decisive. If granted, the defendant is blocked from acting and many disputes settle shortly after.” 

He explains that in Europe, game mechanics are difficult to protect directly. “Generally, you’re looking at a bundle of rights. So, you’re looking at the brand, and you’re looking at underlying copyright in the source code,” Vertes says. The “general look and feel” of a game, along with registered design rights over graphical user interfaces, have become key IP battlegrounds. 

“The work we’re doing a lot of at the moment is in design rights,” he adds, pointing to how in the UK and Europe, design protection offers a whole new angle to fight over. The increasing speed of game development cycles – accelerated further by AI technology capable of generating code and imagery rapidly – adds urgency to IP vigilance. 

Richard Williams, IP lawyer at Keystone Law in London, emphasises the strategic importance of brand and trademark protection in gaming: “Clearance is a critical step. If you don’t check, you might be blocked from a market or subject to costly litigation.” 

An example of this is the backstory to the dispute between Spribe and Aviator LLC. In its Georgia case Aviator LLC claimed the rights to the name and logo created in 2017.

Williams stresses that smaller markets can still have a huge impact. “This insight reveals how early trademark clearance – often overlooked – can make or break international expansion.” 

IP disputes are being weaponised 

In Europe, legal frameworks around IP protection are more uniform than in many regions, but still complex. Vertes advises that those involved in the industry must become “IP-savvy quite quickly,” ensuring their names, designs and coding practices do not infringe on others’ rights. 

There is agreement among experts to whom iGB has spoken that IP cases are being weaponised in a competitive market. “Obviously, even if the IP dispute isn’t successful, it’s a good way of trying to keep competitors out of the market for as long as possible,” says Richard Williams. 

Joel Vertes agrees that it does happen: “I don’t see any reason why you shouldn’t weaponise your IP. If you’ve filed a patent over some mechanics in a game, or you’ve registered designs over the graphic user interface, why would you not go out and enforce it?” In the end, it is all about upholding brand and technology exclusivity in a highly competitive environment.

“It’s not about squishing small companies from entering the market – they’re perfectly entitled to compete. But that doesn’t mean they’re entitled to step on others’ toes to do it.” 

Across the Atlantic is a different picture 

Across the Atlantic, the situation is notably different, as the US is largely shaped by distinct legal doctrines and litigation cultures. Steven Caloiaro, an intellectual property litigator at the Reno office of Dickinson Wright, offers a contrasting perspective. 

Caloiaro observes that patent litigation in the US gaming sector has actually declined over the last decade. He attributes this to pivotal Supreme Court decisions like Bilski vs Kappos in 2010 which narrowed patent eligibility for software innovations.  

“Bilski made it very difficult to successfully litigate software-related patent cases,” Caloiaro explains. Since many iGaming innovations revolve around software – such as progressive jackpots, reward systems and bonus mechanics – the impact has been significant, he explains. 

“For the established gaming community, litigation has been down – specifically in the iGaming sector.” 

Instead, the rising trend in the US is “softer IP” disputes covering trademarks, trade dress and trade secrets, as evidenced in recent cases like Light & Wonder vs Aristocrat. In that case, a game designer’s movement between companies raised trade secret concerns—a classic scenario in the tight knit industry.

Non-compete enforcement has also increased in the US as companies seek to indirectly protect IP by limiting employee mobility. Caloiaro notes: “Non-competes can serve as a workaround to protect IP.” Despite challenges from the Federal Trade Commission, gaming companies have actively sought to enforce these clauses, he says. 

Fundamental distinctions between Europe and the US

When it comes to enforcement remedies, Caloiaro contrasts the US and Europe: “In the UK or EU, if you win, you’ll almost certainly get an injunction. In the US, it’s not guaranteed, which can reduce the value of a win if you’re trying to keep a competitor off the market.”  

Moreover, damages awarded in US courts tend to be significantly higher, but litigation is also more costly and carries higher risk since parties usually bear their own legal fees regardless of the outcome. 

Outlining other fundamental distinctions between European and US IP enforcement, Vertes says the biggest difference is the size of damages. “US claims can be worth far more than European ones. So if you’re chasing a big monetary win, the US is [more] attractive,” he explains.  

Vertes also points out the value of “design rights” in Europe, a somewhat underutilised protection in the US, where trade secrets and trademarks dominate the softer IP landscape. The Aviator injunction highlights how UK courts actively protect registered trademarks and associated branding.  

By contrast, Caloiaro notes that US patent law’s challenges in protecting software-based innovations tend to reduce patent suits but encourage a focus on trade dress – the visual appearance of a product – and trade secret claims.  

AI’s rise complicates the IP picture on both sides of the Atlantic. Caloiaro agrees that AI lowers barriers to entry and blurs lines between inspiration and infringement, although US patent offices require a human inventor, limiting AI-generated patent claims. 

Best practices moving forward

Both European and US experts emphasise proactive IP management. Vertes urges companies to “choose a name, make sure you’ve cleared it, that you’re not infringing on others”.  

“Talk to your developers. Make sure they’re not just going online and scraping or copying. There’s no rule that says if you make five changes from a copyright work, it’s suddenly okay. It doesn’t work like that,” he says.

Caloiaro stresses the importance of understanding the different IP types – trademarks, copyrights, patents – and filing registrations and documentation accordingly.  Both lawyers are in agreement that, in today’s fiercely competitive and fast-moving iGaming market, a sophisticated IP strategy is essential for any company to survive. 

Speaking candidly, Emily Haruko, CEO and founder of Saroca, tells iGB MIW the gaming sector can learn from diversity improvements being made across the tech industry.

“We’ve seen incredible strides and we’re certainly moving in the right direction,” says Haruko. “I just personally don’t think we’re moving fast enough.

“When we look at other industries or organisations putting diversity at the forefront of what they’re doing, we know they are accelerating their influence in the markets they stand in, and I really would like to see that for our industry.”

Digging into what that effort looks like, Haruka highlights organisations investing in initiatives that support their underrepresented communities.

“A cybersecurity client we work with has been deploying a leadership development training that started for underpresented communities which have now evolved into high potentials,” Haruko says.

Nominations for iGB’s MIW will remain open until 31 October and can be made here. You can view more judges’ and previous winners’ invterviews here.

Lord Mendelsohn joined Evoke’s board in September 2020 and was appointed non-executive chair in March 2021. He also had a spell as interim executive chair from January to October of 2023.

During his tenure, Mendelsohn oversaw significant change at Evoke. Major developments included the acquisition of William Hill’s non-US assets from Caesars. The deal, which completed in July 2022, was valued at £2.2 billion ($2.9 billion).

Mendelsohn was also at the helm when now-CEO Per Widerström joined the business in July 2023. Widerström was appointed to replace Itai Pazner, who was removed as CEO as the company grappled with failures across AML and KYC processes. Following Pazner’s exit, Mendelsohn served as executive chair during an interim period.

In his role as chair Mendelsohn oversaw Evoke’s major rebrand, as it adopted a new brand and structure. The company took on its new Evoke name in May last year.

Away from Evoke, Lord Mendelsohn is a working peer in the House of Lords, having been appointed in October 2013. He also previously worked as shadow minister for business, international trade, innovation and industrial strategy for the Labour party.

‘Privilege’ for Mendelsohn to chair Evoke

“It has been a privilege to serve as the chair of Evoke,” Lord Mendelsohn said in an Evoke statement released on Tuesday. “Having overseen the transformation of the business into one of the world’s leading betting and gaming companies, now is the right time to hand over to Mark to steward Evoke through its next important phase of growth and stability.

“I am incredibly proud of what we have achieved over the past five years. I’d like to thank my fellow board members, the executive team and the wider organisation for their utmost and unwavering commitment.”

CEO Widerström added: “I would like to thank Jon for his exceptional leadership of the board and for his support during my transition into the business. He has helped to guide the company through a period of significant growth and transformation. His insight and collaboration will be missed.”

Summerfield takes the helm at Evoke

Evoke, which counts 888 and William Hill among its brands, moved quickly to replace Lord Mendelsohn. Summerfield will become permanent non-executive chair of the board with immediate effect.

Summerfield joined Evoke’s board in September 2019 as a non-executive director. He is now chair of both the audit and risk and gaming compliance committees, as well as a member of the ESG Committee.

“It has been one of the highlights of my professional career to have partnered with Jon over the past few years and I will miss his dedication and insight,” Summerfield said. “I look forward to working closely with my fellow board members and the executive team to ensure the successful delivery of our strategy and create significant shareholder value.”

In addition, Anne de Kerckhove has been appointed as permanent deputy chair of the board. De Kerckhove joined the board in November 2017 and will continue as a senior independent director. She also chairs the nominations committee and the ESG Committee.

Widerström added: “I am looking forward to working with Mark and Anne in their new roles. Mark has such strong and deep institutional knowledge of the company, the industry and our strategic priorities. He is ideally positioned to lead the board and company through the next period of growth and development.”

Evoke prepares for Q3 update

The change in chair comes ahead of Evoke publishing its Q3 trading update on 28 October.

During its most recent period, covering H1, Evoke reported largely positive results. Revenue was up 3% year-on-year to £887.8 million ($1.19 billion). This was in line with forecasts published in a trading update in July.

Growth within the international business offset declines across both the UK and Ireland online gambling and retail segments. Incidentally, it is the latter that has drawn the most attention at Evoke in recent weeks.

Earlier in October, it was reported that Evoke was considering closing up to 15% of its William Hill shops in the UK in response to an expected increase in gambling tax. Various reports said as many as 200 could close, leading to up to 1,500 job losses.

Evoke currently operates approximately 1,300 William Hill shops in the UK. The government is expected to set out new gambling tax plans during its autumn budget on 26 November.

Betfred could close all UK shops

Bookmaker Betfred has warned it could close all its UK high street betting ships if gambling taxes rise as feared.

According to The Guardian, Betfred is considering shutting all 1,287 of its shops. This would put 7,500 jobs at risk across the UK.

The government is considering introducing higher tax rates for gambling companies active in the UK. Chancellor Rachel Reeves will set out the plans during November’s budget.

Flutter Entertainment also recently said it plans to close shops in the UK and Ireland. Entain and Evoke also said they could shut branches in response to higher tax.

Aerssen departs Dutch Lottery

The Dutch Lottery has announced that Jet Roos-van Aerssen is stepping down as chief financial and risk officer (CFRO).

Aerssen had worked for the operator since May last year, having succeeded Arjan Blok as CFRO. Blok went on to become CEO of the Dutch Lottery.

Prior to joining the organisation, Roos-van Aerssen worked in various international and national financial roles. This included stints with Talpa Network, Aegon and General Electric.

“Jet has made a significant impact on our organisation and our contribution to sports and exercise in the past year and a half,” Blok said. “We have come to know her as a professional and appreciate her commitment to the Dutch Lottery. We wish Jet every success in the future.”

Kambi scores betting partnership with Betnation

Also in the Netherlands, Kambi Group has agreed to a multi-year partnership with online operator Betnation.

Kambi will deliver its turnkey sportsbook solution to Betnation in the country. This includes a range of sports betting technology and services, such as a betting engine and trading and risk management capabilities.

Betnation has operated an online casino in the Netherlands since October 2022.

“Kambi’s reputation for excellence, cutting-edge technology and a commitment to regulated markets made them the natural choice as our new sportsbook provider,” Betnation CEO Robert Schouten said.

BetMGM extends with NFL’s Steelers

BetMGM has extended its partnership with the Pittsburgh Steelers of the NFL.

The deal will run to 2029, with BetMGM serving as an official sports betting, online casino and gaming partner.

BetMGM and the Steelers will introduce new fan-focused experiences, as well as continue the “Decade of Black & Gold Sweepstakes”. The latter awards one fan in Pennsylvania or West Virginia with 10 years of season tickets and hospitality tent passes for Steelers home games.

“This partnership extension allows BetMGM to continue delivering experiences that reflect the energy and passion of Steelers Nation,” said Casey Hurbis, BetMGM chief marketing officer.

Svenska Spel details community funding programme

Svenska Spel has launched a new initiative to fund local sports clubs in the Gotland region of Sweden.

Föreningsdrömmen Gotland will distribute SEK1 million ($106,124) each year. This will see 10 clubs in the region receive SEK100,000 each.

Clubs interested in the funding can begin to apply from 12 November. Funds can be used to fund equipment, travel, camps or support their own initiatives.

“Sports are an important meeting place for children and young people. It is where joy is born, where dreams grow and where community takes shape,” Svenska Spel CEO and President Anna Johnson said. “With Föreningsdrömmen, we want to give more people the chance to be involved and feel the joy and belonging that sports create.”

The newly combined business is valued at around €16 billion. In an era when European gambling operators are scrambling to keep pace with regulatory changes, technological disruption and the need for scale, this deal could be seen as both a defensive manoeuvre and a bold strike forward.

Although anticipated – Allwyn first invested in OPAP in 2013 – the full buyout marks a watershed moment not only for the companies involved but for the European gambling sector as a whole.

As Ben Robinson, an M&A advisor at Corfai Capital, puts it: “This is a mega-deal in a sector that has historically been sleepy. Allwyn is proving that a lottery company can act like a high-growth tech firm.”

The deal transforms Allwyn, which changed its legal status to a Swiss-based entity in October 2024, from a regional lottery operator into a vertically integrated, multi-product juggernaut with operations across Europe and ambitions to conquer the US.

It becomes the second-largest listed gaming group globally with pro forma EBITDA of €1.9 billion amid double-digit growth. It trails only Flutter Entertainment, whose 2025 EBITDA is projected at around $3.3 billion.

A decade-long courtship

Allwyn’s relationship with OPAP spans over a decade. The group, formerly known as Sazka, took an initial stake in 2013 and gradually deepened its involvement before increasing its stake in OPAP to 48.1% in 2022. This full acquisition is not a shotgun marriage but, as Robinson called it, “a decade-long courtship” during which Allwyn dissected OPAP’s business and built a shared technology roadmap.

Ed Birkin of H2 Gambling Capital frames the move as a natural evolution rather than a surprise. “They already owned 52% of OPAP, so acquiring the remaining 48% isn’t something that is overly surprising or unusual,” he says.

What matters is not the transaction itself but what it enables: a strategic leap forward. Birkin notes: “This is the logical next step in the transformation of Allwyn from a Czech lottery operator to a truly global powerhouse in the gambling sector.”

One brand, one tech, one team

At a joint presentation held between Allwyn and OPAP’s exec teams on 12 October Allwyn CEO Robert Chvátal framed the takeover as a milestone in the group’s journey.

“With this combination we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content,” he told analysts.

OPAP’s CEO Jan Karas echoed that ambition, adding the new deal was a springboard for innovation. “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” he said.

“Building the portfolio of attractive games that customers appreciate and bringing innovations is something that we leverage not only from best practices but also practical solutions.”

He also highlighted plans to adopt AI processes across multiple disciplines, noting: “Adopting AI for us is going to happen across multiple disciplines, ranging from customer solutions to platforms and internal productivity.”

The emphasis, according to both executives, is on operational integration: “one brand, one tech, one team.”

Financial appeal for OPAP investors

The detail around tech integration caught Robinson’s attention – particularly Allwyn’s plan to roll out in-house AI and data analytics platforms across OPAP’s retail operations.

This, he says, could potentially edge out longtime technology partners like Intralot and give Allwyn tighter control over its customer engagement and operational costs.

For OPAP shareholders, it’s not just a change of ownership but a change of trajectory. Robinson points to the dividend yield as a key part of the financial appeal.

“Management promised a minimum €1/share from FY 2026. With OPAP shares trading around €18.7 and a current dividend yield of ~7.6%, this implies a forward yield of about 5% – higher than many US blue-chip dividends,” he explains.

Global listing part of Allwyn‘s global transformation

Allwyn’s takeover of OPAP exemplifies a wider trend of consolidation in the gambling sector, driven by tighter regulations and challenging market economics. Across Europe and beyond, operators are seeking scale and diversification to maintain competitive advantage.

“It’s a smart piece of finance,” says Paul Richardson, an M&A specialist at Partis Solutions. “It ticks a lot of boxes for what they want, which is a listing for Allwyn and then the ability to do bigger and better things in other markets.”

A public listing in Athens gives Allwyn the liquidity and equity currency to pursue more deals, with a possible secondary listing elsewhere on the horizon. During the presentation, Allwyn said it would look to New York or London for its second listing.

Richardson estimates a six‑ to nine‑month window for a US listing, but points out that first the group must prove that the business is well-executed and actually achieving the promised benefits before attempting an IPO abroad.

Strengthening OPAP’s position

The deal also strengthens OPAP’s position, says Birkin. “With the market consolidating to a number of large, global operators, being part of this is going to position them better for the future than being a standalone single market leader.”

But he believes the actual acquisition of the remaining 48% of OPAP is “pretty irrelevant” in a European or global context.

“I wouldn’t compare this to past deals [of similar size] such as Bwin and PartyGaming, Ladbrokes and Coral, Ladbrokes Coral and GVC, Paddy Power and Betfair – all of those were pretty transformational deals for the industry at the time,” says Birkin.

“For Allwyn, the key part here is that, on the back of its acquisitions of Novibet and PrizePicks, and the other M&A it’s done in recent years, to consolidate the extra earnings from OPAP combined with the public listing, this now really puts them on the map as a global powerhouse,” he adds.

But Robinson does believe that Allwyn´s takeover of OPAP could affect the European market and may force Europe’s state lotteries to either privatise or partner up.

“The line between public lotteries and private bookmakers is blurring. Expect a more competitive, tech-driven European market.”

He compared the deal with France’s FDJ acquisition of Kindred for €2.45 billion in terms of expanding beyond its domestic market, and DraftKings’ $750 million acquisition of digital-lottery courier Jackpocket.

Legal obstacles

If the industry is moving towards scale and diversification, Allwyn wants to lead the charge. The strategy is to position itself as a 360-degree gaming and entertainment platform, combining national lottery licences with sports betting, fantasy and casino offerings.

“By controlling national lotteries, Allwyn secures a wide moat and an easy marketing journey,” says Robinson. “By adding high-growth verticals, it chases Flutter-like multiples.”

PrizePicks, Allwyn’s recent US-focused acquisition, which enters the group into fantasy sports, is part of that ambition – although is not without legal obstacles. The company ceased paid contests in New York because of regulatory issues and paid a $15 million fine. It is also facing a class-action lawsuit in Massachusetts.

Robinson notes: “While the acquisition is a catalyst, Allwyn must navigate legal headwinds before touting PrizePicks to US investors.”

But the stakes are rising. A New York listing is being explored, although the group previously stumbled in the US in an abandoned SPAC attempt to become listed on the NYSE.

That was back in 2022 when it struck a deal with Cohn Robbins Holdings Corp. The reverse merger was cancelled later that year, as both sides cited unfavourable market conditions. A traditional IPO is more likely today, particularly given the equity value of the €16 billion OPAP deal and its recent foothold in US fantasy sports.

Debt is manageble

The group’s potential global reach, vertical integration and AI capability positions it well for expansion but execution remains the hardest part. Integrating technology stacks, aligning regulatory frameworks and blending corporate cultures are all challenges that must be addressed, industry observers have said.

Debt is manageable for now: pro forma net leverage is around 2.7x EBITDA, with a target of 2.5x. CEO Chvátal reassured investors during the deal presentation that “the secondary listing in Athens will not involve new equity issuance” and that free float – the amount of stock available to the public – will stay about the same.

More takeover deals and buyouts may follow in Allwyn´s quest for domination. As Richardson admits, “I expect Allwyn to carry on doing M&A.”

With OPAP under full control, Allwyn has the scale, story and strategy to compete on the world stage. Now it must deliver.

Under the agreement, Australian operator Jumbo Interactive will pay AU$109.9 million (US$71.6 million) to secure ownership of the DCG business. This includes $75.2 million up front, $10.2 million in equity and $24.5 million in earn-out payments.

B2C-facing brand DCG offers players the chance to win prizes, such as cars, cash, property and lifestyle products. Jumbo Interactive said the addition of DCG to its business fits in with its wider growth and diversification strategy.

Jumbo Interactive targets ‘internet savvy’ players

The acquisition establishes a B2C footprint for Jumbo Interactive in the UK. The group noted DCG appeals to “younger, digitally native customers”. It also referenced a “proven business model, a strong growth trajectory and attractive financial returns”.

It added that the deal provides the opportunity to leverage its technology, marketing and operational capabilities to accelerate DCG’s growth.

“DCG has become a trusted leader in the UK’s B2C prize draw sector, which is meeting the rising demand from younger, internet savvy consumers seeking unique products in an engaging digital format,” Jumbo Managing Director, CEO and Founder Mike Veverka said.

“Jumbo’s two decades of B2C success in Australia and its world-class software, marketing and customer management expertise, provides DCG with the foundation to continue its already impressive growth.”

DCG Director Marcus Hickling also welcomed the deal. He said Jumbo Interactive’s systems and technologies will support DCG as it adapts to changing demands.

“With ongoing changes in technology and increased competition in the prize draw space, I’m pleased that DCG will be part of Jumbo,” he said. “I look forward to working closely with the Jumbo team in the next phase of growth for our business.”

DCG’s current management team will remain in place. Its three directors and founders will continue to lead the business through the earn-out period to 31 December 2026. DCG management will report into Tam Watson, head of UK operations at Jumbo.

Jumbo Interactive added that its 2025 full-year results will remain largely unchanged despite the acquisition.

Questions remain over UK prize draws

The acquisition comes at time of change for prize draws in the UK. Earlier this year, Baroness Fiona Twycross, minister of state for the Department for Culture, Media and Sport, set out plans for a voluntary code for prize draws and competitions (PDCs) operators to unify regulations across the emerging vertical.

Lottery stakeholders have called for stricter regulations for prize draws in the UK, as they claim the vertical is in direct competition with traditional lotteries. The UK’s Lotteries Council called for unified regulations across lottery verticals last year. Today prize draws are not governed by the Lottery Act.

Under the voluntary code, prize draw operators will not need to secure a licence from the Gambling Commission.

Further concerns over the impact of prize draws on traditional lotteries have been raised by the UK regulator. A Q3 gambling activity update from the commission showed that these offerings could be cannibalising traditional lotteries in the UK.

“We’ve seen the growth of large-scale prize draws and that growth has been very significant,” commission CEO Andrew Rhodes told attendees of the Betting and Gaming Council’s AGM in February.

The Central and Eastern European-facing group will take a 51% share in Lob, recognised as Montenegro’s second-largest provider of sports prediction services and sports and gaming entertainment content. As part of the agreement, Fortuna has the option to increase its stake over time.

Lob generated revenue of €30 million ($34.7 million) in 2024 and employs more than 300 people, operating a network of around 100 points of sale.

While financial details were not disclosed, Fortuna said the acquisition represents one of the largest foreign direct investments in Montenegro in recent years. The Czech Republic-headquartered group added that the deal marks a significant step in strengthening its presence across Southeast Europe.

Fortuna enter Montenegro: Lob’s appeal

Fortuna – which already operates in Czech Republic, Slovakia, Poland, Croatia and Romania – said the acquisition would benefit both Lob and the wider Montenegrin gaming market.

Montenegro is an official candidate for European Union membership, with accession negotiations under way since 2012.

Dieter John, Fortuna’s group chief executive, said of the move: “Montenegro is a market with great potential and a clear EU direction. We will significantly invest in Lob, drive its growth and establish best-in-class capabilities and practices.

“Through our partnership with Lob, our goal is to contribute to the modernisation of the entertainment sector, enhance transparency and develop innovative solutions that improve user experience.”

Lob operates predominantly online, with 77% of its business conducted digitally and 23% through retail. Sports account for 65% of its activity, with gaming representing the remaining 35%.

Fortuna said it plans to modernise all Lob user touchpoints through investments in advanced technology management, AI-powered personalisation, analytics and insights, and the enhancement of digital platforms and online experiences.

Lob Chairman Goran Knežević said: “The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”

John was appointed as Fortuna’s new chief executive in January 2025, replacing the outgoing Victor Corcoran.

The division will be led by two new senior hires, Hugh Johnson as chief client officer and Nick Withersby as chief creative officer.

Johnson and Withersby each bring more than 20 years’ experience in brand strategy, marketing and advertising, having worked together since 2022 at Amigo Partnership, where they delivered standout and award-winning work for clients including LiveScore, Flutter, Virgin BET, UNICEF and Soccer Aid.

They also collaborated on The Pools’ brand relaunch, with the campaign being a winner at the 2025 Alliance of Independent Agencies Awards.

Based from SITA’s London headquarters, Withersby will oversee the agency’s creative output, working with its in-house copywriters, design and video teams. Johnson will lead creative client relationships and the agency’s responses to briefs. Both will report to chief executive Ben Cleminson.

‘Transformational’ appointments

Square in the Air described the recruitment of Johnson and Withersby as “transformational” for the agency.

Cleminson said: “I have been fortunate to see Hugh and Nick work at close hand, and they are exceptional creatives. The addition of their skills and experience is incredibly exciting for all teams across our business, and their leadership and fresh perspective will massively benefit the agency.

“The division that we are launching with Hugh and Nick will add a creative layer to our business, allowing us to provide a vital, sought-after service to a client base that we have nurtured over nearly 20 years, while also extending our reach into new markets and sectors.”

Square in the Air is a full-service marketing agency with clients around the world and a team of more than 50 employees. It works with operators, suppliers and affiliates in betting and gaming, as well as sport and fintech, offering services including digital and traditional PR, social media and influencer management.

Particularly on the brick-and-mortar side, stakeholders have long racked their brains to answer the central question: How do we facilitate synergy between digital and retail gaming?

While a range of different strategies have been deployed, the pressure to get creative is starting to mount as the rate of online revenue growth has soared far above its retail counterpart for many months.

In August, for example, four of the seven US states with legal iGaming – Michigan, New Jersey, West Virginia and Delaware – reported all-time monthly digital revenue records. All seven markets reported growth of at least 25% year-over-year for the period. Comparatively, retail casino revenue across the entire US grew 2.5% YoY through the first seven months of 2025, per the American Gaming Association.

By now, many retail companies have made their omnichannel stances known. Casino-centric operators such as Wynn Resorts, Churchill Downs, Monarch Casino and, most recently, Las Vegas Sands, have curtailed, avoided or abandoned online growth efforts. The National Association Against iGaming, an organisation opposed to digital expansion composed mainly of smaller casinos and labor unions, debuted in February and has grown in membership.

Meanwhile, other legacy operators like MGM Resorts are embracing the challenge and trying new splashy investments. All the while, the supplier sector is working to facilitate the technology needed for omnichannel gaming growth, in whatever form that might take.

Asked where his company stands on a scale of 1-10 in terms of investing in omnichannel gaming, Aristocrat chief product officer Matt Primmer said, “It’s probably not that myopic.”

“But we’re definitely towards the end of investing in it,” Primmer said. “Alignment of tools, alignment of structures, alignment of portfolio planning and strategy, is all shifting in that direction.”

Bringing the studio to the casino floor

One such effort is taking place on the casino floor of the MGM Grand, which at roughly 171,000 square feet is among the largest on the Las Vegas Strip. Dropped into the centre of the floor is MGM’s “Live from Vegas” production studio, a high-tech glass box from which dealers broadcast live table game play to iGaming customers in 10 international, regulated markets.

During broadcasts, patrons and passersby stop and watch from outside to take in the spectacle while being unable to partake directly. Inside, the studio is like a Hollywood control room, tightly packed with broadcast equipment, switches and, of course, dealers and tables.

The outfit is a partnership involving MGM, game supplier Playtech and Fremantle, which owns the IP rights to “Family Feud”. A gambling version of the popular TV show is among the games broadcast from the studio. Others include standard table games like roulette, blackjack and baccarat.

MGM operates mobile sports betting and iGaming in the US and internationally through BetMGM, but that company is not involved in the project.

Launched in late August, the physical studio is a massive expansion of the “Live from Vegas” series, which rolled out in June 2024. That first phase saw streaming cameras placed at designated tables on the floors of MGM Grand and Bellagio, and those games are still broadcast as well. According to Vik Shrestha, vice president of online gaming at MGM, the studio is the next step in fostering that omnichannel synergy.

“We launched the studio with, let’s say, Version 1.0,” Shrestha told iGB. “So the next idea is, ‘How do we start capturing Vegas some more?’ We have these games that Playtech is known for, so we’re taking these same games into the same markets, so we have to start differentiating by tying in Vegas.”

How MGM is trying to attract guests through live studio

The Las Vegas connection and interaction with the real MGM casino floor is a focal point of the project. Most live dealer iGaming content is filmed in warehouses and nondescript office buildings, which makes it difficult to cross-market to would-be retail casino players. But Shrestha said that the live external shots and human elements are “the little engagement opportunities that are going to work for us”. 

Streaming to international players in hopes of drawing them to Las Vegas is now a critical mission, with overseas traffic down significantly in 2025. Ontario and the United Kingdom are the two biggest markets for “Live from Vegas” content, Shrestha said. The former is especially encouraging for stakeholders, as Canadian approval rating of the US and President Donald Trump is in the doldrums.

Studio workers and employees stationed nearby are equipped with talking points to help educate interested guests and start conversations.

“We’ve seen that quite a bit actually, where it’s like, ‘Oh I’m from … the UK, can I play?’ And we’re like, ‘Yes! Yes you can,'”  Shrestha said.

The same is true for domestic patrons, especially as iGaming expansion has ground to a halt in recent years. No new markets have come online since Rhode Island in mid-2023. While iGaming legalisation is unlikely in Nevada, it still allows MGM to introduce the topic in a somewhat natural way.

“I love it when you have people who can’t even play the games, because Nevada doesn’t have iGaming, of course,” Shrestha said. “But they’re checking it out, they’re watching it. Can we tap into that from an MGM Rewards perspective? There’s a lot there that we can use in terms of activations, so those are all things that we’re exploring.” 

From Sands Digital to sans digital

MGM’s bullishness contrasts with the likes of Sands, which pulled the plug last week on its short-lived Sands Digital Services (SDS) arm.

The company was among the biggest historical opponents of iGaming in the industry, largely stemming from late founder Sheldon Adelson’s disdain for the sector. SDS was not formed until 2022, a year after Adelson’s death at 87 years old.

In the relatively short time since, the company deemed that the venture was not worth the additional resources. According to the Las Vegas Review-Journal, Sands President and COO Patrick Dumont told employees in an internal letter that “further pursuit of this business was no longer aligned with the company’s core long-term objectives”.

Its core focus will remain on its land-based resorts in Macau and Singapore. Real-money iGaming is not legal in either jurisdiction.

The move came six months after the company pulled out of the New York casino race over concerns “about the impact of the potential legalisation of iGaming on the overall market opportunity and project returns”. Its proposal at the site of the Nassau Coliseum on Long Island had a projected cost of $7.6 billion, on the higher end of the field of bids.

Supplying omnichannel picks and shovels

While operators pursue various plans, suppliers are working in tandem to support those efforts. Aristocrat Gaming, the top land-based game supplier in the US by machine count, is investing heavily in its distribution capabilities to stay in lockstep with customers.

“We know that omnichannel launch is important for many of our customers, so our job is to ensure that when it’s important to them, it’s important to us, and we’re really focused on driving that capability more and more through our portfolio and ensuring that we’re the best partner we can be,” Primmer told iGB.

Last Wednesday, the company announced the acquisition of Awager, an Israel-based “provider in the fast-emerging and regulated Live Slot Streaming segment”, per a release. While Aristocrat has not commented on the deal yet, Awager’s website says its technology allows users to “experience the authentic sights, sounds and excitement of casino gaming from anywhere”.

In considering the needs of operators with varying omnichannel goals, Primmer noted that his team has to “walk that tightrope” in making their own calculations, but constant collaboration is key.

“For us, it’s about a true partnership, it’s not about us imposing our will,” Primmer said. “We think our job is to create the option to deliver across channels, whenever that right time is.”

According to a Sunday Times report, several sources at Evoke have confirmed closures could take place if taxes rise. The government is expected to set out new gambling tax plans during the upcoming budget on 26 November.

The report said the number of shop closures has not yet been decided. One source suggested 120 shops could shut, while another said as many as 200 could close. This could lead to up to 1,500 job losses across the William Hill network.

Evoke currently operates approximately 1,300 William Hill shops across the UK. Should the closures reach the upper end of estimations, this could see 15% of its total retail network shut.

“As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations,” an Evoke spokesperson said. “This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

Incidentally, Evoke is not the first major operator to warn of possible shop closures amid the planned tax rise. In recent weeks, Stella David, CEO of Entain, which counts Ladbrokes among its brands, also said retail locations could close to help save on costs.

Tax rises almost nailed on

Talk of an increase in gambling tax has been rife for most of 2025. In April, the government initially proposed a single rate for remote gambling. This would replace the current, three-banded tax rate system.

The proposal has drawn strong criticism from the gambling industry. Concerns included how it would impact harmonisation on wider issues such as risk and harm and the potential demise of the horse racing sector, which relies heavily on the betting sector.

There has been no government confirmation on what a gambling tax restructuring might look like, but in September, a group of more than 100 MPs from the governing Labour Party called for an increase in the rate of gambling tax to tackle child poverty.

The MPs said gambling in the UK is “lightly taxed” at 21% of gross gaming yield (GGY).

The letter referenced an earlier suggestion by the Social Market Foundation (SMF). In July, the SMF proposed raising Remote Gaming Duty from 21% to 50%. This, it said, would bring the UK more in line with other jurisdictions in Europe and the US, where online gambling tax rates reach 50% or more.

Increases in tax would be in addition to the new statutory levy, which came into effect on 6 April this year.

UK retail struggles for Evoke

Evoke addressed the potential tax increases in its H1 results announcement, published in mid-August. At the time, Evoke CFO Sean Wilkins told the government to tread carefully in terms of how it approaches a potential tax rise.

“If you increase tax beyond a certain point, this leads to black market growth,” Wilkins said. “This would then lead to lower tax take and zero player protection, which is against the objective of government. This has been evidenced in the Netherlands

“Our expectation is to see a balanced approach between the requirement to get more cash and protecting the regulated market.”

In the same announcement, Evoke reported a 2.4% drop in revenue from its UK and Ireland retail business.

This was partly due to tough year-on-year comps due to last year’s Euro 2024 football tournament, while Evoke also made reference to “challenging conditions on the high street”. The total number of William Hill shops fell 2.2% to 1,302 by the end of the half.

However, the group did make improvements to its retail estate in the UK&I. This included the completion of the rollout of 5,000 gaming machines in March.

Speaking at the time, Evoke CEO Per Widerström said gross win per machine was 15% more than in Q3 last year, with the new rollout drawing in more customers. He added that further machine enhancements are planned, with additional legacy machines to be replaced.

“We are confident that our retail stores can continue to survive tough high street conditions in the UK and Ireland,” he said. “We will monitor profitability closely across our network.”

The arrangement has been approved by the boards of both companies and the combined business will operate under the Allwyn brand. Allwyn will hold a 78.5% economic interest in the new-look company, with OPAP taking 21.5%.

The transaction will build on an existing partnership, dating back to 2013 when KKCG, the controlling shareholder of Allwyn, first invested in OPAP.

At present, Allwyn owns 51.78% of the total holding in OPAP.

Subject to closing conditions, including approval from Greece’s Hellenic Gaming Commission, the merger will close in H1 of 2026.

After completion, the business will remain listed on the main market of the Athens Stock Exchange. There are also plans to list on another global international exchange such as London or New York.

What will the Allwyn-OPAP business look like?

Allwyn and OPAP said the merger will create the second largest listed gaming entertainment company in the world.

On Allwyn’s part, the company said it represents the “natural next milestone” in its journey. It said a public market listing will unlock access to equity capital markets for future growth.

As for OPAP, Allwyn said the deal safeguards its long-term value, with OPAP shareholders to benefit from wider growth opportunities. Independently, OPAP has made a strategic decision to change its consumer brand from OPAP to Allwyn as of Q1 2026.

In agreement with Allwyn, OPAP will “hive down” its business to new Greek subsidiaries and transfer its statutory seat to Luxembourg.

Allwyn will contribute its assets and liabilities in consideration for newly issued shares in LuxCo, forming the combined business. The new-look business will subsequently re-domicile to Switzerland, where Allwyn is headquartered.

Noted highlights of the combination include positioning the new-look business to capitalise on key industry trends. With this comes double-digit projected EBITDA CAGR from 2024 to 2026, substantially higher than OPAP on a standalone basis

Allwyn also referenced digitalisation, in particular ownership of key technologies, proprietary content and AI capabilities. This, it said, will reduce dependency on third parties and help to accelerate innovation and time-to-market. The company also spoke of diversification and “significant strategic optionality” in markets around the world.

Chvatal takes the helm

Current Allwyn CEO Robert Chvatal will lead the combined company as CEO. He will be supported by Allwyn CFO Kenneth Morton, who will remain in his present role.

OPAP’s current management team, led by Jan Karas as CEO and Pavel Mucha as CFO, will head up OPAP’s operations in Greece and Cyprus.

Karel Komarek will chair the business with an eight-person board. This will include the six existing Allwyn directors and two newly appointed independent non-executive directors.

“This transaction marks a further milestone in Allwyn’s successful journey,” Chvatal said. “Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation.

“With this combination, we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”

OPAP CEO Karas added: “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece. I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”

“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment,” Komarek said. “The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.

“We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”

Allwyn continues to evolve

The merger marks the latest major development at Allwyn as part of its wider growth plans.

Just a few weeks ago, it announced the acquisition of a majority stake in daily fantasy sports (DFS) operator PrizePicks. The deal provides Allwyn with access to the US DFS and betting space. Its only other link to the US market is via its Illinois Lottery operation.

The company also recently established its new Allwyn Digital division. Led by ex-Betfred US CEO Kresimir Spajic, the business aims to evolve Allwyn in a more digitally led way, providing bettors with engaging experiences.

Aside from this, Allwyn carried out a major tech overhaul of the UK National Lottery, which it took control of in February last year. This included upgrading over 43,500 retail partners to new terminal software and a new platform.

As for Allwyn’s next move, the group could look to utilise the OPAP merger to take ownership of Betano. Allwyn took an initial 36.75% holding in Betano – which is majority owned by OPAP – in April 2022.

With OPAP now merging with Allwyn to become a combined business, the latter may see swallowing up Betano as the next, logical step in its expansion strategy.

It has been a somewhat tumultuous start to life for the legal gambling sector in Brazil since the regulated market launched on 1 January this year.

Gross gaming revenue from licensed gambling across the first six months of regulation stood at BRL17.4 billion ($3.2 billion), contributing BRL3.8 billion in tax for the country in the meantime.

In terms of regulation, the sector is facing new potential ad restrictions and was threatened with a retroactive tax programme to make operators pay for gambling services in the 10 years prior to regulation. However, this was withdrawn by politicians this week.

Speaking to iGB prior to the vote, Studart called for policymakers to avoid overregulation, something he believes could result in black market growth.

Studart highlighted an Instituto Locomotiva study earlier this year, which warned that 61% of Brazilian bettors placed at least one illegal bet in 2025.

“These findings show that the combination of high taxation, bureaucracy and advertising bans can produce the opposite of the intended effect: pushing consumers toward unregulated platforms that do not follow user protection rules or contribute to tax revenues,” Studart told iGB.

“Caution is needed when it comes to balancing tax burdens, advertising restrictions and the overall attractiveness of the regulated market.”

A time of great opportunities for Brazil betting

Studart said the current regulation marks a “fundamental step” towards ensuring a safe and responsible licensed betting sector in Brazil.

“The progress of regulation has laid the foundation for a more balanced ecosystem — one that combines innovation with responsibility,” he said.

“Flutter Brazil sees this new scenario as fertile ground for sustainable growth.”

Flutter Brazil was created by powerhouse Flutter Entertainment last year, when it agreed to acquire a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. The deal was completed in May, with Flutter announcing NSX Group CEO Studart would lead the Flutter Brazil business.

In Q2 this year, Flutter announced its Brazil revenue had grown 144% during Q2 to $44 million.

Brazil was Flutter’s fastest-growing market in Q2, and Studart believes the business is well placed to continue capitalising on the new regulation in Brazil.

In September 2024, the company stated its acquisition of NSX Group had led Flutter to an 11% market share in Brazil, placing it among the top three betting companies.

Flutter Brazil eyes podium position through localisation

Flutter Brazil has approximately 500 employees, focusing on creating the best experience possible for its users by focusing on technology, marketing and customer service.

“The Brazilian market is going through a phase of consolidation that brings great opportunities for operators who invest with seriousness, a consumer-first mindset and a commitment to best practices,” Studart added.

He emphasised the business’ reliance on local expertise, noting: “Flutter Brazil has chosen to maintain a team with the spirit and expertise specifically oriented toward the Brazilian market. With Betnacional as part of its brand ecosystem, the goal is to sustain an operation centred on Brazilian talent and local insight.

“By combining global scale with a deep understanding of local specificities, we aim to actively contribute to the sector’s maturation — offering relevant and safe experiences to users while reinforcing the pillars of trust, transparency and Brazilian culture that underpin our brands.”

Some have estimated the black market could account for up to 70% of the total betting sector in Brazil but, speaking to iGB in a recent interview, Flood believes it is closer to 15%.

While many operators and other industry stakeholders highlight illegal operators as their main concern, Flood and Superbet maintain that their strong start in the market is their main area of focus.

“I don’t wake up every day thinking about the illegal market,” Flood tells iGB. “The competitive intensity would be what wakes me up every day, or what I think about when I wake up.

“I think there’s a lot of data out there that suggests that it’s quite meaningful in terms of total size. I think there’s ways that that gets big and scary when people use deposit volume to size that market.

“In actual terms of maybe revenue capture, which is a better marker of what players are spending, I think it’s a good bit lower than most people’s estimates.”

However, Flood does say he is concerned about the threat the black market poses for players in terms of player protection standards.

Superbet looking to maintain podium position

Superbet has enjoyed an impressive start to the regulated market in Brazil, ranking among the top three licensed operators for market share, according to H2 Gambling Capital’s data.

Flood has a “high degree of confidence” that Superbet is currently in a firm podium position. He also believes the company is closing in on second place.

Like many, Flood expects consolidation in Brazil as the market matures. Three top brands are expected to dominate the market as smaller operators fall away due to high costs and lack of competitive edge against Superbet, Betano and Bet365.

“What we see is there’s going to be a wave of consolidation at some point in the market as the unit economics of competing get a bit harsher,” Flood continues. “High tax burdens, the cost of advertising, you see some sponsorship prices going through the roof.

“It’s incredibly expensive to raise awareness in Brazil about a brand and to build trust. We see that probably some of those smaller brands may fall away at some point in time and the market will probably be dominated by three big players, that would be our estimate. We would hope, and are quite confident, that we will be one of the three.”

Localisation key to Superbet’s success

Prior to 1 January, there was some speculation that international brands may struggle to get a foothold in Brazil, with local operators winning out due to localisation and an enhanced knowledge of their home country’s diverse culture.

But Superbet has invested heavily in local talent, deepening its connection with Brazilian bettors.

“If you were to ask why we’ve been successful, I would say it’s because we’ve invested in finding local people to really help us connect with the Brazilian audience, the Brazilian fan base,” Flood explains.

“That goes deep into how we communicate with customers, even the brand tone, these types of things.

“You cannot take a European proposition and just stick Brazilian flags or change it into Portuguese and put it out there to customers. You really have to find ways to connect.”

Superbet’s investment has extended to sponsoring the 2025 Rio de Janeiro Carnival and Série B, the second-highest football league in Brazil. Additionally, the club is also the front-of-shirt sponsor of top-flight clubs Fluminense and São Paulo.

“The Brazilian fan base is so passionate about sports and so emotionally involved in it, that there’s just different ways to connect,” Flood says. “And we’ve brought that to life.

“But it’s not just putting a badge on that shirt. It’s how we’ve brought that to life in terms of the activations. They are ways for us to connect with those local customers and local audience in a much, much deeper way.”

Superbet Brazil marketing investment to continue

Flood says Superbet has “definitely” achieved what it sought from its initial marketing investment in Brazil.

“When you look at the brand we’ve built in such a short time in Brazil, it’s probably one of the things I’m most proud of,” Flood continues. “That’s testament to the local marketing team that we’ve built out, who make all these decisions day to day.

“When you look at our brand awareness, it’s gone incredibly well. We think that’s what’s translated into what we [believe] is a clear number three in the market at this point.”

This investment in marketing will continue, according to Flood.

“We’ll definitely keep a portion of our investment efforts in this space, because of how effective we’ve found it to be,” Flood concludes.

“We do think it’s part of our superpower of connecting with the local customers and how well we’ve executed in those spaces. For the foreseeable future, we’ll continue to pursue that.”

Sho Okuyama, Kanji Kobayashi and Taishi Oba all join the PointsBet board with immediate effect. Each will serve as a non-executive director of the business.

Okuyama joined MIXI in 2016 after working in venture capital and start-ups. He is head of the investment and business development department at MIXI and also heads up its TIPSTAR business.

Kobayashi has been with MIXI since 2007 and is currently general manager of its legal affairs division. In this role, he has responsibility for general corporate legal affairs, intellectual property, M&A and crisis management response.

Oba joined MIXI in 2024 after spells with KPMG Japan and VT Holdings. At present, he works as general manager of the integration management division at the company, working across deal execution and post-merger integration.

Patton continues as chair of PointsBet

PointsBet also confirmed that Brett Patton will remain as chairman of the PointsBet board. In addition, Sam Swannell, CEO of the business, will continue as a director.

Becky Harris, Tony Symons, Kosha Gada, Peter McCluskey and William Grounds all resigned as directors of the board.

“PointsBet welcomes Mr Okuyama, Mr Kobayashi and Mr Oba to the board,” the operator said in a statement. “We are looking forward to working with each incoming director and PointsBet’s major shareholder, MIXI Australia.

“We thank each of the retiring directors for the dedication, service, professionalism, expertise and experience they have contributed individually and collectively to the company.”

Betr still has a say despite MIXI takeover

MIXI completed its takeover offer for PointsBet in September, securing 66.43% of the overall voting power in the operator.

However, its route to a majority holding was far from simple, having faced competition from Betr Entertainment. Betr hoped for a full takeover but had to settle for an increased holding after MIXI came out on top.

Betr now holds 27.72% of the total holding in the business, having previously owned 19.9% before lodging its takeover offer. Its offer closed on 25 September, with Betr now holding an additional 30,341,074 shares in PointsBet.

While MIXI will have the majority in company matters, Betr will still have its say. Upon the closure of its offer, MIXI said the additional voting powers enable it to “block” actions it deems to be against the interests of shareholders.

“This stake will be large enough to block actions that run against shareholder interests and drive constructive engagement with MIXI and the PointsBet board on value creation,” Betr said.

Footballer banned for betting breach

Dutch professional footballer Osman Foyo has been banned from playing for five months after breaching rules on betting.

Foyo, who plays for English League One team AFC Wimbledon, placed 252 bets on matches. The BBC said the bets were made between 29 October 2023 and 28 March 2025.

English Football Association rules say players across the national pyramid are not permitted to place bets on football. Those who breach the regulation risk fines and bans.

Four of the five months in the ban issued to Foyo have been suspended, meaning he will only miss an initial month. He was also ordered to pay a fine of £1,000.

Broadway Gaming names Cleary as CEO

Online bingo specialist Broadway Gaming has appointed Mark Cleary as its new CEO.

Confirming the news on LinkedIn, Broadway said Cleary will make the step up from chief operations officer. He has served in his current role for more than eight years.

Cleary replaces founder David Butler as CEO. Butler will transition into the role of executive chairman, where he will focus on strategic partnerships and M&A opportunities.

“Mark has been instrumental in the company’s growth, operational excellence and team culture and driving Broadway to become the UK’s largest independent online bingo operator,” Broadway said.

Hickey takes managing director role at Games Inc

Another new appointment was confirmed at Games Inc, with Fiona Hickey becoming managing director.

Hickey takes on the role at the slot game studio after working in the iGaming sector for more than 15 years. She joins after six years with Push Gaming.

Hickey will focus on three areas: growing the studio’s distribution footprint, ramping up game output and strengthening its platform.

 “I am excited to be leading such a talented team at a really pivotal moment for Games Inc,” Hickey said.

Danish regulator raises awareness of helpline

Danish regulator Spillemyndigheden has launched a new campaign to raise awareness of the StopSpillet helpline.

Running throughout October and December, the campaign will mainly target men in their 30s and 40s. Research showed fathers of that age may have more difficulty seeking help.

Since its launch in January 2019, StopSpillet has had almost 4,000 conversations with players and their relatives.

“The campaign is intended to show more of what you risk missing out on if you let gambling fill you up too much,” said Anders Dorph, director of Spillemyndigheden.

Light & Wonder launches cancer support campaign

Light & Wonder has partnered with several organisations to launch a new campaign focused on battling cancer.

“Gaming vs Cancer” will seek to raise awareness, funding and support for cancer research, care and community programmes. Global Gaming Women is among the organisations working with Light & Wonder on the initiative.

To support the initiative, Light & Wonder will hold a month-long fundraising campaign to benefit the American Cancer Society. It will match all donations up to $10,000 made through the Light & Wonder Game Changers for Good portal.

“As the leading cross-platform global games company, we recognise both the responsibility and the opportunity we have to make a meaningful impact in the communities where we live, work and play,” said Shannon Demus, CFO Gaming Americas at Light & Wonder.

Norsk Tipping has been hit with a series of sanctions in recent months due to issues across its lottery games. In total, the operator faces having to pay out more than NOK110 million ($11 million) in financial penalties.

Following the failings, the Norsk Tipping board instructed PwC to review its largest lottery products and the central focus of its recent failings: Lotto, Vikinglotto and Eurojackpot.

Core findings by PwC revealed that Norsk Tipping had focused too much of its time and efforts on innovation and new developments “at the expense of quality and control”.

PwC also questioned Norsk Tipping’s leadership and the division of responsibility, describing this as “unclear” at the operator. In addition, it flagged “insufficient” follow-up of suppliers.

Going into more detail, PwC said that, while Norsk Topping has an “extensive” control framework, there were weaknesses within the system. These included the balance between innovation and stable operations, clarity of roles and responsibilities, supplier follow-up and systematic handling of deviations.

PwC added that, at times, maintenance and internal control were not prioritised over new technology development.

“We take the report very seriously,” said acting CEO Vegar Strand. “It’s important once again to apologise to our customers who have been affected by these errors.

“Even though much works well, the report shows that we have had too many vulnerabilities. We’re fixing that. Every stone will be turned to ensure we both learn from our mistakes and build a new and better Norsk Tipping.”

Signs of improvement at Norsk Tipping

The report noted some of the actions already taken to rectify the concerns. Some of these, it said, were implemented back in February of this year, prior to the details of the failings coming to light.

Detailing these actions, PwC said Norsk Tipping had postponed some of its development work and, since May, the operator has directed all available resources, including over 150 staffers, to improving current operations.

Meanwhile, Norsk Tipping has also implemented tougher controls into its lottery processes, with more oversight during execution. This includes replacing manual checks with automated systems to cut out human error.

In addition, under external leadership, the operator reviewed critical processes to identify and eliminate any risks of errors or legal breaches. This, PwC said, led to 300 small and large quality measures and improvements being implemented.

Aside from this, previous Norsk Tipping CEO Tonje Sagstuen resigned from her post back in June. Vegar Strand, who previously held the role of director of strategy, analysis and business development, has been at the helm on an interim basis ever since.

“The report shows where we need to improve, but also that important measures were implemented over seven months ago,” Norsk Tipping board member Sylvia Brustad said. “The board takes this extremely seriously and will closely follow the ongoing work.

“We are confident that the company has learned from its mistakes and the improvement efforts will lead to a new and stronger Norsk Tipping in the future.”

KPMG raises concerns over priorities at Norsk Tipping

Alongside the PwC report, KPMG carried out its own review of Norsk Tipping’s operations. It focused specifically on errors within its Eurojackpot draw, which resulted in 47,000 players being incorrectly notified they had won excessively high prizes on 27 June.

Norsk Tipping could yet face a NOK10 million penalty over the issue, subject to a final decision by Norwegian gambling regulator Lotteritilsynet.

“There does not appear to be a lack of routines per se, but rather that these have gradually been diluted and weakened operationally over time, as the organisation has undergone repeated structural changes, shifting priorities and reallocation of personnel, responsibilities and areas of expertise,” KPMG said of its investigation.

“In continuation of this, the work environment is described as one where innovation, speed and performance have been prioritised too much over control and quality assurance.”

The Eurojackpot case was one of several recorded in recent months at Norsk Tipping. Its largest penalty fee was set at NOK46 million earlier in September for a technical failing related to Eurojackpot and Lotto. The regulator found players in cooperatives, gaming clubs and cooperative banks had a greater chance of winning than they should have had.

A separate penalty of NOK36 million was announced in March after a bug prevented self-excluded players from blocking themselves from their Norsk Tipping accounts. This followed a NOK2.5 million fine in 2024 after the company mistakenly paid a player NOK25 million in incorrect winnings.

In addition, in late September, Norsk Tipping was informed it could face another penalty of NOK25 million. This would be in relation to 52 players being incorrectly drawn as winners of million-krone prizes during a “super draw” on 19 April this year. This, Norsk Tipping said, was due to a technical error within its lottery system.

On a local level, Las Vegas tourism has been down for a calendar year, while gaming revenue has in recent months started to increase. This discrepancy has caused some to question the long-term sustainability of the city’s hospitality-driven economy.

The broader picture for the industry is also far from clear. Legal and regulatory scrutiny surrounding prediction markets and sweepstakes casinos continues to heighten, as do macroeconomic headwinds related to sticky inflation, rising tariffs and now a government shutdown.

Overseeing the conference is the American Gaming Association, which views G2E as the sounding board for these industry debates.

“We use the conference as a way to talk through some of the tough topics,” Maureen Beddis, SVP of membership and events for the AGA, said on iGB’s World Series of Politics podcast.

“Those are usually the sessions where you can’t really even squeeze into the room, which would make most show organisers nervous. I see that, and I’m like, ‘Alright, we’re talking about the right things.'”

Last year’s attendance eclipsed 25,000, per organisers RX, and featured 115 international exhibitors, the most ever for the event. With a number of factors currently casting uncertainty over both Las Vegas and the industry overall, stakeholders hope those figures continue to grow.

Tourism, regulation top of mind at G2E

Concern about Las Vegas has been a national media topic for several months. The divergence of visitation and gaming revenue figures is hard to ignore, but also makes for difficult forecasting. Business has been good in the short term for the Strip and great in the medium term for locals-focused operators.

But declining traffic can lower all boats, meaning stakeholders must get creative to stay competitive. The city is investing heavily in new entertainment, namely sports, and casinos are perfecting their craft, as evidenced by the revenue uptick.

At G2E, some panels addressing these topics include:

• Trends in non-gaming amenities for casino growth (Monday)
• Profit per square foot on the casino floor (Tuesday)
• Enhancing the casino experience with digital (Wednesday)

From a regulatory perspective, Las Vegas’ reputation is also in flux. There have been three multimillion-dollar, anti-money laundering fines issued this year alone, with allusions to a fourth. Regulation has become an increasingly expansive topic at the show, from AML to cybersecurity.

This year, the International Association of Gaming Advisors is sponsoring a host of regulatory-focused panels, including one on Monday featuring Nevada Gaming Control Board Chair Mike Dreitzer. Immediately following that discussion is another on recent AML enforcement featuring representatives from Wynn and MGM, both of which were fined this year.

Rise and fall of sweepstakes in 2025

In some instances, there is one theme that dominates discussion and permeates throughout the entire conference. Last year it was undoubtedly sweepstakes casino sites.

Their presence had been climbing for years, but last year’s G2E is where the discussion spilled over. It seemed as though most panels, show exhibitors and sideline discussions were either an embrace of or an attack on the sector.

The months since the show have brought challenging times for the sweepstakes industry. Several states, including New Jersey, Connecticut and Montana, have enacted outright bans. California, the most significant sweepstakes market, unanimously passed a ban through its legislature that currently sits on Governor Gavin Newsom’s desk.

The same is true for New York and Governor Kathy Hochul. Numerous other markets have taken other actions including cease-and-desist orders and lawsuits.

This unravelling is perhaps further evidenced by the lack of representation this time around. Only one panel on Tuesday addresses the topic directly, and all five participants are prominent sweepstakes opponents. In the description, even the term “sweepstakes” is mentioned in quotes.

Prediction markets likely to be central G2E topic

With sweepstakes largely swept aside, prediction markets appear poised to dominate this year’s G2E discussions. The rise of platforms like Kalshi, Crypto.com and Robinhood and their foray into sports event contracts has rankled the industry, especially commercial bookmakers.

As federally licensed entities under the Commodity Futures Trading Commission, prediction markets are not subject to state sports betting laws. Instead, they argue that their sole authority is the CFTC. The commission is currently down several members and is searching for a new chair after Brian Quintenz’s nomination was stymied.

With that said, the topic is only directly mentioned in one panel on Wednesday morning. Two of its participants come from the AGA and Arizona Department of Gaming, both outspoken opponents of prediction markets.

Another panel on Monday regarding “innovation barriers” features Alex Kane of Sporttrade, a central figure in the debate. But the description does not mention prediction markets, only “challenges faced by startups”.

Government shutdown another tough topic

Adding to this year’s intrigue is the ongoing shutdown of the US federal government, which took effect at 12:01 am on Wednesday. There have been 10 shutdowns since 1976, with the longest spanning 35 days in late 2018 to early 2019.

The actual economic effect of shutdowns historically is minimal. There is no guarantee, however, that this holdout will not stretch into uncharted territory, which adds another layer of uncertainty for a consumer-discretionary industry.

The US Travel Association, for example, estimates the shutdown will cost the US travel industry $1 billion per week. A survey from Ipsos quoted in the announcement said 60% of respondents “would cancel or avoid trips by air in the event of a shutdown”. Some 81% agreed shutdowns hurt the economy overall, the survey said.

More than two million federal employees are affected by a shutdown, including airport and TSA workers. Some will continue to work without pay, while others will be furloughed or laid off permanently. Toward the end of the 2018-19 shutdown, many workers had begun calling out or getting other jobs entirely.

US Senator Jacky Rosen and Representative Dina Titus, both staunch gaming supporters from Nevada who are working to reinstate tax deductions for gamblers, have come out against the shutdown. Rosen told the Las Vegas Sun she’ll “keep pushing to end this reckless Republican shutdown”, while Titus cautioned that “numbers will just kind of go down” until the shutdown is resolved.

In New York, the Bally’s local community advisory committee (CAC) voted 5-1 on Monday to advance its project to state consideration for one of three potential downstate casino licences. This approval came after the CAC requested several changes to the proposal earlier in the month. Bally’s responded to the requests, which appeared to satisfy the committee as the changes were also approved on a 5-1 vote.

CAC member Danielle Volpe was the lone detractor in both votes. Volpe was appointed to the CAC by city council member Kristy Marmorato, one of the biggest opponents of Bally’s Bronx.

The bid will now go before the state’s Gaming Facility Location Board (GFLB). The GFLB has until 1 December to issue a recommendation to the New York State Gaming Commission. From there, the commission will have until 31 December to issue up to three licences.

Along with revenue projections, there are four weighted criteria the board will consider:

• Economic activity (70%)
• Local impact siting (10%)
• Workforce enhancement (10%)
• Diversity framework (10%)
  

Bally’s Bronx is the third New York bid to advance past the CAC phase, out of eight that began the process. The two racinos – MGM Empire City and Resorts World NYC – were unanimously approved last week. The Coney in Brooklyn is to be voted on later on Monday, while Metropolitan Park in Queens awaits its fate on Tuesday. Manhattan’s trio of Caesars Times Square, Avenir and Freedom Plaza were all rejected.

The New York casino bid that defied odds

It has been a bumpy ride for Bally’s Bronx, but the train kept moving despite various hiccups. The project is steeped in political intrigue, namely in connection to New York City Mayor Eric Adams and US President Donald Trump.

Bally’s bought the project site from the Trump Organization, which would receive a $115 million bonus if Bally’s is granted a casino licence.

Adams, who had federal corruption charges dismissed by Trump, has also boosted the project twice. In the first instance, he lowered the threshold of support needed for a city council vote and he later vetoed another council vote altogether. This allowed the project to reach the CAC phase.

Once it reached the CAC, there were more hurdles. The Bally’s CAC was the only one to request changes by its bidder, and it did so after its two public hearings. The 14 pages of requests touched on essentially every aspect of the proposal. Statements given by committee members explaining their votes seemed to indicate that these last-second concessions helped sway the approval.

“Based on Bally’s engagement to date, I believe they understand the scale of this responsibility they are asking this community to shoulder,” CAC Chairwoman Lisa Sorin said. “We have discussed the following items and expect these to be non-negotiable elements to this project.”

In a statement, Bally’s called the vote “a win for the Bronx” with “lasting benefits” and thousands of jobs.

“We are grateful to the Community Advisory Committee, our local elected officials, small business leaders, unions and the many Bronx residents who shared their feedback throughout this process,” the company said. “The affirmative vote is a clear signal that we’ve been able to address key community concerns and build real momentum together.”

Bally’s looks ahead to Las Vegas

Meanwhile, Bally’s also laid out plans for its long-dormant plot across the country on the Las Vegas Strip, adjacent to the MLB ballpark being built for the Athletics franchise. Details for Bally’s Las Vegas were first publicised on Sunday before the company’s official release Monday.

The sprawling mixed-use complex being proposed would essentially surround the A’s stadium, which is scheduled to open in spring 2028 for that MLB season. Plans call for two hotel towers encompassing 3,000 rooms, a casino, a 2,500-seat entertainment venue and “more than 500,000 square feet of retail, dining and entertainment offerings”. Marnell Architecture is the architect of record and JLL will source dining and retail options.

In a statement, Bally’s Chairman Soo Kim called the project a “once-in-a-generation opportunity to redefine the heart of the Strip”.

Of the 35 acres on the plot, the stadium takes up nine acres, allowing up to 26 acres of future development. The land is owned by Gaming and Leisure Properties (GLPI) and is leased to Bally’s for $10.5 million a year. It was the site of the Tropicana Las Vegas before the property was imploded last October. The stadium is a focal point of the new design and the company said the resort will offer “a VIP experience with direct access to the ballpark”.

Notably, Bally’s offered no cost projections, only saying it is “expected to commence development in the first half of 2026”. In an interview with the Nevada Independent, Kim said his company will take things slowly and see how the market reacts.

“I know we have a lot going on, and we want to move forward,” Kim said. “If demand is slow, then we’ll go slower. We’re not going to build speculatively.”

Walking the purse-string tightrope

Both developments are the latest additions to an already loaded plate for the company. Bally’s has three significant developments in various stages of progress in Chicago, New York City and Las Vegas.

Its $1.7 billion Chicago casino has been beset with delays and is on a tight deadline to open by September 2026. Bally’s Bronx, if approved, would cost another $4 billion. No costs were given for Bally’s Las Vegas. The last two casinos to open on the Strip were Fontainebleau ($3.7 billion) and Resorts World ($4.3 billion).

In addition to its domestic dealings, the operator is also heavily invested in Australia-based Star Entertainment. That company is facing massive anti-money laundering fines from Australian authorities, and its flagship Star Sydney casino has had its licence suspended for multiple years. That suspension was just extended for a further six months.

Bally’s has been on a financial tightrope for quite some time, but it has found relief by leveraging assets. In July, the company sold its international digital business to Intralot in a reverse-merger that netted €1.53 billion ($1.79 billion) in cash to pay down debt. Two weeks ago, Bally’s sold and leased back its Twin River Lincoln casino to GLPI for $735 million, also used to help with liquidity.

In Q2, Bally’s reported $174 million in cash versus total debt of $3.5 billion, although that was several transactions ago.

Last Tuesday, Yolo announced plans to incorporate its Sportsbet and Bitcasino brands into the single Yolo.com brand, with the aim of bringing Yolo.com to Tier-1 regulated markets.

This followed a three-year process of research and preparations for the shift. With Yolo at a “crossroads”, as the company described it, founder Tim Heath and co have opted to leave grey markets behind.

However, having thrived as an unregulated crypto casino operator, the move does raise questions over the challenges and potential rewards of transitioning to regulated markets.

Entering regulated markets isn’t just a case of paying a licence fee, explains Juan Ignacio Ibañez, general secretary of the MiCA Crypto Alliance, an initiative aimed at simplifying regulatory compliance across the crypto industry.

“You might think getting a licence is just a fact of spending an amount of money on the law firm and telling them to go get it,” Ibañez tells iGB. “But it turns out that you need to actually adapt your processes a lot, right?

“In order to be able to report a lot of the items that you need to report in the process of getting a licence, you need to change your own internal processes, or set up processes that you didn’t have before. So organisationally, it is quite transformative to get ready to operate in a regulated market. It really changes how you function and your team.”

Why has Yolo made this move into regulated markets?

Yolo in part attributed its decision to pivot to regulated markets to the belief that crypto is becoming “mainstream”.

“It’s therefore our responsibility to bring the crypto casino experience to regulated domestic markets, working within sensible frameworks and combining speed and freedom with safety and oversight,” the company said.

Its previous strategy of operating in unregulated markets proved to be hugely successful, bringing cryptocurrency to the masses.

So why has Yolo made this transition?

Kovach agrees with Yolo’s claim that crypto has gone mainstream, saying the crypto gaming world is at a “pivotal point”.

“The genie is kind of out of the bottle,” Kovach explains. “Having been in the space for seven, eight years, it’s definitely moved beyond a very core niche into something much, much bigger.

“Obviously regulation in the US seems to be moving at a record pace at the moment under [Donald] Trump, but even under Europe with MiCA et cetera, it’s being accepted. Whether we agree with all of the regulations or not, it needs to be regulated. It is being regulated.

“But I think it’s more than that, and they [Yolo] see the opportunity now being within regulated markets. I think it’s going to be fascinating to watch how they go about that.”

Finland, Sweden and Canada seen as opportunities alongside the UAE

In its announcement, Yolo identified Canada, Sweden and Finland as three markets it plans to expand into.

The company also announced it is closing in on securing two B2B vendor licences for the soon-to-be regulated market in the UAE.

iGaming and sports consultant Stefan Kovach believes building credibility compliance in smaller markets before advancing into bigger markets could prove a successful strategy. This belief is based on his previous experiences with Poker Stars and Party Gaming.

“I think even if you’re a big and experienced operator like Yolo, you want to be taking baby steps initially,” Kovach says. “There’s definitely an advantage of getting in early, but there’s also an advantage of being a fast follower and not biting off more than you can chew.

“I don’t know what their exact plans are, but I would imagine the prize is in the bigger markets. And I would also imagine they’re pretty bullish on being able to innovate and disrupt even in markets in which most people are like, ‘you don’t want to enter because it’s done’.”

A double-edged sword

Ibañez agrees starting in smaller regulated jurisdictions could make sense, particularly if these regulators are more readily available to communicate over contentious regulatory issues.

“In smaller jurisdictions, you may have the opportunity to pick up the phone and ring the supervisor and use that relationship to go over any misunderstandings and so on,” Ibañez says. “There’s lots of paperwork, lots of formal errors and things that can go wrong procedurally.”

However, he also feels this could be a negative, adding: “At the same time, a smaller jurisdiction can be a more under-resourced jurisdiction, especially if they are late to the technology.

“So a single team supervising this within the supervisory authority needs to deal with various market niches, which means they will lack expertise here and there. So that can backfire.

“It can be that they’re a bit overworked, they don’t know the technology or the business model that they’re dealing with, and they don’t see this every day. That can also slow down authorisations and so on. It can go both ways.”

This could be a costly endeavour for Yolo too, especially with its plans to operate in a number of regulated markets.

“It’s not just cookie cutter, we do one regulated market and then we just take that and we replicate it in another,” Kovach continues. “There are different financial obligations.

“There’s different, albeit I think, increasingly similar, player responsibility, safety, KYC et cetera requirements. So yeah, there definitely are higher costs.

“I’m sure Tim and the Yolo group, they’ve been looking at this for three years, they will have done their homework and they’re a premium operation. Their customer service, their security checks et cetera are pretty close to being what Tier 1 requires anyway, I would imagine.”

Will regulators welcome Yolo with open arms?

Yolo itself acknowledged in its announcement that domestic regulators offering licences “are not keen” on continued operations in other pre-regulated markets.

Even its status as a crypto operator could cause concern among Tier-1 regulators, says Elizabeth Dunn, partner at UK law firm Bird & Bird.

Dunn notes the UK Gambling Commission has previously refused licences to companies due to not feeling comfortable with those business’ crypto-funded origins.

“Regulators in most Tier-1 markets continue to struggle with the idea of operators directly accepting cryptocurrencies and/or being funded through cryptocurrencies,” Dunn says.

“Yolo’s history as a crypto-first operator is, therefore, likely to come under scrutiny when regulators are assessing its suitability to hold a licence.”

However, Dunn also believes some regulators may view the licensed entry of a gambling giant such as Yolo in a positive light.

“Some regulators may see an operator like Yolo seeking a licence as an opportunity to bring previously unregulated activity within the scope of its regulatory powers and tax regime, therefore ensuring its residents are able to access Yolo’s services on a regulated, tax-paying basis,” Dunn explains.

A forward-looking investment for Yolo

In Ibañez’s view, this is very much a move with the future in mind for Yolo.

This is especially true for whether Yolo seeks additional outside investment.

“It’s a forward-looking move, is something I would speculate,” Ibañez says. “It really depends on the circumstances of what Yolo is looking for, right?

“If you are trying to get, for instance, some more enterprise customers or partners, some of these partners, they just might not want to work with unregulated partners or providers. So, it opens a different kind of game.

“And I guess it sort of makes sense. You start, you prove your business case in the unregulated market, you build sufficient capital, you build sufficient strength and brand recognition and then you’re ready to make the next step, which is sort of difficult to do the other way around.”

Significant impact expected on Yolo’s margins

In terms of margins, Kovach suggests this move could affect Yolo “quite significantly”, although, like Ibañez, he views this as a long-term play.

“You’re subject to the tax regime of that licence, so it will without question on any of the Tier-1 licences be significantly higher than if you’re operating on a Tier-2 or Tier-3 licence,” Kovach explains. “That’s an inevitability.

“But I also think as the world becomes more and more regulated, as the world adopts cryptocurrency and more than that the kind of culture that has permeated around crypto casinos, that is increasingly engaging. There’s just a massive opportunity there.

“The biggest opportunity actually is a generation that gambling companies are failing to engage with who do use crypto, who do expect a different experience and are increasingly in regulated markets. So you might well take a smaller margin, but actually, you have a bigger audience there and a more sustainable path to growth and value creation, if ultimately you want to spin this up on the stock market or sell the business.”

Where could Yolo excel?

Yolo prides itself on innovation and its role as a true pioneer in the crypto gambling sector.

The company says its next chapter will connect “land-based excellence with digital innovation”, with the hopes of providing seamless wallet experiences for players across physical and online betting.

It is that mindset that Kovach believes will stand Yolo in good stead as it transitions into this new era.

“I do think it’s a culture,” Kovach declares. “I do think it’s about understanding the audience and understanding that this crypto audience, which is becoming mass market, particularly among the younger generation, is demanding more.

“It’s demanding more from a user-experience point of view. It’s demanding more from transparency point of view, ease of payment point of view, community, game evolution, et cetera. I think it will be a big advantage for them.”

As crypto continues to evolve from niche to mainstream, Ibañez expects Yolo to be at the forefront of the movement due to its “native” origins to the sector.

“What we are seeing is that the way in which these more traditional Web2 companies are adopting this technology is a bit arm’s length,” Ibañez says. “If you’re native with a technology, you are using it to its fullest extent, right?

“And you are really just adopting partially something that is unfamiliar to you, because you want to ride a trend.

“Native acquaintance with the technology, and just the ability to operate with the technology at all levels of an organisation, allows you to use the full potential. That’s probably a competitive advantage.”

Could regulation harm innovation?

Dunn suggests the company’s entrance into regulated markets can be conducted in two ways.

“There are two options for Yolo here – enter markets organically or seek to acquire already licensed entities, which it may then rebrand with the Yolo offering,” Dunn says.

“We have seen at least one other crypto-first operator enter a regulated market through acquisition, and this can (rightly or wrongly) be seen as an ‘easier’ way of obtaining a licence.”

Kovach describes Yolo’s operation as “very shrewd and very sound”, although he also suggests the company’s move into regulated markets could steer it away from what has made it such a success.

“I think they will be able to deliver against what’s required,” Kovach adds. “But I guess the risk is it takes up more resource and more effort than they’ve certainly been used to. Does that then quash their ability to be as consumer-centric and innovative as they have been?”

Although he acknowledges the risks, Kovach believes Yolo is all-in on the move, in line with the company’s, and especially Tim Heath’s, core principles.

“What they’re doing, he’s not paying lip service to this,” Kovach concludes. “They’re obviously going for it.

“I know Tim, he’s a gambler. He likes to place big bets and I think he’s placing a big bet on it becoming more and more mainstream.”

The enlarged holding is the result of an off-market takeover bid for all ordinary shares in the PointsBet business. This offer closed on 25 September, with Betr now holding an additional 30,341,074 shares in PointsBet.

Betr had hoped for a full takeover, or at least a majority holding, having gone toe-to-toe with MIXI Australia for control of the operator. MIXI ultimately came out on top, but the 66.43% it secured from its own takeover offer means it will still face scrutiny from other shareholders on business decisions.

Betr previously held a 19.9% stake in PointsBet. However, with its takeover bid having upped this holding to more than a quarter of all shares, Betr will have a major say in shareholder votes.

“This stake will be large enough to block actions that run against shareholder interests and drive constructive engagement with MIXI and the PointsBet board on value creation,” Betr said.

Betr opposition to MIXI meant lower payout for shareholders

Incidentally, Betr’s proposal — on paper — was valued higher than the successful offer from MIXI. Betr submitted an all-share bid worth $1.40 per share, but this was not enough to sway PointsBet, which is now comfortably majority-owned by MIXI.

Based on the offer consideration ratio of 4.375 Betr shares for each PointsBet share, Betr will issue approximately 133 million new shares to the PointsBet shareholders who accepted its offer.

PointsBet sided with MIXI throughout the saga. Its board constantly rebuffed Betr’s proposals and urged shareholders to back MIXI’s offers. However, Betr’s persistence led to MIXI having to increase its offer on several occasions.

In February this year, PointsBet’s board approved an initial proposal from MIXI. This would have seen it pay $1.06 in cash per share for a 100% holding in the operator. However, the final offer, put forward in August, eventually valued PointsBet at $1.25 in cash per share.

This could have been even higher if more shareholders had backed the offer. MIXI pledged to pay $1.30 per share, in cash, if it secured more than 90% of the total holding in PointsBet. Betr remained steadfast in its opposition, however, and refused to vote in favour of the MIXI bid, which meant the $1.25 per share price was set.

Ultimately, while Betr’s opposition reduced the overall takeover cost for MIXI, its persistence with its own offer means MIXI could run into trouble when trying to pass proposals that Betr does not necessarily agree with.    

For most of us, we get the joy of basking in that feeling for a while. Following the event, my company, iGP, was clearly on an upward trajectory and I was privileged to lead a highly capable team into exciting waters. 

Yet, within 24 hours of this year’s event finishing, I found myself in the starkly contrasting environment of a Barcelona police station.

I won’t go into great detail about the petty theft I had been a victim of. While this was no doubt problematic, it was secondary to the profound sense of violation and loss I had suffered. The small items, the laptop, the phone, the money, these were all easily replaceable. However, the loss of a collection of personal mementos, accumulated over years of travel that remind me of home and my loved ones, hit me like a ton of bricks.

These kinds of experiences inevitably prompt a period of self-reflection. Leadership is a daunting and often tiring task that can destroy your spirit as quickly as it can lift it.

The constant cycle of highs and lows, the intricate project planning, the ongoing professional development, the never-ending conveyor belt of client and supplier meetings, not to mention the need to maintain personal relationships with your team. The thought of a simpler, less-demanding path always lingers in my mind, and I often ask myself: “Is it all worth it? Why do I do this?” 

The underlying principles

The modern-day, LinkedIn-friendly version of a CEO is all about approachability and creating a familial and open work environment. However, the reality for many CEOs is very different.

The sheer mention of the word CEO can spark a reaction in people. Colleagues will inevitably act differently when you are around. Upon achieving my promotion, it became apparent that people were conscious of CEOs in a way I had never experienced before. 

This, in itself, can feel isolating. The ability to shift resources, alter policies, adjust budgets and make critical hiring and firing decisions carries a profound responsibility and the pressure of this can feel enormous. There is an unspoken rift between CEOs and their team, no matter how hard they try to bridge this gap. 

Of course, while people may react differently to you, a professional image is a major part of your job. You need to ensure you smile at everybody, have your office open for discussion at all times and never show any signs of weakness. Bottling up negative thoughts and stress becomes a part of your role as a leader, and ensuring this does not manifest in other aspects of your life can be a challenge. 

This can all sound terrifying and, in truth, sometimes it is. However, these pressures also provide you with the power to create and to inspire. Through my role as CEO, I have achieved things I never thought I could, and that desire to build something new and break boundaries is ever-present.  

This feeling is unrivalled in the professional world – it is something that keeps me focused despite all the challenges and the isolation that the role presents. The company has become like a child and I feel an immense sense of pride whenever we achieve any significant milestones. 

The hidden sacrifices 

Through all the C-suite level professionals I have dealt with, it has become clear that the journey to becoming a CEO, or any C-suite level leadership position in iGaming, is rarely linear or effortless.

It involves years of dedicated work and perseverance, as well as a lot of personal sacrifices. For me, my journey to the top began on the ground floor, gaining invaluable insights from working in multiple different jobs across the industry. 

This hands-on experience has proved crucial as I have ascended the corporate ladder. Thanks to it, I could take Bragg Gaming, formerly Oryx Gaming, from a small, agile team to a publicly listed company with over 200 individuals on its payroll, establishing myself as a respected name within the industry in the process. It has since continued this meteoric rise, now having over 500 staff members and counting. 

Advice to aspiring leaders

Over the years, I have learned and am continuing to learn that leadership is a multi-faceted role. It is undoubtedly a privilege and a responsibility, but it can also become a burden.

The sense of isolation often associated with leadership stems not from a lack of colleagues but from the unique weight of the responsibilities carried and the personal sacrifices often made behind the scenes. You need to be able to make decisions that nobody else wants to and this will often come at a big cost to yourself and those around you. 

To those aspiring to leadership positions: ensure that your ambition is driven by a genuine desire to build something meaningful and to make changes. If you are driven purely by money, then you are going to find those long nights even more difficult. Ask yourself, are you prepared for the profound impact that the role will have on your professional and personal life?

In short, make sure you have a definitive reason to keep you going, because otherwise, you will be asking more questions than you will find answers for.

Jovana Popovic Canaki is the CEO of iGP, a leading iGaming platform and aggregator powering operators worldwide with secure, scalable and innovative technology. With over a decade of industry experience, she has held senior roles across operations, commercial strategy and partner success.

Before iGP, Jovana was VP partner success at Aspire Global (NeoGames Group, now part of Aristocrat), CEO of Masterpiece Gaming and director of iGaming platform and services at Oryx Gaming (Bragg). Renowned for her strategic vision and operational leadership, Jovana is also one of the few female CEOs leading a major B2B provider, setting an example for the next generation of leaders in iGaming.

In August, Esportes Gaming Brasil launched its new LOTTU brand, which will operate alongside its existing Esportes da Sorte and OnaBet brands in the newly regulated Brazil online gambling market.

The new platform will offer faster navigation, better customisation options and an improved user journey for players, powered by a new in-house platform.

Filho believes LOTTU fills a gap in the hugely competitive Brazil gambling market, offering a highly customisable, dynamic and interactive experience for bettors.

With this enhanced user experience, Filho hopes LOTTU will soon become one of the top brands in Brazil, consolidating Esportes Gaming Brasil’s position as a major gaming group in the market.

“LOTTU was built to evolve with the market,” Filho tells iGB. “Our vision is that, in the next five years, it will become one of the leading platforms in terms of innovation, personalisation and digital engagement.

“We will continue investing in technology, data intelligence and interactive features to keep LOTTU ahead of the expectations of Brazilian users.”

How will Esportes Gaming Brasil differentiate LOTTU?

The launch of LOTTU may raise questions over how exactly Esportes Gaming Brasil plans to differentiate the new brand within the market.

Esportes Gaming Brasil has now reached the maximum of three brands permitted per licence with LOTTU, raising a further question of how it will differ from the company’s existing Esportes da Sorte and Onabet brands.

But for Filho, each brand holds its own identity, with LOTTU designed to complement the portfolio, rather than directly compete with its existing brands, by catering towards distinct player profiles.

“Esportes da Sorte is our institutional brand, with a strong presence in sports and cultural sponsorships,” Filho continues. “OnaBet connects with its audience creatively, through digital campaigns and influencers.

“LOTTU, on the other hand, was designed to be bold, fast and interactive, with a complete focus on user experience.

“All brands coexist complementarily, without direct competition between them. It’s a strategic segmentation. This way, we can reach different profiles of bettors while maintaining the identity of each brand.”

LOTTU created from the ground up

LOTTU’s new in-house platform has been designed to deliver players a smoother user experience and greater adaptability.

This was a months-long process for Esportes Gaming Brasil, involving planning, testing and adjusting the LOTTU product until it was ready to deliver true value to bettors.

“Creating a brand from scratch requires strategic vision, dedication, an eye for technology and understanding consumer behaviour,” Filho says.

“The biggest challenge was developing a platform that combined performance, aesthetics and innovation, without compromising on security and responsibility.”

Filho believes LOTTU will tap into the Brazilian audience’s desire for dynamism and engagement, especially through its real-time promotions, dynamic layouts and the ability for player experiences to be personalised.

Esportes Gaming Brasil’s overall market position

Data from H2 Gambling Capital currently ranks Esportes da Sorte as the fifth-biggest brand in Brazil, with Onabet approximately 43rd.

The expectation from many is that the Brazilian online gambling sector will consolidate, with Christian Tirabassi, founder and senior partner of M&A advisory firm Ficom Leisure, previously telling iGB he predicts 10 to 12 operators will dominate the market.

Filho is confident Esportes Gaming Brasil will be in that mix of leading operators.

“It is natural that regulation will lead to a consolidation process,” Filho explains. “Esportes Gaming Brasil is already prepared for this, as we have a solid operation, three regulated brands and responsible management.

“We are keeping an eye on potential market moves, but we are confident that our well-structured base positions us as leaders in this process.”

LOTTU will play a key role in securing Esportes Gaming Brasil’s place among the chief operators in Brazil.

“We believe that LOTTU will play a key role in this process, helping to expand our customer base and further consolidating the group’s position as a leader in the regulated sector in Brazil,” Filho concludes.

“We always work with ambitious and sustainable targets to continue growing solidly and responsibly.”

From the inaugural US dealer championship to new technologies, not to mention over 300 speakers across more than a hundred education sessions, G2E 2025 is shaping up, and the World Series of Politics brings you the inside track! 

First came the announcement that international lottery specialist Allwyn had acquired a 62.3% stake in the business for initial consideration of $1.6 billion, which could grow by an additional $1 billion if performance incentives are met over the next three years. The deal implied a current valuation of the business at $2.5 billion, which could rise to $4.15 billion if the incentives are reached.

The Atlanta-based company was also approved on Monday for a futures commission merchant (FCM) licence from the National Futures Association. The NFA processes such applications on behalf of the Commodity Futures Trading Commission, and an FCM licence allows for expansion into the prediction market space.

Prediction markets are regulated at the federal level by the CFTC, a key point of contention from state-regulated sportsbooks. Performance Predictions II LLC was awarded the licence, which, as SBC reported last month, is an entity tied to PrizePicks. In the NFA database, the application lists the entity as doing business as “PrizePicks Predict”.

An FCM licence allows PrizePicks to offer prediction market contracts from designated contract markets (DCMs) like Kalshi and Crypto.com. Chief DFS rival Underdog currently offers sports contracts in 16 states through a deal with Crypto.com. No such arrangement from PrizePicks has yet been announced.

Prediction markets likely part of valuation, projections

The timing of both developments is likely an indication of why the company’s valuation rose to where it did. By comparison, Underdog’s most recent valuation from the spring was $1.2 billion, half of PrizePicks’ number under the Allwyn deal.

However, that was before Underdog expanded into prediction markets and before the industry got a sense of how much CFTC-licensed exchanges could be worth.

In July, the controversial offshore prediction market Polymarket acquired a small exchange known as QCEX for $112 million. Polymarket bought QCEX as a means to regain access to the US market, and it paid a premium, as the exchange had just been licensed by the CFTC two weeks prior. That figure is one of the few comparisons available for such deals or partnerships.

According to the Allwyn release, PrizePicks grew its revenue by 60% year-on-year in the 12 months to June 2025. Its adjusted EBITDA for that period was $339 million. The company is only 10 years old, founded in 2015 by Adam Wexler. PrizePicks will remain as an independent brand under Allwyn, and both Wexler and current CEO Mike Ybarra will stay on through the merger.

Growing prediction market landscape for PrizePicks

The deal is the latest indication of the allure of prediction market expansion. Trading volume, which is similar but not identical to sportsbook handle, has been growing quickly for sports prediction markets, especially now that football season is back in the US.

Exchanges are now processing millions of dollars in contracts weekly, though exact revenue from that volume is hard to gauge accurately. Regardless, the success of the products and inaction on the part of the CFTC indicate increasingly attractive opportunities.

In addition to PrizePicks and Underdog, others are making moves. FanDuel brokered a prediction market deal with CME Group, albeit without sports for now. DraftKings has been connected to different possible prediction market avenues, both on its own or through the rumoured acquistion of the Railbird exchange.

According to the SBC report, Fanatics Betting and Gaming also has a pending application with the NFA.

Multiple states – Nevada, New Jersey, Maryland and now Massachusetts – have taken legal action against prediction markets, most notably Kalshi. Several more have sent cease-and-desist letters. However, exchanges have had success so far arguing that federal commodities law preempts state gaming law. All four state cases are still ongoing, and there is a growing sense the matter could reach the US Supreme Court.

DFS industry in state of limbo

In the meantime, the DFS landscape in the US is growing increasingly muddy. PrizePicks helped to pioneer the “DFS 2.0” wave, in which users can create “pick ’em” parlays based on individual player performances. There are two real-money versions of these games, peer-to-peer and against-the-house.

As with prediction markets, the against-the-house version has been controversial for its potential circumvention of state laws, but it is extremely popular with players. Pick ’em games are a gray area that vary in legality by state, but the tide has been shifting against the offering.

Last February, PrizePicks was fined $15 million by the New York State Gaming Commission for operating without a licence, and it ceased to operate its real-money against-the-house games in the state. Then in July, California Attorney General Rob Bonta published a non-binding opinion arguing that essentially all forms of DFS are illegal in the state. This was a bombshell for the industry and a concrete resolution has yet to be established.

PrizePicks responded last month by pulling all of its against-the-house games and instead switching purely to peer-to-peer. This move was widely regarded as a means to remove any lingering regulatory questions ahead of an acquisition.

Currently, PrizePicks offers its real-money peer-to-peer game in 35 states plus Washington, DC. This includes non-sports betting states like California, Utah and Texas. Its free-to-play games are offered in 10 other states.

In an announcement on Tuesday, Yolo Group said it plans to bring its single Yolo.com brand to Tier-1 regulated markets.

“It’s our responsibility to bring the crypto casino experience to regulated domestic markets, working within sensible frameworks and combining speed and freedom with safety and oversight,” the group said in a statement on its Substack.

“It has become abundantly clear that domestic regulators who are offering licences are not keen on other group operations continuing to operate in pre-regulated markets. In other words, you cannot be white and grey; you have to pick a side. This means a crossroads has been reached and a decision must be made. Do we go left or do we go right?

“That’s why we’ve decided it’s time for our next chapter: to bring the best of what we’ve built into Tier-1 regulated markets.”

The company said it is in the final stages of securing a pair of B2B vendor licences for the soon-to-be regulated market in the UAE.

As part of its move Yolo Group will use its skills and experience from the crypto casino experience to enter regulated domestic markets, following a three-year process of research and preparations.

“The direction is clear: the regulated landscape is the future of gaming and we’re ready to lead with the same fearless innovation that got us here,” the group added.

Yolo Group at a ‘crossroads’

The announcement marks a distinct shift in strategy for Yolo, as it found itself at a “crossroads” prior to its decision to move into the regulated space.

Yolo said it believed licensed regulated markets are the sector’s future and will enable the company to connect its land-based and digital businesses through seamless wallet experiences via the Yolo.com brand.

“This isn’t about walking away from the past,” the Yolo statement continued.

“It’s about taking everything we’ve learned, everything we’ve pioneered, and applying it in environments where operators, regulators and players can work together, creating a stronger and more sustainable ecosystem for everyone.”

Alongside its plans in the UAE, Yolo is also aiming to expand into markets such as Canada, Sweden and Finland.

Changes to senior team

Yolo Group has made a number of changes to its senior team of late, with Lara Falzon brought in as CEO of its B2B brands.

Falzon’s role encompasses overseeing brands such as the Hub88 aggregation platform, Live88, Odds88 and OneTouch.

Stephanie Eddy also joined after over a decade with Betway, taking over at chief revenue officer of the B2C arm Yolo Entertainment.

The deal, announced on Monday, follows a period of repositioning for Allwyn including launching a new digital business to be led by ex-Betfred US CEO Kresimir Spajic.

It also operates the National Lottery in the UK and underwent one of the sector’s biggest retail lottery tech overhauls in August, replacing all the UK’s lottery terminals.

The deal will provide Allwyn with access to the US DFS and betting space. It’s only other link to the US market is via its Illinois Lottery operation.

Allwyn will acquire a 62.3% stake in PrizePicks and will pay an initial cash consideration of $1.6 billion. This implies an upfront enterprise value of $2.5 billion for PrizePicks, but this could increase $4.15 billion, if the DFS operator achieves certain performance metrics over the next three years.

The transaction is expected to close in the first half of 2026, subject to the satisfaction of certain closing conditions.

In terms of PrizePicks’ day-to-day operations, current CEO Mike Ybarra and his existing leadership team will continue to operate the brand as a standalone within Allwyn, retaining the majority of their ownership interest.

Customer base in the millions for PrizePicks

PrizePicks launched in 2015, operates in 45 US states and claims to be one of the fastest growing DFS operators in the market.

PrizePicks first started considering sale options in July 2024 when it hired investment bank Moelis & Co to explore potential mergers and acquisitions.

Unlike traditional DFS platforms where users draft entire teams, PrizePicks allows users to predict the over/under on individual player statistics and fantasy scores. PrizePicks recently found its way back into several regulated markets, which could help strengthen its viability and sustainability cases.

In the 12 months to June 2025, PrizePicks generated an adjusted EBITDA of $339 million, with revenue growth exceeding 60% year-on-year.

Co-founder Adam Wexler will continue to serve as a member of PrizePicks’ board of directors.

Wexler said the Allwyn deal will provide the investment needed to further the company’s growth.

“With Allwyn’s backing, we’ll accelerate our vision and bring our games to even more players on a much bigger stage,” Wexler said.

PrizePicks CEO Mike Ybarra added: “Today marks the start of an exciting new chapter for PrizePicks and our growing community of players.

“By joining forces with Allwyn, a like-minded and disruptive company that shares our passion for bold product innovation, we will accelerate our mission to make our games more interactive, engaging and rewarding for fans everywhere.”

Allwyn CEO Robert Chvatal hopes Allwyn’s biggest US investment to date will drive the business’ growth in the market.

“PrizePicks is an entrepreneurial company that is empowering a new generation of fans who want to engage with their favourite sports and athletes, not just spectate,” Chvatal said.

“[We’ve] created an intuitive platform that simplifies the process of making skilled predictions.”

IG Group to acquire Independent Reserve

IG Group has struck an agreement to acquire Australia-based cryptocurrency exchange Independent Reserve.

The deal, billed as a bolt-on transaction, has an initial enterprise value of AU$178 million (US$117.3 million). IG Group said it will accelerate its entry into cryptocurrency markets in the Asia Pacific region.

The transaction is subject to regulatory approvals from authorities in Singapore and Australia, with completion expected in early 2026.

“This acquisition marks an important step in our crypto strategy in a key region,” said Matt Macklin, managing director Asia Pacific and Middle East at IG Group. “Independent Reserve is one of Australia’s largest and fastest-growing digital asset exchanges. I am delighted that the Independent Reserve team will join IG as they embark on their next phase of growth.”

Genius Sports snaps up Sports Innovation Lab

Also making an acquisition is Genius Sports, which has purchased sports fan data specialist Sports Innovation Lab.

Financial details of the agreement were not disclosed. However, Genius said it fast-tracks the expansion of its media business, combining official game data with deep fan intelligence.

Genius also said the combination will create the most comprehensive fan database in sports and entertainment. This, Genius added, will track billions of annual transactions, including purchases, attendance and viewership.

“By integrating the most comprehensive official sports data with unmatched fan intelligence, we are strengthening our foundation and providing partners with a powerful new way to understand and engage fans at scale,” Genius CEO Mark Locke said.

Police rescue men kidnapped over casino debt in Vietnam

Police in Vietnam have rescued two Chinese men who were kidnapped after accumulating debts at a luxury casino.

According to VN Express International, the men borrowed hundreds of thousands of yuan to gamble at Hoiana Casino. Wang Xiaoci and Li Yao Zong were named as the two men that gambled at the venue in Quang Nam Province.

After being unable to repay the money, it is alleged a group of men forced them to sign debt papers. They were also said to have been assaulted and given death threats if they did not pay the money back.

Police were alerted to Wang being forced into a car outside the casino. Shortly after, police tracked the car to a nearby apartment complex and carried out a raid. As well as locating both men, police made five arrests at the same location.

FDNY uncovers illegal gambling den in New York

The Fire Department of the City of New York reported it has uncovered an illegal gambling den in Manhattan.

Officers from the FDNY Bureau of Fire Prevention found a gambling parlour with slot machines. Lithium-ion batteries were found charging throughout the illegally converted cellar, which also had storage space filled with counterfeit designer bags and accessories.

“Dangerous and unlawful conditions” were also noted at the location. These included cellar hallways converted into single room occupancies, crowded with mattresses, hot plates and space heaters.

“Illegal living conditions and unsafe battery charging can create deadly conditions for residents and for firefighters responding to emergencies,” FDNY Commissioner Robert Tucker said.

FanDuel secures online market access in West Virginia

Flutter Entertainment-owned FanDuel has secured online market access in West Virginia with Delaware North.

FanDuel will deliver online sports betting and iGaming in the state through Delaware North’s Mardi Gras Casino & Resort.

The operator will also continue to run the sportsbook at the Greenbrier Resort in White Sulphur Springs, West Virginia.

“Delaware North’s been a respected name in gaming and hospitality for decades,” FanDuel Business Development Senior Vice President Jonathan Edson said. “They are an ideal partner as we continue to operate in West Virginia.”

Regulatory issues had caused Betway Africa to reduce its operating business in Nigeria, but the company is now “very excited” about the market’s potential.

This is partly down to increased clarity on regulatory issues, with a November 2024 Supreme Court ruling seemingly ending the conflict between states and the federal government on who should regulate gaming, in favour of the states.

Nigeria’s population of over 235 million is the largest in Africa and sixth largest globally, with a total addressable market of $2.6 billion.

Speaking at Super Group’s investor day last Thursday, Betway Africa CEO Laurence Michel said Nigeria is now ready for “super investment”.

“We’ve been in Nigeria for a while, we do have a profitable business there,” Michel said. “However, we have been a little bit gunshy given some of the regulations.

“We kind of are seeing that the regulatory environment has now improved. Federal versus state has now been cleaned up, and we’re ready to now give it a go.

“We think that we can make a big difference. We think that online, we have the smarts and the wherewithal to give it a full go now, which we’re going to do.”

Super Group looking to consolidate in Africa

Already in podium positions in seven of its eight markets, Betway Africa is setting its sights on future growth in the region.

Betway Africa launched in 2015 and has since enjoyed impressive growth.

This was evidenced by Super Group’s Q2 earnings, where the company announced its Africa and Middle East segment’s revenue grew 38.8% year-on-year to $229 million, accounting for 40% of the group’s total revenue.

But Betway Africa is still eyeing further expansion, beyond its existing markets of South Africa, Mozambique, Malawi, Zambia, Botswana, Tanzania, Ghana and Nigeria.

The company holds a podium position in all of those, bar Nigeria.

 “The upside is enormous,” Michel said. “When Africa thrives, so does our business.

“Africa is a massive opportunity with a total addressable market of $12 billion in locally licensed markets, over 1.5 billion people and some of the fastest-growing populations and economies in the world.

“Our deep local knowledge and expertise and operations are our competitive edge. Our portfolio currently stands in eight countries and the estimated TAM for the rest of Africa that we’re not in is a potential $2.5 billion.”

In its investor day presentation, Super Group highlighted Ethiopia, Angola, Namibia and the Ivory Coast as future prospects for expansion.

Botswana has been a particular success story for Super Group and Betway Africa. Having launched there in February 2025, Betway Africa now holds 95% market share.

“Botswana is a blockbuster for us, our best country launch ever,” Michel stated.

Casino fundamental to Betway Africa’s strategy

Betway Africa wants consistent growth across the African continent, with three main areas of focus: casino and mobile penetration, as well as new market development.

Casino is Betway Africa’s dominant vertical, generating 68% of its net revenue. Casino wagers have increased by 757% since 2022.

Betway Africa’s casino-only Jackpot City brand is currently in four African countries, and has become the seventh biggest brand in South Africa within just 16 months of launching.

The company hopes Jackpot City will soon join the podium positions in South Africa. It’s also planning to launch Jackpot City in Ghana in Q4 this year.

The battle to retain customers

Betway Africa has cemented a strong position in the market and the company is placing real emphasis on maintaining that foothold.

The company has developed a proprietary product platform called Synapse, which has improved the business’ scalability, performance and its ability to quickly deploy features.

Additionally, the company has enriched its live scoring app Betway Scores with sports content, and Michel believes value-adds such as this will help customer retention.

“We know that our business thrives when we retain customers well into the future,” Michel added. “Acquiring customers means nothing if you can’t retain them, and we do.”

Betway Africa’s customer retention was displayed in its H1 GGR, where 93% came from pre-2025 cohorts.

The financing comprises several elements, including a €460 million six-year senior secured term loan agreement with institutional lenders. Also included is €200 million in binding financing commitments for a four-year amortising term loan from a Greek bank consortium.

All funds, Intralot said, will go towards its purchase of the Bally’s division. In July, Intralot struck a deal to acquire Bally’s International Interactive for €2.70 billion in a cash-and-stock transaction.

Closing of the new term financing is subject to certain conditions precedent related to the acquisition and refinancing. In addition, Intralot agreed with the holders that its €130 million retail bond may remain outstanding after the acquisition completes.

What next for Intralot and Bally’s?

By acquiring the Bally’s business, Intralot said this will create an iGaming and lottery leader with €1.1 billion in revenue. The reverse-style merger will also see Bally’s become Intralot’s majority shareholder.

As for Bally’s, the deal will improve its cash reserves as it seeks to fund its land-based casino developments in the US and Australia. Intralot and Bally’s expect the acquisition to complete before the end of 2025.

Should the deal proceed as expected, Bally’s chief executive Robeson Reeves will replace Nikolaos Nikolakopoulos as Intralot CEO. Nikolakopoulos will lead the lottery division, while Intralot Chairman Sokratis Kokkalis and Bally’s Chairman Soohyung Kim will remain on the board.

“This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery,” Reeves said in July. “Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth across the entire gaming spectrum.”

Intralot and Bally’s target UK growth

In the wake of the acquisition, Intralot reported its financial results for H1. These revealed a mixed performance, with revenue edging up but gross profit declining and a small net loss being posted.

Lottery remained the primary source of revenue, accounting for 53% of all revenue. Sports betting contributed 22%, video lottery terminals 12.8% and IT products and services 12.2%. B2C revenue was higher year-on-year although B2B and B2G performance was more mixed.

Shortly after the results were made public, Intralot hosted its capital markets day. Here, both Nikolakopoulos of Intralot and Reeves from Bally’s spoke, with a focus on how the combined business will work.

Early focus appears to be on the UK, in particular the customer retention of Bally’s within the market. Reeves noted that these areas of expertise would be the driving force for Intralot’s B2C iGaming, sports betting and iLottery expansion.

“We’re very UK dominant. [But] this combination [with Intralot] allows us to spread out our revenue. It’s good and bad being UK dominant, you know? You might say you’re too concentrated. [But] regulation means that you end up with a stable, reliable business,” he told analysts and investors. 

Thursby informed the group’s board that he does not intend to stand for re-election. He will formally step down as chair and from the board at Rank’s annual general meeting on 15 October.

Thursby joined the Rank board as a non-executive director in August 2017. He then went on to become chair in October 2019.

Prior to his time with Rank, Thursby was chief executive of the National Bank of Abu Dhabi from 2013 to 2016. He also held various senior roles at Australia and New Zealand Banking Group, following 20 years with Standard Chartered Bank.

“For a number of months now I have been reflecting on this exciting inflection point for Rank, with the long-awaited legislative reforms for casinos now being implemented and a digital business which is beginning to scale,” Thursby said. “I believe now is the right time to step down.

“I do so with a combination of pride in the progress we have made, including in terms of governance processes and procedures, and also with confidence that Rank is in excellent shape to write the next exciting chapter of its rich history.”

Rank commences search to replace Thursby

Confirming the news, Rank said a process to identify a replacement is “well advanced”. It added that an appointment is “close”, and an announcement is expected within the next couple of months.

Karen Whitworth, senior independent director at Rank, will serve as interim chair. Lucinda Charles-Jones will become interim senior independent director, and Keith Laslop interim audit committee chair.

Rank CEO John O’Reilly paid tribute to the outgoing Thursby, describing him as a “committed and talented” chair.

“I would like to thank him personally for his unwavering support and for his dedication to the Rank Group and to its stakeholders,” O’Reilly said. “Our recent successes and outlook are due in no small part to his sure-footed guidance and invaluable leadership.”

Positive FY25 at Rank amid changing regulations

The news comes after Rank in August published its FY25 financial results, revealing year-on-year growth. Net gaming revenue rose 8% to £795.4 million ($1.08 billion), with growth apparent across all core segments.

Net profit was also higher, rocketing 248% to £44.6 million. However, in its analysis of the year, Rank noted the impact of new regulations. The statutory levy for research prevention and treatment of problem gambling was introduced from April 2025 in the UK, rising from an existing voluntary rate of 0.1% to 1.1%. A maximum staking limit for online slots play of £5, and £2 for consumers aged under 25, was also implemented in April 2025.

According to Rank, the impact on digital profitability in the final quarter of the year was approximately £1 million. Therefore, it said the expected annualised impact will be in the region of £4 million going forwards.

On the flip side, the other changes in regulation noted by Thursby in his leaving notes have allowed Rank to expand operations. Work is ongoing to install more terminals across its UK estate. The group is also seeking to introduce sports betting at its venues for the first time.

The bid formally closed on the evening of 12 September, with MIXI having already taken a majority holding in PointsBet. Just a few days prior to the closing, MIXI said its holding in the operator had reached 51.59%.

Shareholders that accepted the offer prior to date of closure will now be paid in line with the proposal. MIXI submitted its bid in August, valuing PointsBet at $1.25 in cash per share. This was to increase to $1.30 per share if MIXI secured more than 90% of the total holding.

However, the latter price was always unlikely, given Betr Entertainment’s opposition to the bid. Betr holds a 19.9% stake in PointsBet and refused to accept the latest MIXI offer. With confirmation that MIXI only secured a 66.43% holding, this means the $1.25 per share price will remain.

In total, MIXI now holds 230,893,535 of all votes in PointsBet. At the time of writing, the operator’s shares were trading at a price of $1.27 each.

PointsBet takeover saga concludes

Completion of the takeover bid marks the end of a long-running contest to secure control of PointsBet.

Talk about a possible, overseas-led takeover have been present since the end of 2024. Betr was among the first to be linked with a bid in November but these reports were shut down by PointsBet.

However, just a few months later in February this year, PointsBet’s board approved an initial proposal from MIXI. This would have seen it pay $1.06 in cash per share for a 100% holding in the operator.

Betr then came to the table with a bid worth $360 million. This comprised a cash pool of between $240 million and $260 million, plus scrip consideration of $100 million to $120 million, as well as synergies of at least $40 million annually. At the time, the PointsBet board declared this proposal to be “superior”.

However, in June MIXI returned with an improved offer of $1.20 per share. This led the PointsBet board to formally reject the Betr proposal and vote in favour of the MIXI bid.

When the vote came, this showed apparent significant support for MIXI. Some 95.69% of all shareholders approved the offer. However, the proxy vote was more mixed, with 69.47% backing the proposal.

This led Betr to accuse PointsBet of “impermissibly excluding” its vote against the scheme without reason. Betr said its proxy vote was not included in the final tally, thus skewing the results.

PointsBet investigated the matter, with stock transfer company Computershare finding the exclusion was due to a system error. As such, it held a recount, with this drawing 70.48% approval – short of the required amount for the takeover to proceed.

Betr falls by the wayside

In the months that followed, MIXI and Betr sought to outdo each other by tabling several improved proposals. However, throughout the process, PointsBet retained its preference for a MIXI-led takeover, constantly rebuffing Betr’s bids and urging shareholders to approve the final MIXI offer.

Incidentally, Betr’s proposal – on paper – was valued higher than the final, successful offer from MIXI. Betr put forward an all-share bid worth $1.40 per share but this was not enough to sway PointsBet, which is now comfortably majority-owned by MIXI.

Speaking during the supplier’s H1 earnings call on Thursday, Playtech CEO Mor Weizer said that Playtech’s share of wallet in the LatAm market was between 5% and 10% among its Brazil operating partners, including Betano and Bet365. 

Playtech reported B2B revenue across its LatAm business declined 32% in H1, although this was due to its revised agreement with Mexican operator Caliente Interactive. Colombia’s VAT introduction also impacted earnings, but this was partially offset by the opening up of Brazil’s licensed OSB and iGaming sector during the period.  

Focus on onboarding during Brazil’s first six months of operation 

Within the report, Playtech said it would invest further in the market in the second half of the year. Weizer cited analyst projections for 15% annual market growth, reaching GGR of $17 billion by 2030. 

Answering analyst questions on Brazil, Weiser said Playtech’s operator partners had been impacted by the hugely strict onboarding and KYC processes put in place by the SPA gambling regulator.  

“Brazil introduced some of the strictest onboarding requirements globally, leading to unusually high KYC rejection rates and, as a result, lower-than-expected volumes across the industry in the first half of the year,” Weizer said.  

“Some operators saw an impact of 20%. Other operators saw an impact of 70% on their business.

“Given our strong partnerships with leading Brazilian operators, this has had an impact on us as a B2B supplier. But let me be clear, we see this as a temporary headwind.”

He also highlighted the impact of a new provisional measure which increased the gambling tax rate to 18% of GGR in June.

“I’ll be very open and say there is still impact of the tax because it’s now [been] deducted. From a royalties perspective we are not yet where we need to be but it’s growing,” Weizer said.  

Despite these pain points, the CEO said GGR for its Brazil operations in August was at the same level as before regulations were put in place.  

Huge Brazil deal incoming for Playtech 

The supplier has secured a deal with one of the country’s leading operators, Weizer told analysts, but he did not share any details.  

“I can’t name it as of yet, but we are in advanced stages of discussions with what we believe will be one of the largest operators in Brazil,” he said.  

“They have access to the market and they are very well established in the market, not yet in online sports, betting and gaming but definitely a very significant opportunity for Playtech.”  

On top of this the company is planning to open a live studio in Sao Paolo to support its growth in Brazil.  

Galera.bet structured agreement  

Additionally, Playtech maintains a structured agreement with Brazilian operator Galera.bet. As part of this deal, it holds a nominal cost option on 40% of Galera.bet’s equity. Galera.bet was one of the first operators to be granted a local licence in Brazil ahead of the January launch.

Weizer believes Playtech has the potential to exceed the rate of market growth in Brazil.  

“I truly believe that we laid the foundations for accelerated growth that potentially can be more than the 15% or the market growth. If the market grows at 15%, that Playtech will be able to grow vertically with existing customers, horizontally with additional customers,” he insisted.  

Speaking alongside Reeves at Intralot’s Capital Markets Day in London Monday, current Intralot CEO Nikolaos Nikolakopoulos said the combined group had ambitions to launch one or two B2C products in a new market every year, once the merger completes.  

Intralot to launch B2C in new market every year

In at least one case, Nikolakopoulos said the group would operate a joint venture with a local media company to leverage its brand and reach within the market. Nikolakopoulos did not say which market or media brand the operator would partner with, but he said the strength of the group’s brand “would make a difference”.  

On Bally’s presence in the UK, Reeves said Bally’s was the number two brand for iGaming in the market, with a 14% share of the total market. Today the operator also maintains a small presence in Spain, although the UK remains 94% of its total revenue split.  

“We’re very UK dominant. [But] this combination [with Intralot] allows us to spread out our revenue. It’s good and bad being UK dominant, you know? You might say you’re too concentrated. [But] regulation means that you end up with a stable, reliable business,” he told analysts and investors.  

“We have six million players in our database and one million monthly unique players. That means that we actually have a relatively low spend per player, but that makes it sustainable forever.”  

UK online stake limits improved Bally’s retention efforts

Retention, Reeves said, was a particular strength for Bally’s, thanks to the operator’s efforts to adapt to increased regulation in the UK.  

Bally’s adapted its offering to provide players more chances to win on online slots but at lower multiples, like at 10x of their stake. Implemented as a response to online slots stake limits enforced in April, he said enabling players to win more often had improved the overall customer experience.  

“We’ve seen that boost customer attention. And hence boost revenue, because players don’t have as many bad experiences,” Reeves said.  

“Igaming growth was driven by return to play optimisation strategies. We actually adjusted what we paid back to players more because of regulation. 

“We’re always thinking about what is the right environment for customers to engage with. Also, normal organic market growth has occurred, boosting our revenue, and our active user base has increased. It makes sense given we’re retaining customers better.”  

Combined Intralot Bally’s group eyes €200 billion global TAM

Nikolakopoulos told the audience he expected the group to see a “significant upside [from] the monetisation of player data and the retention of players”.  

In its FY2024 results, Bally’s International Interactive reported €709 million in run-rate revenue, alongside a 40% adjusted EBITDA margin. Reeves also said the Bally’s business had maintained a consistent CAGR of 10% since 2019. 

As a combined group, Intralot expects the UK and Spain’s iGaming market to have a cumulative TAM of €14 billion by 2029.  

Globally, it forecasts a TAM of €200 billion by 2029 across iGaming, online sports betting and its existing lottery services.

Intralot Bally’s merger to complete by end of year 

Intralot announced its €2.7bn acquisition of the Bally’s International interactive business in July, noting the deal would likely close by Q4 of this year.  

The aim of the combination is to create a global iGaming and lottery leader with €1.1 billion in annual revenues. The new combined group will be listed on the Athens Stock Exchange and operate B2C and B2B lottery operations in a vast number of markets globally.  

The group will also benefit from an agreement in place with Bally’s International which will see it gain a share of the business’ profits, once it becomes profitable. 

“We’re maintaining exposure to the US without taking on the downside risk, which is significantly valuable,” Reeves said during the presentation. The group expects to launch its own iGaming product in the US, utilising Intralot’s relationships and expertise as a B2B lottery provider in the market.  

Its bullish B2C expansion plan also includes the potential for M&A, in acquiring local brands.  

“Although it’s not a primary focus to go after M&A, we think that there could be some selective acquisitions because of the fragmentation that you see across the European B2B and B2C gaming space,” Reeves added.  

MIXI secured the stake last week, noting its holding in PointsBet hit 51.59% as of Friday evening. This means MIXI now has majority control of PointsBet, with the operator running as a controlled entity and subsidiary of MIXI.

The news means Betr Entertainment, which has also been seeking a takeover of PointsBet, can no longer acquire a majority interest. With this, the takeover saga, which began in February, could be coming to an end.

MIXI said in a letter on Monday that its takeover offer would remain open until 12 September. Shareholders that accept the offer prior to this date will be paid in line with the proposal.

In its letter MIXI directly referenced Betr’s proposal when confirming the holding news in a statement, squashing any possibility of a collaboration between the two parties.

“MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet,” MIXI said. “We do not intend to engage in any such collaboration with Betr.”

The PointsBet board has backed MIXI throughout the bidding war, despite Betr seeking to increase its deal value and synergies during the courting process.

What does MIXI’s latest PointsBet offer look like?

PointsBet once again recommended that shareholders vote in favour of the latest MIXI bid in August, which valued PointsBet at $1.25 in cash per share. This would increase to $1.30 per share if MIXI secured more than 90% of the total holding.

However, despite its now-majority holding, this latter price is highly unlikely. Betr currently holds a 19.9% stake in PointsBet and has refused to accept the latest MIXI offer.

Throughout the year Betr submitted several proposals of its own, each increasing in value. Its most recent all-share offer valued PointsBet at $1.40 per share. But PointsBet’s support for MIXI’s bid has continued and, on 22 August, it told shareholders to reject the bid in favour of MIXI’s proposal.

Betr Executive Chairman Matthew Tripp, however, maintained the operator was in a good position to take full control of PointsBet. Speaking during Betr’s FY25 earnings call on 28 August, he said the group’s proposal was “superior” in value.

Betr is yet to comment on the news of MIXI exceeding the 50% ownership milestone.

Belgian gambling market shrugs off restrictions

In episode 18 Robin Harrison and Ed Birkin start off by discussing why gambling revenue in Belgium continues to grow. Revenue in 2024 rose despite the regulator and politicians constantly tightening controls on the industry. 

Right to the Source on Apple Podcasts

Considering it has been an early mover with deposit limits, advertising bans and deposit limits Belgian gaming growth may embolden other markets to get strict on their licensees. If the market continues to grow, what’s the harm? But Belgian gaming benefits from a unique quirk, and it’s quite a surprising factor that may contribute to that continued growth. 

Zeal for change

Next up discussion turns to Zeal Network, Germany’s lottery brokerage business that could prove a blueprint for companies looking to transition to more sustainable business models. Having successfully executed a pivot from lottery betting to brokerage, the addition of online slots may be building a formidable business. 

And even in one of the more structured episodes of Right to the Source to date there’s still time for wild diversions into Sesame Street, transfer deadline day and French icasino. 

The conference came after MGM beat consensus forecasts for both revenue and earnings per share in Q2. Its consolidated net revenue of $4.4 billion was a new quarterly record for the company. Las Vegas is fighting a tourism malaise and several of MGM’s biggest investments are years away from materialising, but those factors did not meaningfully impact recent performance.

The company’s stock was down about 2% in trading Thursday afternoon, hovering around $37. Still, its shares are up about 15% over the last six months and 11% year-to-date.

“For us, it’s about continued growth, it’s about diversification,” Hornbuckle said. “Vegas is principal to who and what we are, and so even if you think about that portfolio, I think it’s served us well through a very difficult summer. … But for us, it’s really about diversification of the business.”

Las Vegas still core to MGM and its future

Those various diversification efforts were outlined by Hornbuckle, but Las Vegas was at the core of discussion given its importance to the company. MGM is a dominant force on the Las Vegas Strip, owning or operating a total of 14 gaming and non-gaming properties there.

The sustainability of the city’s economic health has garnered national attention this year, especially as tourism falls while gaming revenue increases. Critical social media posts from travelers lamenting fees and high prices have been common. But things have started to calm, with upbeat Q2 results for MGM and other operators being a positive sign.

Hornbuckle, as one would expect, was bullish on the city’s overall prospects.

“To the idea that Las Vegas is dead, I would say this: We are putting a push on, because we let the narrative get away from us, in the context of value,” he said. “So we are out pushing that Las Vegas is a huge [value] and remains a huge value for consumers at all levels.”

Lower-end play struggling to keep up

That last point was important, as Hornbuckle did concede that lower-end play has indeed been impacted. He cited the bankruptcy of budget carrier Spirit Airlines, whose Las Vegas traffic was down 42% YoY in July, according to airport data.

Car traffic from Southern California is also “meaningfully off”, he said, with visitation data showing YoY decreases over the last two months.

The Las Vegas Convention and Visitors Authority has been working hard to promote the city, in the way that Hornbuckle outlined. Agency officials travelled to Canada last week, seeking to remedy fractured relations with the city’s biggest international feeder market. Comments from US President Donald Trump have rankled Canadians and other would-be international travelers.

“A portion of our friends in Canada are not happy with us right now,” said LVCVA CEO Steve Hill, per the Nevada Independent. “We want them to come back, but we understand they may not be ready to do that.”

Moving the goalposts in New York?

New York was also discussed, with MGM being one of eight bidders vying for three available downstate casino licences. The company is proposing a $2.3 billion expansion of its existing MGM Empire City racino in Yonkers, the former Yonkers Raceway.

Given the property’s existing infrastructure, community relations and tax contributions, it is considered a frontrunner in the race. That said, Hornbuckle seemed somewhat disgruntled by the process, which has taken years but still has months to go and hurdles to clear.

“They’ve changed a couple of rules that I’m not crazy about,” he said. “There’s a deal that says — after we made our submission, by the way — that if you spend under [$1.5 billion], you only get a 10-year licence. If you spend over, I think it’s $5 billion, you get a 20-year licence. So they’ve now tied the amount of money you spend to how long your licence duration is.”

In response to an inquiry from iGB, the New York State Gaming Commission said the licence term framework draft was sent to commissioners 1 August and was recommended for approval at the commission’s 25 August meeting. The deadline for applications to the state was 27 June.

The proposed framework is more intricate than Hornbuckle said, and is as follows:

• Total investments under $1.5 billion would get a 10-year initial licence.
• Investments between $1.5 billion and $5 billion would get a 15-year initial licence.
• Investments between $5 billion and $10 billion would get a 20-year initial licence.
• Investments above $10 billion would get a 30-year initial licence.

Will the highest bidder please stand up

Hornbuckle’s irritation could stem from the fact that Empire City is pledging the lowest total investment of the field.

Along with MGM, The Coney ($3.4 billion) and Bally’s Bronx ($4 billion) would be the only ones below the $5 billion threshold. They would all thus be eligible only for 15-year initial licences.

The remaining five bidders — Avenir, Freedom Plaza, Caesars Times Square, Met Park and Resorts World NYC — are all above $5 billion, indicating 20-year licences at the least. At $11 billion, Soloviev Group’s Freedom Plaza bid would be the only one eligible for a 30-year licence.

As the process continues, bidders will also be asked to pitch their own tax rates. But Hornbuckle said Thursday that his company has to at least match the current tax rate for Empire City and keep all horse racing purse commitments. This, he said tongue-in-cheek, was just “one more quirk” to deal with.

BetMGM up, prediction markets down

Not much discussion was given to sports betting and iGaming through BetMGM, as that company had its own presentation to give. BetMGM is a joint venture between MGM and UK-based Entain.

Entain has been on a rollercoaster ride in recent years, including a significant bribery case in Turkey that has resulted in criminal charges for 11 former executives. Despite this, BetMGM has had perhaps its strongest year thus far in 2025.

Hornbuckle said that “simply improving the product and making it better” has landed well with players. The JV has also “stopped losing share” and is starting to take some back as it wrestles with several others for third place in the US behind FanDuel and DraftKings.

But on the topic of prediction markets, which have captivated the industry for the last year, the MGM boss was decidedly opposed. His comments mirrored those he gave to iGB in April.

“MGM Resorts’ view is [allowing sports outcomes in prediction markets] invites the federal government into a space it’s never been, and it’s not a place we’d like to see this marketplace go. Full stop,” Hornbuckle asserted.

That stance could indicate that BetMGM will be cautious in exploring prediction market deals. Its competitors FanDuel and Underdog have already made such deals, and reports have shown that DraftKings and PrizePicks could be waiting in the wings.

“It’s real, we have to contend with it and understand it. We have to be ready for it if it becomes even realer, but officially it is not something we endorse,” Hornbuckle said.

In April, Swedish operator ATG announced it had formed a 50/50 JV with local Finnish racing association Suomen Hippos, with the new Hippos ATG to be powered by ATG’s in-house gaming platform.

On Thursday, the JV announced it would operate in Finland with the ATG brand, operating its site as ATG.fi and utilising the ATG gaming app for mobile phones, as well as featuring ATG’s existing style and design.

The move is described as a “cost-effective solution”, leveraging ATG’s existing communication assets, messaging and design.

Mikael Bäcke, CEO of the Hippos ATG JV, believes the use of such a well-known legacy brand in ATG will provide a strong platform in terms of brand awareness.

“ATG is a strong, trusted, quality brand in Sweden and already familiar to many Finnish gamblers,” Bäcke said. “That is something we want to build on as we enter the new Finnish gambling market in 2027.”

The launch of ATG Talent

Bäcke also explained up to 60% of the JV’s surplus will go directly back to supporting the horse racing sector in Finland.

Alongside its financial support for the racing sector in Finland, Hippos ATG launched a development programme aimed at individuals expected to have a bright future in the sport.

ATG Talent participants will meet a number of experts who will provide “knowledge, inspiration and support” in areas such as team-building, leadership and sports psychology.

The participants will be selected in collaboration with Suomen Hippos during the final quarter of 2025, with the first round of the development programme to be carried out over 2026.

Monopolies’ marginalisation of horse racing

Finland is preparing to open its gambling market by 2027, bringing an end to Veikkaus’ monopoly.

Until now, the state-owned operator has held exclusive rights to iGaming and online sports betting in the market but, from 2027, private operators, including Hippos ATG, will be able to compete in a liberalised market.

In August, Bäcke told iGB that Hippos ATG expects to compete as a leading brand for horse racing betting in the newly liberalised market.

He said the JV would aim to recapture the “marginalised” horse racing betting vertical in Finland.

“Today there’s a vacuum in Finnish market and it’s a great opportunity for both ATG and Suomen Hippos,” Bäcke said.

“The [JV] is based on both parties providing the most valuable assets they have to make this company competitive. That means the strong anchoring in the local market that Suomen Hippos has and the very close relationship they have with the 200,000 horse racing customers,” he added.

Hippos ATG will go live on day one of the licensed online market in Finland.

The ATG Finland JV board of directors is made up of ATG CEO Hans Lord Skarplöth and members of both ATG and the Suomen Hippos association.

Provided by hedge fund HG Vora Capital Management, Glitnor will also use the financing to support its ongoing growth strategy. This will include investment in product development and wider operational expansion efforts.

Glitnor CEO Richard Brown said the new funding places the operator in a stronger position to “seize market opportunities”. He added that the investment reflects confidence in its performance, business model and long-term vision.

Growth trajectory at Glitnor

HG Vora Founder and Portfolio Manager Parag Vora also welcomed the new partnership. He said the investment reflected HG Vora’s “conviction” in Glitnor’s strategy.

“We have been thoroughly impressed with Glitnor’s growth trajectory and the operational excellence underpinning its success,” Vora said. “The company has established itself as a dynamic operator in the online gaming sector and we are excited to provide a bespoke capital solution to accelerate its momentum.

“This investment reflects HG Vora’s conviction in both Glitnor’s strategy and the significant opportunities in regulated online gaming markets globally.”

Glitnor is no stranger to M&A, having completed several deals in recent times. Almost one year ago, it agreed to acquire OneCasino, an online gambling operator with a presence in various regulated markets across Europe. The deal completed earlier in 2025.

Meanwhile, Glitnor last year also agreed to purchase a 37.5% stake in New Jersey igaming operator PlayStar. The deal expanded the group’s overall position in the US market.

“This financing marks a significant milestone for Glitnor as we continue to scale our business across regulated markets and deliver value to our customers,” Brown said. “The support from our financing partners underscores the strength of our current positions as well as the opportunities to accelerate growth, operating power and profitability.

“Securing this debt facility demonstrates both our strong financial profile and the market’s confidence in our future,” he added. “We are excited about the opportunities ahead and remain committed to delivering sustainable growth.”

HG Vora proxy battle with Penn

HG Vora is a prominent shareholder in a number of other gambling operations, including Penn Entertainment, with which it is embroiled in a proxy battle over board composition.

The hedge fund launched a federal lawsuit in May in response to the operator only making two of a promised three board seats available for election for the investor.

Ahead of Penn’s June shareholder meeting, the operator sent out a memo claiming HG Vora violated several institutional investor waivers in which they agreed to remain passive in their activities. 

During the meeting Penn approved two new board members recommended by HG Vora, but a third nomination was left unresolved.

The government introduced a bill in August to shut down the country’s multibillion-dollar online gambling industry. This was then passed by the upper house of the Indian Parliament and received presidential assent on 22 August.

The ban covers games “played by a user paying fees, depositing money or other stakes” for monetary gain.

There has already been an impact on the market as Flutter closed its Junglee real-money gaming operations in India on 25 August.

MPL has also taken a hit – its MPL.live site has ceased operations and now displays a banner that reads: “Deposits are no longer available on the MPL app. In compliance with law, no cash games are available on MPL.”

As a result internal staff last week received an email detailing plans to reduce staff headcount.

In the email, obtained by Reuters, MPL CEO Sai Srinivas said the operator would be “downsizing its India team significantly”.

Srinivas did not say specifically how many jobs or positions would be cut. However, Reuters quoted a source at MPL that said 300 of its 500-strong team in India could go. The same source added that staff working across marketing, finance, operations, engineering and legal could also be impacted.

“It is with a heavy heart we have decided we will be downsizing our India team significantly,” Srinivas said. “We are committed to providing those impacted with every possible support during this transition period.

“India accounted for 50% of M-League revenues. This change would mean that we would no longer be making any revenue from India in the near future.”

MPL does, however, have interests outside India. It has recently been seeking to grow its presence within the US market.

Concerns over India iGaming ban

Other operators have attempted to fight back against the sudden ban. Just days after the bill was introduced, India gaming company A23 launched a legal challenge over the plans.

In a court filing at the High Court of Karnataka in southwestern India, A23 said that the ban “criminalises the legitimate business of playing online games of skill, which would result in the closure of various gaming companies overnight”.

The new law is a “product of state paternalism”, A23 added in its filing. It also asked for it to be declared unconstitutional when applied to games of skill such as rummy and poker. A23 describes itself as an online gaming platform with over 70 million players.

Operators are not the only parties to have raised concerns over the sudden ban. Other critics say the ban is counterproductive and will grow the illegal underground market in India.

Gaming law firm Segev LLC wrote that the law, while “framed as a progressive step, in fact moves against the current global tide” of licensure and regulation, a model that includes responsible gaming initiatives and other consumer protections.

Meanwhile, a joint statement from trade bodies the All India Gaming Federation, the eGaming Federation and the Federation of Indian Fantasy Sports called the ban a potential “death knell” for the Indian gaming industry.

Indian President Droupadi Murmu is yet to sign off on the legislation. However, this has been assumed as he has already blessed the proposal.

Group revenue for the six months to 30 June totalled €168 million ($196.2 million), Intralot reported. This surpassed the €165.3 million posted during H1 in the previous year by 1.7%.

Lottery remained the primary source of revenue, accounting for 53% of the total. Sports betting contributed 22%, video lottery terminals 12.8% and IT products and services 12.2%.

B2C revenue was higher year-on-year although B2B and B2G performance was more mixed. However, on the whole, Intralot Chairman Sokratis Kokkalis was upbeat about what he saw as a “stable” performance in H1.

“Our results for the first half of 2025 reflect stable financial performance in terms of revenue and operating profitability, strengthened cash flows and a significant reduction in debt and leverage,” Kokkalis said.

Intralot-Bally’s acquisition on track for Q4 completion

Kokkalis also referenced Intralot’s pending acquisition of Bally’s International Interactive division. Announced in July, the cash-and-stock transaction is valued at €2.7 billion. The reverse takeover deal will also see Bally’s become Intralot’s majority shareholder.

Intralot said the acquisition is still on track to complete before the end of the calendar year as previously stated. The group added that the deal will mark a “transformative” step for both companies, allowing it to pursue growth opportunities globally.

“The pivotal strategic decision to acquire Bally’s International Interactive will transform the company by enhancing its growth capabilities in the modern digital environment and substantially expand its financial scale,” Kokkalis said.

US and Argentina growth, decline in Turkey

Taking a closer look at Intralot’s financial performance in H1, revenue from the technology and support services within the B2B and B2G segment increased 2.4% year-on-year. This, the group said, was primarily due to an improved performance in the US.

“Although service revenue in the US was impacted by lower-scale jackpots compared to prior periods, this was offset by increased equipment sales relatively to 2024,” Intralot said. “Additionally, solid results in Argentina and a positive sales trend in Croatia further contributed to the growth.”

Also in reference to Argentina was a 32% increase in revenue from B2B operations in the country. This, Intralot said, followed the recovery in economic activity that led to the continued strengthening of the local market.

However, the management contracts segment of the B2B and B2G business reported a 5.9% drop in revenue. Intralot said this was mainly due to Turkish operations

“Despite continued growth of the local online sports betting market, revenue performance was impacted by adverse accounting effects related to hyperinflation in the Turkish economy, which contrasted with a positive effect in the same period last year,” Intralot said. “In addition, higher investment in player acquisition and retention activities also weighed on revenues during the period.”

Intralot in the red for H1

While overall revenue growth was positive for Intralot, the situation was different when it came to the bottom line for H1.

Gross profit dipped 12% to €57.7 million, although other operating income increased 10.4% and operating expenses were cut by 13.6%. This allowed adjusted EBITDA to edge up 1.2% to €60.2 million.

Earnings before interest and tax also increased to €25 million, while earnings before tax was also 61.4% higher at €9.8 million. However, bottom-line net loss, referred to by Intralot as net income after tax and minority interest (NIATMI), slipped from a €4.6 million profit in 2024 to a €0.1 million loss.

Mixed Q2 for Intralot

Looking to the second quarter, group revenue fell 4.8% to €79.6 million, with gross profit also down 21.7% to €25.6 million. Adjusted EBITDA, however, increased 2.2% to €30 million.

Earnings before interest and tax climbed 15.4% to €13.1 million, while earnings before tax rocketed by 810% to €6.2 million.

However, NIATMI in the second quarter was lower by 34% at €0.5 million. This meant that Intralot remained in the black for the three-month period.

Publishing its FY25 results, PointsBet said revenue for the 12 months to 30 June amounted to AU$261.4 million (US$170.8 million). This represents a new record, surpassing the previous financial year by 6%.

Revenue was higher across the group’s sports betting operations in Australia and Canada. On top of this, net win – revenue minus promotional costs – improved by 6% year-on-year to $283.6 million.

First EBITDA-positive period in PointsBet history

PointsBet also posted positive normalised EBITDA for the first time in its history. Normalised EBITDA in FY25 – excluding share-based payments and one-off items – reached $11.2 million, in contrast to a $1.8 million loss in the previous year. In addition, rolling annual cash active players hit an all-time high of 295,757.

Australia growth despite reduced player spend in FY25

Breaking down PointsBet’s performance in FY25, sports betting operations in its native Australia again made up the majority of revenue. In total, revenue in the country topped $218.5 million, a rise of 3% and another new record.

The increase came despite a 14% year-on-year decline in overall player spend during the year. However, net win improved 3% to $240.6 million, with net win margin rising to 10.4%. The group has now reported six consecutive quarters of net win margin growth.

Also on Australia, PointsBet again voiced its support for gambling advertising reform in the country. The issue remains up for debate. Reforms were due to be implemented in 2024, before they were delayed to 2025 amid rumours the government did not have enough support in the Senate or from sports governing bodies.

“PointsBet remains active in encouraging the wagering industry, governments, sports bodies and media to promptly resolve sustainable and pragmatic advertising reform,” it said. “This is likely now that the federal election has been resolved.”

Turning to Canada, where revenue across sports betting and iGaming increased by 26% to $42.9 million. Total net win also climbed 26% to $43 million for the full year.

Revenue from sports betting in Canada edged up 6% to $14.8 million, with handle rising 39% to $354.9 million. Net win was 11% higher at $17 million despite what PointsBet said were “unprecedented” customer-friendly results in H1.

As for iGaming, revenue climbed 41% to $28.1 million, amid a 27% rise in player spending to $1.14 billion. Net win also increased by 39% to $26 million despite negative VIP variance on slots during the first half.

Net loss down to $18.2 million at PointsBet

In terms of spending, cost of sales increased 7%, but operating costs were marginally lower for the year. Coupled with revenue growth, this allowed gross profit to climb 6% to $137 million.

Finance expenses, including depreciation and amortisation, were also reduced. As such, PointsBet posted a pre-tax loss of $18 million, compared to $39.5 million in FY24.

The group paid just $0.1 million in income tax, meaning it ended the financial year with a net loss of $18.2 million, an improvement on last year’s $42.3 million loss.

MIXI strengthens position on proposed PointsBet takeover

Shortly after PointsBet published the results, news broke on yet another development in the ongoing battle between MIXI and Betr Entertainment to take a majority holding in the group.

MIXI confirmed its voting power in PointsBet exceeded the 50% threshold. This triggered a two-week extension to the acceptance period for its offer, which had been due to conclude on 29 August. It will now run through to 12 September, allowing shareholders more time to consider the proposal.

Earlier in August, MIXI submitted what it said would be its final bid for PointsBet. This saw it offer $1.25 in cash per share, although this would rise to $1.30 per share if it were to secure more than 90% of the total holding.

However, this latter price is unlikely, with Betr – which has tabled several takeover proposals of its own – saying it would not accept the MIXI offer. This is despite PointsBet encouraging shareholders to accept the MIXI bid and reject Betr.

This has not deterred Betr, which has returned to the table several times with improved offers. Its latest, all-share offer values PointsBet at $1.40 per share. But the initial response from PointsBet was the same, in that it said shareholders should reject the bid in favour of MIXI’s proposal.

However, writing in his post-FY25 earnings commentary, Betr Executive Chairman Matthew Tripp maintained the operator was in a good position to take full control of PointsBet.

“We continue to believe that our offer for PointsBet presents superior value for both Betr and PointsBet shareholders and we remain disciplined as we evaluate further opportunities to accelerate growth,” he said.

Wagering revenue for the 12 months to 30 June amounted to AU$132.3 million (US$154.1 million), up 129.3% from 2024.

The increase came following the completion of the merger of Betr and BlueBet Holdings in July last year. Migration completed in August 2024, with BlueBet adopting the Betr brand in Australia.

Betr expanded its business further by striking a deal to acquire TopSport in February 2025, completing the purchase in April. Migration was also completed in under two months, with TopSport now fully integrated with Betr.

“FY25 was a defining year for us,” Betr CEO Andrew Menz said. “We set bold commitments, executed with speed and discipline and delivered strong financial performance that demonstrated our ability to create meaningful value for shareholders.

“Our growth in FY25 was powered by disciplined consolidation and rapid execution. The precision and speed of these integrations give us confidence in replicating success with future opportunities, as we continue to drive consolidation in the Australian wagering market.”

Early synergy realisation benefits Betr

Swift migration, Menz said, brought with it earlier-than-expected merger synergies.

For BlueBet/Betr, this resulted in $16.9 million annualised cost synergies, some 20% ahead of commitment. Meanwhile, the TopSport transaction structure ensured all $9 million in annualised cost synergies were realised immediately upon completion.

“This proven ability to rapidly capture synergies is a cornerstone of our strategy,” Menz said. “These efficiencies create capacity to reinvest in brand, product and customer intelligence – delivering a superior wagering experience and building long-term shareholder value.”

Menz added: “With strong momentum in our core business, a repeatable and proven M&A playbook and a disciplined approach to organic and inorganic growth, Betr is well positioned to keep building scale and long-term shareholder value.”

Horse race betting draws most revenue for Betr

Drilling down into revenue performance in FY25, Betr said horse race wagering generated the most revenue at $57.7 million. This surpassed last year by 125.4%.

Elsewhere, greyhound betting jumped 114.3% to $39 million, while sports betting revenue hiked 146.2% to $22.4 million. The remaining $13 million came from harness racing, a rise of 176.6%.

As for player spend, gross wagering turnover – gross of goods and service tax (GST) – was up 140.1% to $1.42 billion. Player winnings amounted to $1.22 billion, gross of GST, while $50.9 million of promotions was noted. In addition, GST amounted to $13.2 million.

All revenue came from operations in Australia, with Betr having withdrawn from the US early in FY25. This saw it enter termination agreements for gaming licences in Iowa, Colorado and Louisiana. Under these arrangements, payments will be made over future years.

Betr net loss cut to $2.3 million

Looking towards the bottom line, gross profit for the year rocketed 89.6% to $58.4 million. However, with expenses higher across the board, this left a pre-tax loss from continuing operations of $19.5 million, compared to $8.7 million in FY24.

Betr received $4.6 million in tax benefit, resulting in a net loss from continuing operations of $14.8 million. This surpassed last year’s $6 million loss.

However, the situation was greatly improved when accounting for discontinued operations. For FY25, these generated an $8 million profit, whereas in the previous year, loss stood at $40.9 million.

When also including $4.5 million worth of fair value gain, there was a comprehensive net loss attributable to Betr of $2.3 million. This was a stark improvement on $47.5 million in FY24.

“FY25 showcased Betr’s ability to pivot with speed, scale rapidly and deliver profitable growth,” Menz said. “In FY26, we will expand our scale through disciplined, strategic investment and grow our brand presence with a clear focus on the next generation of wagering customers.

“We will also continue to deliver innovative products that our customers and wagering consumers love.”

PointsBet plays down improved takeover bid

The results come after Betr lodged another improved offer to acquire the shares it does not currently hold in PointsBet. Betr secured an initial 19.9% stake in PointsBet this April and, almost ever since, has been seeking to take full control.

However, its efforts have been thwarted by MIXI Australia, which has submitted several of its own bids. PointsBet has so far favoured the offers from MIXI, recommending shareholders vote in favour of these bids.

MIXI recently submitted an improved and final bid for PointsBet. The all-cash offer is valued at $1.30 per share. However, this price would only apply if it acquired at least 90% of the total holding. If it fell short of this, then the company would pay at the previously stated rate of $1.25. Betr, with its 19.9% holding, has already stated it would not back the bid.

Betr has now returned to the table with its own improved offer, increasing its all-share offer to $1.40 per share. But the initial response from PointsBet remains the same, in that it has said shareholders should reject the bid in favour of MIXI’s proposal.

“PointsBet shareholders that accept the unsolicited Betr offer will receive Betr shares, and in effect reduce their economic interest in PointsBet in exchange for an economic interest in the Betr business,” PointsBet said. “The PointsBet board considers to be inferior to that of PointsBet.”

Betr remains upbeat on PointsBet chances

However, Betr appears unmoved by the apparent rebuttal. Writing in his post-FY25 notes, Betr Executive Chairman Matthew Tripp maintained the operator was in good position to take full control of PointsBet.

“Our track record in identifying and integrating strategic, accretive acquisitions is now firmly established,” he said. “We continue to believe that our offer for PointsBet presents superior value for both Betr and PointsBet shareholders and we remain disciplined as we evaluate further opportunities to accelerate growth.”

Hargrave will take on the role after Zoë Osmond steps down as CEO on 30 September. She will head up day-to-day operations and lead the managed closure of the organisation.

In July, GambleAware announced it will halt all activities and transition its work to the British government by the end of March 2026. This followed the introduction of a new statutory levy earlier this year.

All work historically delivered by the charity will transition to the government and new commissioners across England, Scotland and Wales. This will be in line with the fresh approach to tackling gambling harm in the UK.

GambleAware said Hargrave becoming transition CEO, and indeed Osmond stepping back from her role, reflects a shift within the charity from “strategic oversight to operational delivery”.

“I want to take the opportunity to thank Zoë for her demonstrable and steadfast leadership,” GambleAware Chair of Trustees Andy Boucher said. “I also want to welcome and congratulate Anna on her new role.

“Over the next several months we have some important delivery and legacy ambitions. I am very confident that under Anna’s leadership we will achieve the positive ending for the charity we are all working towards.

“With a renewed focus on handover activity until the end of March 2026 we will continue to ensure there is a smooth transition to the new statutory system to address gambling harm across Great Britain.”

Hargrave set for ‘critical’ role in GambleAware transition

Hargrave will be no stranger to life at GambleAware. She has served as chief commissioning and strategy officer, as well as deputy CEO, since November 2021.

Prior to this, Hargrave held numerous senior roles across the NHS. This included almost four years with NHS South Warwickshire, spending time as chief strategy officer and chief transformation officer.

“The final six months are critical for the smooth transfer and transition to the new system,” Hargrave said. “I look forward to continuing to work with the new commissioners as they get to grips with their new responsibilities within the statutory system and will work with them to ensure their efforts build upon the current system’s achievements and insights to ensure learnings are carried forward.”

Osmond will exit GambleAware after seven years with the charity. She has worked as CEO since 2021, leading the organisation through several major developments, including the recommissioning of the National Gambling Support.

“It has been a huge privilege to lead and work at GambleAware over the past seven years,” Osmond said. “The sector has undergone significant transformation during this time and I’m incredibly proud of what we’ve achieved, particularly our commitment to embedding the voices of the lived experience community at the heart of everything we do.

“Few charities can truly say they’ve delivered on their founding mission, but GambleAware and the exceptional team behind it have played a pivotal role in reframing gambling harms as a public health issue and helped to shape the foundations of the new gambling harms prevention and treatment system.

“I’m delighted that Anna will be taking the reins for the next critical period, leading the charity through the completion of its transition to the new system.”

KKCG will take away €500 million in total proceeds from the sale. The deal was structured as a sale of equity in Allwyn by KKCG’s wholly owned subsidiary Allwyn AG. It will retain a majority 95.73% stake in Allwyn, held via Allwyn AG.

The sale, Allwyn said, will allow more investors to support the business moving forward. J&T Arch is a qualified investor fund on Prague’s Stock Exchange, with a net asset value of approximately €5.6 billion.

KKCG gives investors a stake in Allwyn’s rapid growth

Allwyn originates in the Czech Republic, starting out as Sazka Group. This business previously operated the Czech national lottery and was under state control. KKCG acquired a majority state in 2011.

This was followed by a joint venture with EMMA Capital, another Czech investment business, and expansion into Greece via OPAP, Italy through Lottoitalia and Austria with Austrian Lotteries. KKCG later bought EMMA Capital’s 25% stake in Sazka Group.

Under its sole control KKCG later acquired a majority stake in Casinos Austria, rebranded to Allwyn in 2022 then secured the UK’s fourth National Lottery licence, taking control in February 2024.

KKCG founder Komárek: Stake sale a ‘significant step’

Plans for a public listing have twice been set out, then shelved, with a UK listing scuppered by Brexit and plans for a New York Stock Exchange float shelved due to market volatility. However Allwyn has always said this represents a delay to its listing plans, rather than a cancellation.

Enabling more investors to get involved with the business will allow them to benefit from the group’s growth trajectory, KKCG founder and Allwyn chair Karel Komárek said.

“This is another significant step for Allwyn,” Komárek said. “It demonstrates the positive impact of KKCG’s vision and support for the business and investor confidence in Allwyn’s successful growth-led strategy.

“I see many opportunities ahead for significant and sustainable value creation for Allwyn. I’m delighted that a wider range of investors can now join us on that journey.”

J&T talks up growth prospects

Patrik Tkáč, co-founder of the J&T financial group, also talked up the deal. He said it is the culmination of years of relationship with KKCG’s Komárek.

“J&T Arch’s entry into Allwyn is the culmination of many years of business relations with Karel Komárek,” Tkáč said. “With his team, he has built an international entertainment platform out of a domestic player. This is another great story of a leading Czech entrepreneur’s business and the opportunity for our investors to participate in its future growth.”

Adam Tomis, member of J&T Arch’s investment committee, added: “Allwyn’s geographical footprint as the operator of national lotteries makes it unique. Our portfolio thus gains an investment in a sector characterised by strong market positions, resilience to economic cycles and high conversion of profits into free cash flow.

“Allwyn is in an excellent position to continue expanding and growing.”

Another major development at Allwyn

The sale represents the latest step in Allwyn’s ongoing growth and expansion plan. In July, Allwyn International announced the sale of its land-based casino assets in Germany and Australia. It has also acquired the remaining minority stake in Greece- and Cyprus-facing online operator Stoiximan.

This came after Allwyn in January agreed to acquire a 51% stake in Logflex MT Holding, the owner of Novibet. Allwyn hopes to complete the purchase of the holding in the online operator before the end of 2025.

Meanwhile, in August Allwyn appointed Kresimir Spajic as CEO of Allwyn Digital to lead its global digital expansion. With its new digital business, Allwyn hopes to evolve in a more digitally led way and provide bettors with engaging experiences.

In addition, Allwyn also recently detailed plans for a new lottery terminal rollout in the UK. It has pledged to install more than 30,000 Waves terminals at retail locations across the UK. Thousands of machine are set to be installed over the coming weeks.

Quick refresher: Prediction markets let users buy and sell contracts on future events – from elections and economic data to cultural moments and sport. For example, you might buy a contract on a Russia-Ukraine ceasefire in 2025 for $0.37 that pays $1 if correct. Kalshi operates as a CFTC-regulated exchange in the US, while Polymarket serves international users who trade with USDC on blockchain rails.

Six months on, the engine has shifted up a gear. Fresh capital has arrived. Large financial platforms Robinhood and Webull now integrate popular prediction markets directly in their apps, and professional trading firms are providing the liquidity that lets users place six-figure bets. AI integrations such as xAI’s Grok are now surfacing market odds across social media and improving the trading experience.

Billion dollar validation

On June 25th, Kalshi raised $185 million at a $2 billion valuation in a Series-C round led by Paradigm, catapulting it beyond unicorn status. The capital will fund what’s already working: expanding stockbroker integrations, encouraging participation from market makers, and launching more ‘always-on’ markets that sustain engagement.

“Prediction markets remind me of crypto 15 years ago: a new asset class on a path to trillions.” Matt Huang, Paradigm

Polymarket has matched the momentum, reportedly in the process of closing a $200 million round at a $1 billion valuation led by Founders Fund. In July it agreed to acquire CFTC-licensed exchange QCEX for $112 million. That purchase provides a compliant path back into the US, even if it requires segregating US and international liquidity. Where Kalshi spent six years in the regulatory trenches, Polymarket is buying existing infrastructure, an option created by Kalshi’s groundwork.

Polymarket often dominates trading volumes, especially on global events. Its international user base and broader market coverage, including wars which Kalshi does not list, arguably make it a stronger gauge of global sentiment. Yet Kalshi commands double the valuation. The premium reflects Kalshi’s current advantage in the United States, where CFTC approval unlocks broker distribution and direct access to institutional liquidity.

Distribution advantage

When Kalshi launched on Robinhood in March 2025, over 25 million users gained instant access to prediction markets. They could speculate on sports and Fed decisions right alongside their stock trades, no additional signup required. The result: approximately one billion worth of event contracts were traded through Robinhood in Q2 (SBC).

Webull followed with S&P 500, crypto and Fed markets, and CEO Tarek Mansour expects further broker integrations this year. Coinbase also confirmed prediction markets are on its roadmap. With over 100 million users globally, they could become a major force whether it partners or builds its own platform.

This broker-led distribution gives Kalshi a major advantage over US sportsbooks. By plugging into existing brokerage accounts, it can reach tens of millions of funded users at minimal cost. FanDuel spent years building 18 million customers through state-by-state licensing, while Kalshi can achieve comparable reach almost instantly.

Kalshi recently added another hook: a 4% annual interest paid on all cash and open positions. Traditional operators struggle to compete with that, since they rely on holding customer float without paying for it.

Market makers

For prediction markets to fulfil their promise, they require deep liquidity. Susquehanna International Group (SIG), which handles more than a trillion dollars in ETF trades annually, established Kalshi’s first dedicated event contracts desk in April 2024. ​​Market makers ensure instant execution and higher limits, essential for attracting professional money.

Kalshi’s Market Maker Program has since expanded to multiple firms providing 24/7 liquidity across sports, economic, and political events. Polymarket runs parallel programs that reward liquidity providers.

Yet both platforms have far to go before reaching institutional scale. Traditional derivatives like Brent Crude Futures capture geopolitical risk through billions in daily turnover. Prediction markets excel at retail engagement, and while Polymarket contracts now appear on CNBC, this growing visibility isn’t the same as sector-wide institutional participation.

Predictable pushback

Polymarket’s international user base does not directly compete with US sportsbooks. That may change once the QCEX acquisition enables domestic operations, but for now the regulatory pressure is concentrated on Kalshi, and the reason is sports. Prediction markets in elections, economics, or cultural events drew little attention. No operator had any interest in pricing up whether Taylor Swift gets engaged this year.

Sports now dominate Kalshi’s core business, averaging over 65% of trading volume since March. With the Premier League underway and the NFL season starting, these volumes will likely increase. Bettors are migrating for better prices, lower fees, and higher limits without fear of being restricted. Kalshi also benefits from operating in states where sportsbooks remain prohibited, including California and Texas, and CFTC rules allow 18-year-olds to participate compared to 21+ in most sports betting states.

Critics argue that Kalshi is offering what amounts to sports betting with no tax or licensing obligations. State gaming regulators have responded with cease-and-desist orders, investigations, and lawsuits targeting “sports event contracts”. Federal judges have largely blocked these enforcement attempts, ruling that CFTC-regulated derivatives supersede state gaming laws.

After speculation over whether traditional operators would enter the space, FanDuel this week announced a joint venture with derivatives giant CME Group to launch regulated event-based financial contracts. The products will let FanDuel users place ‘yes or no’ bets on equity indices, commodities, crypto, and key economic indicators, with no mention of sports. The launch is slated for later this year, and attention will now shift to DraftKings to see if it follows suit.

AI engagement boost

AI is beginning to shape how prediction markets are used and distributed. Both platforms have partnered with xAI, and Polymarket has been coined “the official prediction market of X”. On Polymarket, users can click ‘generate market context’ for instant AI analysis. This feature provides market history, key drivers, and potential catalysts that might move prices, making users more confident to trade.

On X, users can tag @askpolymarket or @grok to receive live probabilities and analysis. Market odds now appear directly in feeds alongside Fed policy debates or breaking news, exposing prediction markets to X’s 500+ million users. These integrations create a powerful distribution channel, turning news cycles into trading opportunities. Kalshi’s xAI partnership is expected to follow a similar path.

A long-term compliment

For all their momentum, prediction markets remain bound by binary yes/no contracts. Recent filings suggest Kalshi plans to introduce prop markets and point spreads, but they cannot replicate high-margin products such as same-game parlays or accumulators, nor can they match the bonus-driven engagement or casino content that underpins sportsbook economics.

Where prediction markets excel is customer acquisition. Their simple structure and brokerage integrations create an entry point for millions who would never download a gambling app. They also attract sharp bettors seeking better liquidity and bigger limits, expanding the addressable market in ways sportsbooks never could.

If sports remain the core business, prediction markets will capture share in straightforward betting markets while providing price discovery for operators and introducing new users to wagering. When these users eventually seek parlays, bonuses and casino content, traditional operators stand ready to serve them.

This reinforces our investment thesis: as the market expands, differentiation becomes critical. Operators need broader products, smoother experiences, and less friction at every step. We back the infrastructure that enables this. Prediction markets are undeniably competition, but they also widen the funnel, creating opportunities for wagering operators and technology suppliers prepared to capture these new users as their demands grow more sophisticated.

Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,597% (annualised at 83%), as at 31 July 2025, assuming the reinvestment of all distributions.

Earlier this month, Flamengo, widely recognised as the biggest football team in Brazil, announced it was terminating its master sponsorship from Pixbet, amid rumours of late payments.

The alleged circumstances around the termination of the sponsorship, which had been touted as the largest in Brazilian football history at around BRL470 million ($87.1 million) over four years, fuelled rumours of financial uncertainty at Pixbet.

It also marked the continuation of a somewhat tumultuous 2025 for Pixbet. The company saw its licence to operate in the newly regulated online Brazilian market suspended and reinstated on multiple occasions because of technical failures.

Has Pixbet overextended?

Market leader Betano has since taken over as Flamengo’s main sponsor in a deal superseding that of Pixbet. Reports suggest the new agreement is worth BRL250 million a year.

According to H2 Gambling Capital Managing Director Ed Birkin, Pixbet holds a market share of 2% in Brazil with NGR of BRL316 million for the six months to 30 June 2025.

With Pixbet’s Flamengo sponsorship working out at BRL62.5 million over six months, Birkin estimates 20% of the company’s NGR was being spent on the Flamengo deal alone.

In comparison, Betano, the “clear market leader” according to Birkin, generated NGR of BRL3.5 billion in Brazil in H1. Although its sponsorship cost is rumoured to be double Pixbet’s at BRL125 million every six months, that equates to just 3.5% of Betano’s NGR.

With Birkin estimating Betano’s pre-tax and post-bonus NGR at BRL19.5 million a day in Brazil, it would take it just 13 days to cover a full year of the Flamengo sponsorship. For Pixbet, it would take 72 days of Brazil operations, even with its Flamengo sponsorship costing half the amount.

In Birkin’s view, that huge disparity demonstrates financial overextension on Pixbet’s part.

“If one part of your marketing budget is 20% of your net gaming revenue, suddenly it doesn’t become a viable business to be spending that much on marketing, unless you’re happy to run at a loss for a certain period of time,” Birkin said.

International brands dominating in Brazil

H2’s current podium positions are all filled by international entrants to the Brazilian market, with Betano followed by Bet365 and Superbet in second and third, respectively.

Prior to the launch of the regulated market, many hypothesised that local operators would dominate on their enhanced knowledge of Brazilian markets and culture.

But Birkin thinks this was overblown, as evidenced by international brands of Betano, Bet365, Superbet and Sportingbet boasting a combined market share exceeding 50%. These brands brought in local talent to chart a path to growth, albeit with the resources of international giants to support their plans.

“The general view I heard when going to Brazil is that you need to understand international operators can’t just come in and do well, and it’s going to be local brands that win out,” Birkin said.

“The fact is, that’s only true if international operators don’t have a local presence.”

Are smaller Brazil operators in trouble?

Back in June, Ficom Leisure founder and M&A expert Christian Tirabassi predicted a top-heavy market in Brazil. He told iGB that 10-12 brands would dominate, with smaller operators hampered by high financial barriers both to entering and remaining in the market.

Despite holding just a 2% market share, Pixbet is the regulated Brazilian gaming market’s 11th-biggest operator, according to H2. Of the 173 licensed brands Birkin and H2 are tracking, remove the top 19 and the remaining 154 hold on average a market share of around 0.1%.

With a raft of operators making less money than Pixbet, Birkin suggests smaller operators could run into similar trouble, especially with tax rises and new ad restrictions seemingly on the way.

Birkin compares the Brazilian market to the US, where a flurry of operators entering the market has since dwindled, with the likes of Betway, Evoke and Unibet exiting in 2024 due to the dominance of bigger companies.

“If the 11th-biggest operator can run into trouble, then so can the 10th and the ninth and the eighth, and so can the 99th, 100th, 110th, 120th,” Birkin said.

Pixbet’s Flamengo gamble doesn’t pay off

Pixbet took a gamble with its Flamengo sponsorship that hasn’t paid off, according to Birkin.

Flamengo launched a new betting brand last year called Flabet, which was managed by Pixbet and featured the club’s branding.

With Flabet holding an average market share of just 0.15%, Birkin agrees the specific targeting towards Flamengo fans disregarded the rest of the brand’s potential target market.

He makes the point that while Brazilian football is incredibly popular in its home country, it doesn’t boast the same worldwide popularity as the English Premier League and other European football competitions.

Despite Pixbet’s troubles, Birkin believes there is still a place for smaller operators in the Brazilian market, provided they maintain a sensible financial approach.

“Bear in mind: Pixbet are the 11th-biggest operator, but you have someone who’s down at 20th who’s maybe less than half the size,” Birkin said. “But if they’ve got better cost control, then it’s a better run business.

“You can run a smaller business than Pixbet, but you just have to have cost control. You can’t be spending BRL125 million a year sponsoring Flamengo. You’re not making that sum of money.”

Previous incumbent Dean Shannon stepped down on 30 June, agreeing it was time for change. Vouris was given the role on an interim basis while the process to appoint a permanent CEO commenced.

But Vouris has now been given the role permanently after a global talent search. He brings with him 17 years of leadership experience in wagering, operations and innovation.

Vouris spent nearly 10 years with Tabcorp, including a role as general manager of its wagering business, before serving as chief operating officer of Entain Esports between October 2021 and March 2024.

In a statement released on Tuesday, Vouris voiced his excitement at taking on the role of permanent CEO.

“I am grateful for this opportunity, and the responsibility that I have been given,” Vouris said.

“My priority is to embed a ‘win, but not at all costs’ culture and get back to the basics of selling bets. I will also be focusing on leading innovation in our sector while protecting our customers.”

Stella David, Entain group CEO, believes Vouris is the right man to lead the company’s ANZ business. She said of the appointment: “Andrew stood out as the right leader for Entain ANZ.

“His leadership as interim CEO has demonstrated his commitment to our people, our partners and to building a sustainable, compliance-led and customer-focused culture.

“Andrew has made great progress since he arrived at Entain and I am very much looking forward to continuing working with him.”

Entain ANZ ‘well-positioned for growth’

Vouris’ permanent appointment comes at an interesting juncture for Entain ANZ, with ongoing legal proceedings in Australia and a new monopoly in New Zealand.

Entain reported a 7% year-on-year drop in Australian online revenue during its Q2 earnings.

On the earnings call in August, David addressed its ongoing legal situation with Australian Transaction Reports and Analysis Centre (Austrac).

Proceedings were initiated against Entain in December over “serious and systematic” non-compliance with anti-money laundering and counter-terrorism financing laws.

David said a £50 million ($67.4 million) balance-sheet provision in Entain’s Q2 earnings was an accounting entry, rather than a reserve set aside for a possible penalty from Austrac.

Mediation between the two parties is still ongoing, with no update on the proceedings forthcoming until those discussions have concluded.

TAB NZ granted online betting monopoly in New Zealand

More positive news for Entain in New Zealand saw its partner TAB NZ granted a monopoly over online sports and racing betting in June.

New legislation came into effect on 28 June and Entain has committed to injecting NZ$100 million ($58.5 million) into New Zealand’s racing sector. This comes after penning a 25-year partnership with TAB NZ in March 2023 to provide it with wagering, broadcast functions and funding.

Further opportunity appears to be on the horizon, too, with New Zealand set to launch a liberalised online casino market in 2026. TAB NZ has already shown an interest in entering.

Vouris is enthused by the potential of Entain ANZ, explaining: “I am excited about the future of our business and, while there is still much more to do, we are well positioned for growth.”

In a statement sent to iGB on Friday, Esportes Gaming Brasil said its new LOTTU brand incorporated a number of new features, including interactive tools, real-time promotions and dynamic layouts tailored to different bettor profiles.

The brand is powered by a new in-house platform, built to deliver a smoother user experience and greater adaptability.

LOTTU has in-built responsible gambling functions, including tools to identify risky betting behaviours and direct users to specialised support channels.

With its LOTTU launch, Esportes Gaming Brasil has now reached the maximum of three brands permitted under its licence by the Secretariat of Prizes and Bets (SPA).

The operator is already active with its Esportes da Sorte and Onabet brands, both authorised earlier this year.

Darwin Henrique da Silva Filho, Esportes Gaming Brasil Group CEO, said he expects LOTTU to resonate with more experienced bettors in Brazil, thanks to its enhanced personalisation capabilities.

“LOTTU reflects everything we’ve learned in recent years, but with a real leap in performance and usability,” Darwin explains.

“It is a platform built from the ground up, with a focus on speed, real-time promotions and navigation tailored to different bettor profiles.”

Esportes Gaming Brasil also bolstering its personnel

Alongside its new brand, Esportes Gaming Brasil has also taken steps to strengthen its executive team.

Ana Carolina Luna Maçães was brought in as the company’s new head of compliance, while Rita Cunha was hired as chief growth officer.

Additionally, Hugo Baungartner was appointed as Esportes Gaming Brasil’s new chief business officer and executive director of institutional relations and strategic partnerships in May.

In an interview with iGB at the time, Baungartner said his new role will involve him representing the company before key industry stakeholders in Brazil, such as the SPA and Central Bank.

“Brazil’s current market environment demands prepared and responsible players and Esportes Gaming Brasil is one of the leading names shaping this new landscape,” Baungartner said. “The group is clearly in a phase of consolidation and expansion.”

The all-cash offer values PointsBet at AU$1.30 per share. This surpasses the previous offer of $1.25 per share, despite MIXI having stated that it was its final offer.

The new, improved offer is contingent, however, on how many shares MIXI is able to acquire in PointsBet. The AU$1.30 per share price would only apply if it acquired at least 90% of the total holding. It it fell short of this, then the company would pay at the previously stated rate of $1.25.

MIXI made clear that this would be its final offer and it does not intend to increase it further.

At present, MIXI has acceptances for a 37.12% holding in PointsBet. To allow shareholders time to consider the improved proposal, MIXI has extended its offer acceptance period to 29 August. This, it added, would also not be extended further.

Could this be the end of the PointsBet takeover saga?

The battle for PointsBet has been rumbling on for several months with both MIXI and Betr Entertainment lodging several offers. PointsBet has favoured MIXI throughout the process but a recent development appears to have pushed MIXI into improving its offer.

Betr formally opened its takeover offer on 18 August, having revealed the bid at the end of July. The all-share, unsolicited proposal saw Betr offer 4.219 of its own shares in exchange for every PointsBet share.

After the offer opened, PointsBet said it had acknowledged several revisions that eased some of its concerns over the proposal. However, it maintained its support for the MIXI offer, urging shareholders to take “no action” over the Betr offer.

This followed a pattern that has been seen throughout the process. Both MIXI and Betr have increased their respective proposals on several occasions, but PointsBet has always favoured the former.

Betr could decide MIXI takeover cost

MIXI came close to securing approval for one of its offers at a shareholder vote in June. This saw 95.69% of shareholders vote in favour of the bid, which then valued PointsBet at $1.20 per share. However, the proxy vote was more mixed, with 69.47% backing the proposal.

This led Betr to accuse PointsBet of “impermissibly excluding” its vote against without reason, with investigation finding a system error excluded Betr votes. Following a recount, 70.48% of votes were in favour of the proposal, which was short of the amount required for a takeover to progress.

While the final offer from MIXI does not require such a high level of shareholder approval, Betr’s holding could still be a sticking point in terms of price. Betr currently holds a 19.9% voting power in PointsBet.

Betr has indicated that it will not vote in favour of the MIXI offer. As such, the takeover price will now likely be $1.25, rather than the higher $1.30 if 90% of shareholders were to vote in favour.

“We moved to Leeds sometime in 2010 and that was the one thing that, without a doubt, transformed the company,” says former SBG CTO Andy Burton. “I said it had to be no more than 10 minutes from the train station as we really wanted to be able to tap into that talent pool of people who could commute. So we moved into our first office in Leeds at Wellington Place.” 

Burton recalls a conversation he had at the time with SBG CEO Richard Flint about bringing platform development in-house. OpenBet was powering both the back-end and front-end of the SBG offering, but Burton says he knew early on that they needed to take control of the product’s front-end.  

“We didn’t have any people that could do that at that point because the tech team really was a bunch of infrastructure-type people and service management. There wasn’t any development capability at that point. It was all outsourced,” he recalls.  

Sky Bet taps Orange’s development team 

Burton was SBG’s technical director during the period. Upon moving the 150-strong SBG team to Leeds, he tapped into product specialists he had worked with at French mobile provider Orange between 2004 and 2008.  

“[We started with] half a dozen really great technologists, engineers, architects et cetera. It was really small scale when we got started. We didn’t call them product owners at the time, but business owners,” he explains. 

“At Orange they’d done a lot of web development and mobile development and I had managed that team. The ethos was always ‘we don’t need loads and loads of people, we just need really good people and let them get on with it.’  

“We didn’t hire anybody from a betting and gaming background. [We knew] frankly the smart people would learn from working really closely with people in trading or gaming operations.” 

In those initial stages, Burton chose to focus on building a scalable in-house platform for SBG’s Super 6 prediction game over the core gaming product. Super 6, a first-of-its-kind free-to-play prediction game, supercharged SBG to success after becoming hugely popular thanks to its tie-in with Sky Sports.  

“Every Saturday a few tweaks [were made to Super 6] and a few more features [were added]. The business owners really understood the value of how important that was, so we went from there,” Burton says.  

The next step was shifting the core Sky Vegas and betting products onto an in-house platform. Burton believes SBG was the first operator to completely own its front-end. 

Spotify tribes model and maintaining agility  

Burton cites Conor Grant as an integral player in the shift to an in-house front-end, coming into the business and understanding the value of owning its front-end. Grant was one of very few to have joined the business in its early days with industry experience. In 2010 he was hired as SBG head of sportsbook product management after spending three years as head of online for Boyle Sports.  

“We didn’t see ourselves as a sports betting or a gaming company. We saw ourselves as a technology company,” Grant tells iGB. “That allowed us to appeal to technologists and we were bringing in some of the best that the north of England could offer.”  

With that tech-first culture came ways of working borrowed from pioneering companies like Spotify. Grant cites the Spotify tribes model as a core principle for the business’ success. The approach sought to empower staff across the organisation, from product to marketing and beyond, helping them remain agile through extensive growth while carrying out thousands of releases a year. Grant reveals Sky Bet made around 30,000 releases in 2020.  

Another huge asset for SBG was the £800 million acquisition by private equity powerhouse CVC Capital Partners in 2014, which helped fund the expansion of back-end and product teams.  

While these elements powered SBG’s initial growth phase, Burton believes SBG’s ability to pivot and lead in certain areas helped maintain continued gains. One such area was responsible gambling. “To be part of Sky we had to maintain that reputation of the Sky brand,” he says.  

By the time SBG was sold to Stars Group, it had scaled up its tech team to about 800 people, over a nine-year period.  

Replicating the Sky Bet model 

Today Sky Bet is lauded as a blueprint for success across the sector. When the US opened its doors to online sports betting in 2018, the phrase “Sky Bet model” was widely uttered by execs and M&A strategists as many sought to imitate the operator’s deep-rooted integration with Sky Sports and its lasting legacy in the UK sports and gambling sectors.

In 2019 Fox Bet even launched a Super 6-style prediction offering to drive customer acquisition efforts in the US.

But no one was able to successfully replicate Sky Bet’s media strategy across the pond and brands like Fox Bet and Barstool Sports fell flat, failing to engage the core audience of sports lovers.  

Meanwhile in the UK, a much more mature and product-focused market, the onus for SBG’s peers has been on copying SBG’s unique technical strategy, which many agree was the force behind its dominance in the market.  

In June, reports that Flutter was putting over 200 roles at risk across its UK operations emerged. Racing Post reported many of the redundancies would come from Flutter’s tech and product team at its Wellington Place headquarters in Leeds, many of which were brought over from Sky Bet when Flutter bought the business in 2020.  

The decision follows its migration of SBG onto the Flutter Edge central platform, marking the end of an era for SBG’s legacy platform.  

From SBG to FBG: Fanatics leveraging Leeds’ talent pool 

But as they say, “one man’s loss is another’s gain” and a host of competing operators have reached out to these ex-SBG and Flutter folk to offer them roles elsewhere. Grant is among those leveraging Flutter’s outgoing technologists as he seeks to expand his 40-strong team at US-facing betting and casino operator Fanatic’s tech hub in Leeds. 

Fanatics (FBG) is operated on a fully remote basis, but it maintains a number of core functions at its Leeds base. Grant, who acts as president of gaming for FBG, says the office is home to part of the trading business as well as casino, operations and wider technical staffers. Plans to scale the team significantly are currently under discussion. It is looking to increase its current workforce in Leeds by 10% and move into new office space at Richmond House.  

“I know the market particularly well. There is a huge amount of talent in this area, in the north of England, with specific sector knowledge. My experience of technologists is they want to be working in fast-paced environments where they’re constantly releasing, being intellectually challenged and stimulated, and we tick those boxes by some distance in the way we operate. We’re a very lean organisation,” Grant says. 

“A number of us think this is a really good strategy for us to build and develop at scale.” 

Sky Bet’s Leeds legacy

He agrees Sky Bet built a foundation for sector talent in the city, but he acknowledges the rich history of digital transformation predating SBG in Leeds, including Orange and part of the NHS’ digital business.  

“Tom Reardon, the ex-chief executive of Leeds City Council was really instrumental in trying to attract businesses to Leeds, but Sky Bet played a big role in that because we were excellent at raising the profile of the city,” Grant added. “A lot of the great people who came to Sky Bet went and then spread their wings.”

SBG certainly left its mark on Leeds and key personnel moved on to lead tech teams at Evoke. Former SBG head of technology Paul McCormick is Flutter’s UK&I CTO today, while Rik Barker, ex-gaming director and then CTO for SBG, today is group CITO across Evoke’s portfolio of brands. Another group of tech specialists from SBG started cloud digital transformation consultancy Infinity Works, which was acquired by Accenture in 2021.  

“It’s gone full circle,” Burton concludes. “[Grant] was part of that cycle the first time around, where we hired loads of great tech people in Leeds and they’re thinking there’s an opportunity now with loads of people leaving Flutter, so let’s hire them.” 

Tabling the proposal, Novomatic said this was its “final” offer to take full control of the Australian slot machine supplier. It added the bid was “unconditional” and that the price would not be increased further.

Novomatic initially tabled a scheme implementation deed in April this year, also valued at $1 per share, or a total enterprise value of $336.5 million. However, the IBC viewed the latest proposal as an “alternative takeover bid”, with it running parallel to the existing offer.

Ainsworth’s Independent Board Committee (IBC), comprised of three non-executive directors, has recommended shareholders vote in favour of the scheme. The IBC added the offer is in the best interests of Ainsworth shareholders, “in the absence of a superior proposal”.

Should shareholders approve the bid, they will receive $1 in cash for each Ainsworth’s share they hold within 10 business days of acceptance. A scheme meeting on the matter is due to take place on 29 August.

Novomatic seeks international growth

Ainsworth is listed on the Australian Securities Exchange (ASX). Its headquarters are in Newington, Sydney and has operations worldwide. The company provides gaming machines in Australia, Asia and the Americas.

At present, Novomatic holds 52.9% of the total shares in Ainsworth. The company acquired the majority stake in January 2018, with the remaining 47.1% shared between other holders.  

Any full takeover would be subject to various other approvals. These include sign-off from the Australian Securities Exchange, Australian Securities Investments Commission and the Federal Court of Australia.

Speaking at the time of the April agreement, Novomatic executive board member Stefan Krenn said the acquisition fit in with the company’s international growth plans.

“The acquisition of Ainsworth is consistent with our international growth strategy and the expansion of our presence across the Asia-Pacific and the US region,” Krenn said. “As a long-term shareholder we are familiar with the business and believe that integrating Ainsworth into our operations is in the best interest of this strategy.”

Ainsworth slips to comprehensive net loss in H1

The new offer follows Ainsworth posting its financial results for the first half of 2025. These revealed a 25.3% year-on-year increase in revenue, mainly due to higher land-based sales in all key regions, particularly in North America and Asia Pacific.

However, Ainsworth said its margin of 56% for H1 was impacted by mix of product sales in North America and Latin America, as well as a decrease in online revenue, with high margin during the half.

Cost of sales jumped 66.2% but revenue growth meant gross profit increased 4.8% year-on-year. However, with spending also higher in other areas, operating profit dipped 24.6% to $9.5 million.

After finance costs and foreign exchange loss, pre-tax profit hit $1.6 million, down 89.8%. The group was able to claw back $3.4 million in income tax income, meaning net profit during H1 reached $4.9 million, a drop of 65%.

However, it also included $9 million in negative foreign currency translation impact, with this only partially offset by $4.9 million in profit attributed to owners of the company. As such, Ainsworth ended H1 with a comprehensive net loss of $4.1 million, in contrast to last year’s $18.1 million profit.

In addition, EBITDA for the six-month period fell 48.2% to $14.6 million.

“It’s long been proven that the state monopolies marginalise horse racing betting. We see that with both Veikkaus and Danske Spiel,” Bäcke explains.  

“The effect of this is markets for betting on horses are declining and the number of customers interested in horse racing is decreasing. Today there’s a vacuum in Finnish market and it’s a great opportunity for both ATG and Suomen Hippos.” 

He estimates the Finnish horse racing betting market is worth up to €60 million today.  

ATG first announced it had formed a 50/50 joint venture to compete in Finland’s regulated online gambling market in April. Hippos ATG brings together Suomen Hippos’ deep knowledge of the racing industry and ATG’s long-standing betting and gaming expertise.  

Backe’s appointment was announced in June. He joins from ATG’s Danish Bet25 business, which he joined in 2019. Prior to that he worked across several business development roles within the core ATG business and became chief product officer in October 2016.  

ATG Finland JV to be powered by ATG platform  

Speaking to iGB on Wednesday, Bäcke said the Hippos ATG product will operate commercially independently from ATG but will be powered by ATG’s in-house gaming platform. 

“ATG has a superior gaming platform especially when it comes to betting on horse racing, which is the core product for ATG in Sweden and it is unparalleled,” says Bäcke. 

“In terms of economies of scale, it’s [more] efficient to run a centralised development and team and not build multiple small satellites around the world. It will make everything more streamlined by using AGT’s platform.”  

Backe says the operator’s initial main focus will be on racing, but it will provide sports betting and online casino as complementary products. 

Building the c-suite

Currently the business is a three-person strong team, including new hires Antti Koivula as chief compliance officer and Joonas Saha as chief commercial officer. 

Bäcke is actively hiring for a number of roles which will be based in Helsinki.

Although it operates as a 50/50 JV between the two parties, ATG will earn a 40% share of profits while Suomen Hippos will take the remaining 60%.  

“The partnership is based on both parties providing the most valuable assets they have to make this company competitive. That means the strong anchoring in the local market that Suomen Hippos has and the very close relationship they have with the 200,000 horse racing customers,” Bäcke adds.  

Hippos ATG will go live on day one of the licensed online market in Finland. As regulatory processes for the legislation have largely been on time, the market is expected to launch in January 2027.

In April the Swedish government reduced some of its control over ATG meaning it could no longer nominate ATG board members. Previously it had the power to appoint six of the 11 members.

The operator is a market leader for horse racing in the Swedish market, but since gambling tax was increased to 22% of GGR in July 2024, its growth has slowed. ATG CEO Hasse Lord Skarplöth has urged the government to reconsider this and bring down tax rates for betting operators.

LatAm continues to be perhaps the hottest region in the gambling world, with Brazil seven months into its regulated online market. Meanwhile tax concerns in Colombia and Peru continue to impact operators’ strategies.

Flutter made vital inroads into Brazil in 2024, acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. It has formed a new Flutter Brazil business, which will also encompass its existing Betfair Brazil brand.

The NSX acquisition is already paying off, with Brazil revenue growing 144% during Q2 to $44 million, offsetting a slight year-on-year decline for Betfair Brazil. This decline Flutter attributed to adverse sports results and re-registration friction from new KYC requirements.

With Brazil Flutter’s fastest-growing market in Q2, Group CEO Peter Jackson was asked whether further LatAm expansion was in the company’s plans.

Jackson responded: “When we sit here and evaluate what the opportunities are around the world, we think about Latin America, we think about many markets where we’re not operating. There’s some interesting opportunities there.

“They’re all in the mix as we think about where we’re going to be deploying our capital. Clearly, the team are thinking about other opportunities around the world in Latin America.”

Jackson and Flutter recognise the scale of Brazil’s potential, saying: “We retain a strong conviction that the market opportunity will be very significant, and that those operators with scale and the best product will win the largest share of the market. Our strategy is to elevate our Brazilian proposition.

“We’ve targeted quick wins in product and marketing, which we expect will deliver significant improvements to the customer proposition on both sportsbook and iGaming over the next 12 months, which we believe will place us well for future success.”

Entain ‘on track’ in Brazil

Entain reported a 21% year-on-year uptick in Brazil NGR during H1, in line with the company’s expectations after a successful transition to the newly regulated market.

Brazil was Entain’s fastest growing market outside the US, powered by strong results from the Club World Cup football tournament, which saw record player activity and turnover.

Brazil accounted for 5% of Entain’s H1 NGR, although CEO Stella David conceded the journey had “not always been plain sailing”, with compliance proving difficult as players of its Sportingbet brand had to re-register to satisfy new KYC requirements.

Tax in Brazil also led to a £28 million ($38 million) hit to Entain’s group EBITDA, with David also warning about the potential for black market growth. This warning comes as the country weighs up making a provisional GGR tax rise from 12% to 18% permanent, as well as new ad restrictions.

“I’m just saying there’s a lot of volatility and that means that we have to be agile in our approach to the market to make sure we navigate the right line,” David said.

BetMGM sets sights on 10% market share in Brazil

In August last year, MGM Resorts International partnered with Grupo Globo, Latin America’s largest media company, to launch the BetMGM brand in Brazil.

In its Q2 presentation, MGM reiterated its desire to reach 10% market share in Brazil through BetMGM, believing its deal with Grupo Globo will allow for greater flexibility in regards to marketing and investment.

“Our launch is making great strides as we are seeing all key measures increasing, including strengthening player fundamentals,” MGM Resorts International CEO Bill Hornbuckle said. “Our bullish long-term view of the Brazilian market remains unchanged.”

BetMGM is investing heavily in Brazil, with that spend focused on product in Q1. It will then shift to marketing in Q2 as the business looks to grow its brand awareness in the market.

“[In] Q2, we turned on the marketing with a reasonable level of aggression and we’re very happy about what we’re seeing,” MGM Resorts International Interactive president Gary Fritz explained.

“Player values are strong down there. We see nothing to give us any concern about the TAM and the long-term health in the market in Brazil.”

Betsson reaches record LatAm revenue in Q2

Betsson enjoyed a hugely successful Q2 in LatAm, with revenue in the region up 35.4% to a record €84.7 million ($99.3 million), driven by high customer activity and record deposit levels.

LatAm accounted for 28% of Betsson’s Q2 revenue, having been responsible for 25% of its revenue in Q1, with Peru and Argentina particularly singled out as key growth markets for the group.

“It is gratifying to see how we continue to strengthen our leading market positions in these countries through both strategic and tactical market activities as well as targeted product development,” CEO Pontus Lindwall said.

Sportsbook revenue in LatAm increased from €22.3 million in Q1 to €33.2 million in Q2, offsetting a slight drop in casino revenue from €52.2 million to €51.4 million.

Despite the record quarter in LatAm for Betsson, the company did also note significant headwinds in the region, with further ad restrictions and tax rises seemingly on the way in Brazil. Beyond this Peru and Colombia are also increasing their tax burdens.

However, Lindwall said the company’s view on Brazil hadn’t shifted, saying: “We remain with our view that in any newly regulated market, it’s a little bit shaky initially in terms of competition, marketing spending, potentially regulatory changes.”

Discussing future M&A, Lindwall explained: “We are a careful company. We don’t jump in, we don’t buy the first one we see there. We want the dust to settle a bit and then we will, of course, be ready for both our own expansion and M&A in Brazil.”

Codere Online cautious on Brazil, Mexico performance strong

Codere Online remains hesitant to enter Brazil, despite fellow LatAm market Mexico continuing to prove fruitful for the company in Q2.

Mexico revenue for Codere Online reached €29 million in Q2, 2.8% higher than the €28.2 million reported in Q2 last year, while adjusted EBITDA in the market also edged up from a €0.2 million loss in Q2 last year to a €0.2 million profit.

In the earnings release, CEO Aviv Sher said: “In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

But while the company continues to flourish in Mexico, Sher reaffirmed the company’s caution on Brazil, telling analysts: “We took some of our experience in Spain and took it to Mexico, so we have already proven we are able to replicate our strategy and grow a market.  

“I’m sure that Brazil will come up in this call. To replicate [our model] in Brazil, we would need a lot of money.”

In the company’s Q1 results, Codere Online noted it was pulling back in Colombia due to the impacts of the 19% temporary VAT. Sher reiterated this on the post-Q2 earnings call, saying operations had been reduced in the market “to the bare minimum”.

RSI flourishing in Mexico, but Colombia headwinds remain

Rush Street Interactive highlighted Mexico as a particularly strong growth market in Q2, although concerns persist over the tax situation in Colombia.

Monthly active users rocketed nearly 42% across the LatAm region to 403,000 in Q2, with Mexico proving especially fruitful. Revenue from the market here was up 125% year-on-year, as well as increasing 40% from Q1 this year.

Rush Street Interactive CEO Richard Schwartz expects Mexico to become one of the company’s largest markets, saying: “We are very optimistic and continue to believe that it can be a very significant market for us for many years to come.”

However, the VAT in Colombia continues to prove troublesome, with Rush Street Interactive’s decision to offset the tax with a bonusing strategy damaging the company’s profitability in the market.

This led to Q2 net revenue from Colombia remaining flat, despite Rush Street Interactive’s GGR from the market rising by over 70%.

With the temporary VAT set to expire at the conclusion of 2025, CFO Kyle Sauers believes the company’s profitability in the market will reignite from the start of 2026.

Further LatAm expansion could be coming, too, with the company listing Chile, Ecuador, Brazil and Argentina as potential opportunities to add to its existing markets of Colombia, Mexico and Peru.

Super Group LatAm revenue nearly halves after Brazil exit

Elsewhere, Super Group reported declines in LatAm revenue, dropping to $5 million in Q2 from $9 million in the same quarter last year. Across H1, revenue in the region also fell from $16 million to $10 million.

Super Group attributed this to poor performance in Mexico, as well as the withdrawal of its Betway brand in Brazil.

For Kambi, the regulated market launch in Brazil helped the supplier to increase operator turnover in the Americas by 3.4%, despite a “slower than expected start”.

The Club World Cup proved particularly popular in LatAm for Kambi, driving approximately 80% of bets across its global network.

This was the first of a minimum of two mandated hearings before the project’s community advisory committee (CAC) can hold a binding vote on whether the bid can advance for further consideration. The next hearing is set for 16 September at Yonkers Montessori Academy. Four of the five committee members must vote in favour of Empire City for it to advance.

MGM was the first of the eight total New York bidders to field a CAC public hearing. The next applicant scheduled is Caesars Times Square, which will host its first hearing on Wednesday.

The company is proposing a sweeping $2.3 billion renovation and expansion of its existing facility, the former Yonkers Raceway. The property is known as a “racino”, meaning it features both a racetrack and gambling offerings, in this case video lottery terminals (VLT). If approved for a licence, Empire City would eschew its VLTs and become a full Las Vegas-style Class III casino.

Several dozen speakers gave opinions about the project on Monday and the dominant theme is one that has been applied to many major casino expansions across the US in recent years: labour and business leaders want the project while local residents largely do not.

Lone public official cautious on MGM Empire City

As is typical for such meetings, legislators and elected officials were given first priority to speak. The only one to do so was David Tubiolo, Westchester County legislator for District 14, which includes Yonkers.

Tubiolo voiced caution for the project and did not endorse it.

“This project will no doubt bring with it an increase in traffic, an increase in noise and an increased need for emergency and first responder services,” Tubiolo said.

Tubiolo pointed to concerns about the area’s “flood-prone streets”, which were mentioned by others as well. He asserted that his community needs commitments from the company that “the strains on our emergency services and infrastructure” will not become too burdensome.

“We are good neighbours – treat us as such,” Tubiolo said. “Help us get to yes.”

About halfway through the meeting, CAC chair James Cavanaugh noted that several high-ranking local and state officials were present. However, none other than Tubiolo opted to speak.

Union, business leaders bullish on NY casino project

A good chunk of the public support for all of the eight bids has come from union and labour officials. All bidders have pledged thousands of union construction jobs, meaning workers will benefit irrespective of which projects are chosen.

“Let’s not get stuck debating hypothetical problems,” said Armando Moreno, a rep for the United Brotherhood of Carpenters and Joiners of America. “Let’s focus on real tangible benefits this project brings.”

Local and small business leaders have also been staunch supporters of most bids, with MGM Empire City being no exception. Lenny Caro, president of the Yonkers Chamber of Commerce, spoke briefly, but with a clear message: “We support this 100%.”

Opponents: ‘We all know this is gonna happen’

With few exceptions, the speakers who identified as local residents were staunchly opposed. One woman in particular, a retired city employee named Margaret, was not shy in addressing what she saw as an elephant in the room.

“Some people may not like what I’m going to say: We all know this is gonna happen,” she said. “The fact that we are here begging MGM, a multimillion-dollar international corporation, for a few lousy concessions is a disgrace. They should have been begging us with concessions to come here.”

Her comments touch on a common theme among speakers: MGM Empire City and Resorts World NYC seem likely to be licensed because of their speed-to-market advantage and existing relationship with the state.

MGM has, in its own economic projections, said that Empire City will be forced into closure if it is not chosen for a licence. It cannot survive, MGM said, if there are three additional commercial licensees nearby. Residents were not pleased with framing that implies a threat seeking approval.

Kisha Skipper, president of the Yonkers NAACP branch, said that Assemblyman Gary Pretlow told her directly years ago that he was opposed to a full-scale Yonkers casino. That sentiment apparently changed somewhere along the line, she said.

Another local woman was especially descriptive in her assessment of the situation:

“This is either the renaissance of Yonkers or the rape of Yonkers. I want to see the renaissance and we need the leadership of everybody in Yonkers to bring everybody up so we can be an example for the nation of what could be done.”

It was a packed house inside a Residence Inn meeting room to see the presentation, and for good reason. Bally’s proposal is perhaps the most controversial of any thus far, having been boosted twice by New York City Mayor Eric Adams.

In June, Adams helped the project pass a city council vote on its parkland rezoning bill by lowering the threshold for passage from two-thirds to a simple majority. Then when the council rejected a separate vote for the project in July, Adams stepped in again and vetoed that decision, at which point the council stood down.

The mayor, who had federal corruption charges against him dismissed earlier this year by the Department of Justice, has maintained that his actions are not an endorsement. Rather, Adams says, they are an effort to ensure that the field of bids is as wide as possible for up to three available downstate licences.

Bally’s is proposing a large-scale integrated resort complex on a golf course it owns at Ferry Point. The course was purchased from the Trump Organization, and the deal includes an additional $115 million kicker to the seller if the site is awarded a licence. This connection has not been popular, but the project has survived several obstacles just to get to this point.

Billion-dollar goals for Bally’s

Bally’s Chairman Soo Kim was front and centre to discuss his company’s New York ambitions, which, if selected, would be in addition to multiple ongoing projects elsewhere. The company is building a $1.8 billion casino in Chicago, recently took control of Australian operator Star Entertainment, is mulling options for its empty Las Vegas Strip plot and just reverse-merged with Intralot, among other things.

Kim, a “proud product of New York City”, said Bally’s is “quite intentional” in its strategy. While none of the company’s 19 active US casinos is comparable to the scale of the Bronx proposal, Kim is confident Bally’s can deliver its biggest commitment yet.

“We believe we’re the most relevant operator and we bring our fantastic track record of being able to manage a project exactly that this market represents and we’re here to answer the call for the state,” Kim told the committee.

Every New York applicant is bullish on the market being perhaps the highest-grossing in the US once active. Kim was no different, projecting that Bally’s Bronx would generate gross gaming revenue “well north” of $1 billion per year.

That would put it with the very top performers in the country, alongside MGM National Harbor in Maryland and fellow New York applicant Resorts World NYC. Kim actually used National Harbor as a comparable example when asked by the committee, with no Bally’s property being applicable.

The project’s $4 billion price tag would make it the borough’s biggest-ever private investment. Yet there are concerns about Bally’s ability to pay such a bill, as it is highly leveraged and leases most of its real estate. That said, Kim is confident the mega-resort could become a staple of the area, on par with Yankee Stadium, the Bronx Zoo and similar landmarks.

Plans to help those in need

Generally speaking, the New York casino pitches mostly fall into two categories: those that back their home borough and those that highlight its shortcomings. In other words, all three Manhattan bids have touted their community’s wealth and tourism supremacy. Others, like The Coney in Brooklyn and Bally’s Bronx, argue that their lesser-privileged communities are where development is most needed.

Local economic impact, workforce development and diversity initiatives are among the key factors being considered by state officials. The Bronx, by most socioeconomic metrics, is the worst-performing of the five boroughs. Does a thriving hub like Manhattan need such a development? The Bronx is perhaps more limited in its growth possibilities, or at least that’s the argument Bally’s is hoping to lean on.

“We think that by placing it in the county, the borough that has objectively the most economic need … we believe that placing it where it matters the most is most responsive to the [request for applications],” Kim said Friday.

Christopher Jewett, Bally’s senior vice president of corporate development, said the project would provide about 15,000 construction jobs and 4,000 permanent positions. The average compensation per full time employee is projected at $96,000, below most of the other bids.

“Where else is economic impact more meaningful than the borough with the least economic investment, the highest unemployment rate and the lowest median income?” Jewett said.

Right down the fairway for Bally’s?

Architecturally, Bally’s proposal is somewhat futuristic, with several stepped and tiered structures connected via skybridge. Jewett said the design was formed with the course in mind.

“We took inspiration from the surrounding form of the golf course and utilised our stepped hotel design to mimic the undulating fairways of the surrounding links golf course while also keeping the structure fairly low in terms of height,” he said.

Its finished height would be about 100 feet below the top of the nearby Bronx-Whitestone Bridge, minimising disruption to the skyline. The site was a landfill for decades, Jewett said, before it was developed as a golf course and opened to the public in 2015. With the exception of the clubhouse, which would be relocated, most of the existing course grounds would be unchanged.

Bally’s announced its loyalty programme would be extended to partnering business throughout the community, which has become popular among applicants. Notably, Jewett mentioned the company is planning to offer public equity shares in the project totalling 9% of ownership for local residents. Bally’s is attempting to roll out a similar programme in Chicago in the coming weeks, but only after it was sued for discrimination on its first try.

“We envision these shares of the [investment programme] being available for as little as $250 or $500, providing opportunity for equity ownership across all social classes,” Jewett said.

Preston pride in New York race

With regard to local support, Bally’s Chief Legal Officer Kim Barker said stakeholders canvassed more than 11,000 registered voters, 9,700 of whom signed petition cards. Support for the project in various communities ranged from 55% to 85%, she said.

“Across every single ZIP code in the Bronx, there was overwhelming support for this project,” Barker asserted.

Key to the company’s outreach efforts is its Bally’s Foundation philanthropic arm. In April, the foundation attempted to endear itself in the community by saving Preston High School, an all-girls Catholic school, from closure. Bally’s purchased the school building for $8.5 million and leased it back to the school for $1, while donating an additional $1.6 million for repairs.

“We were proud to do that because we recognised the importance that institution played here in the Bronx,” Barker said.

Eyes and ears on the inside

The question-and-answer period was highlighted by numerous questions from CAC member Danielle Volpe, vice president of business development at Nu World Title. This should not have been a surprise based on how the committees were appointed.

Essentially, each CAC comprised five or six applicable state and local officials. Those officials were allowed to appoint someone to the committee on their behalf, or join the committees themselves, which was far less common. Some of these officials were outwardly opposed to their assigned project. Thus, their committee appointees have been the most aggressive in terms of questioning, serving as de facto proxies for the appointers.

In Bally’s case, Volpe was appointed by Councilmember Kristy Marmorato, who was among the most vocal opponents of the Bronx project. Before Adams vetoed the second council vote, Marmorato penned an op-ed in the New York Daily News imploring him not to do so.

Volpe grilled Bally’s on several points regarding its public support and requested copies of its petition materials. She also alleged that the company falsely attributed statements of support to several local groups, listing them individually. A local resident, Volpe questioned the proposed traffic changes, with real-life examples of taking her child to school near the project site.

Other CAC examples played out similarly. The Coney’s biggest opponent, Assemblymember Alec Brook-Krasny, appointed Marissa Solomon to its CAC, where she unleashed wrath. Metropolitan Park’s biggest detractor, Senator Jessica Ramos, appointed George Dixon in her place, who also did not shy away from confrontation.

The group increased its offer to AU$1.25 per share in cash after shareholders rejected a AU$1.20 bid in June.

The new offer from the Japanese tech firm’s Australian division implies an enterprise value of AU$419 million. The previous bid collapsed after rival bidder Betr Entertainment demanded a recount.

MIXI has declared the offer unconditional after receiving approval from Australia’s Foreign Investment Review Board. It has waived the earlier 50.1% minimum acceptance condition.

MIXI will pay shareholders who accept by 29 August or within 10 business days of acceptance. The takeover offer remains open until the evening of 25 August. MIXI currently holds a 28.2% stake in PointsBet.

The new offer represents an implied EV/EBITDA multiple of 38.1x based on PointsBet’s FY25 guidance.

PointsBet directors back MIXI bid

PointsBet directors, who supported the previous bid, again unanimously recommend shareholders accept MIXI’s offer. The bid is 50.6% above the 25 February closing price, when MIXI announced its proposed acquisition. It is also 46.1% above the one-month average price of AU$0.865 for the period ending 25 February 2025.

PointsBet directors again expressed their concerns about Betr’s all-scrip reverse takeover offer of 4.219 shares for every 1 PointsBet share. They said Betr’s offer depends on synergy estimates that were “materially overstated” in June.

“MIXI Australia’s increased offer is now unconditional and we encourage all PointsBet shareholders to accept our increased offer with the certainty of knowing that they will be paid expeditiously,” MIXI said.

Betr’s most recent offer

Betr submitted its latest offer at the end of July. At the time, it said the all-scrip offer equates to AU$1.35 per PointsBet share, based on its capital raising price of AU$0.32 per share. Betr already holds a 19.9% voting power in PointsBet.

“We continue to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders by integrating these two businesses, allowing us to profitably grow our share of the Australian wagering market,” Betr said.

“That upside is not available to PoinstBet shareholders under the inferior all-cash MIXI offer.

“PointsBet shareholders should continue to take no action until both offers are open. We expect the PointsBet board will reconsider its recommendation that PointsBet shareholders accept the MIXI offer and will now recommend the Betr offer.”

PointsBet rejected the previous proposal from Betr, as it was “materially less” than MIXI’s increased offer.

Betr was proposing 3.81 of its own shares in exchange for each PointsBet share. It said this on-market offer equated to AU$1.22 per PointsBet share, based on a Betr share price of AU$0.32.

This also included AU$44.9 million of expected annual cost synergies, which provided a potential deal value of AU$1.89 per PointsBet share.

However, without estimated synergy costs, the offer was the same as an earlier proposal, also rejected by PointsBet.

Also included in this offer was an $80 million selective buy-back for PointsBet shareholders accepting the bid. However, PointsBet took issue with this, and indeed the wider bid, raising it with the government’s Takeover Panel.

Flutter’s US FanDuel business accounted for 43% of its group revenue. FanDuel closed the quarter with $1.8 billion in revenue.

Although sportsbook remained FanDuel’s largest segment, with $1.2 billion in revenue, iGaming was the standout, reporting a 42% rise in US iGaming revenue to $507 million.

Flutter CEO Peter Jackson said during the company’s earnings call its Q2 results reflected a quarter of “meaningful strategic progress”.

“Our performance in Q2 positions us well to deliver on our strategic objectives and execute strongly throughout the content-rich calendars for NFL, NBA and European soccer during the remainder of the year,” he said.

“Looking ahead to the remainder of the year, our strong performance in the first half of 2025 underlines the strength of Flutter’s fundamentals,” Jackson outlined. “I feel confident as I consider our positioning heading into the second half of 2025.”

The results led Flutter to slightly increase its full-year guidance. It now expects revenue to reach $17.26 billion in 2025, up from its previous target of $17.08 billion.

Flutter net income hit by Boyd buyout and tax hikes

Despite double-digit revenue growth, the company’s net income dropped 88% to $37 million due to increased non-cash charges relating to tax and it buying the remaining 5% stake in FanDuel from Boyd Gaming.

Net income was also impacted by a non-cash loss of $81m in the value of Fox’s option liability. This is compared to a $91m gain in Q2 2024. This relates to Fox having an option to acquire an 18.6% equity interest in FanDuel on or before December 2030.

Flutter also faced restructuring, integration and transaction costs of $89 million during the period, in addition to a $209m charge relating to its Snaitech and NSX acquisitions.

Jackson said the deal with Boyd had come with an attractive valuation and helped it secure state market access at more favourable terms. In its latest full year guidance, it said buying Boyd’s shares would result in market access savings of $35 million in existing states for 2025.

“This is also a great example of the longer-term cost levers we have available, which help underpin our confidence in the delivery of our long-term adjusted EBITDA margin targets,” Jackson said.

US growth slow compared to competitors?

While FanDuel’s sportsbook revenue increased 11% year-on-year, growth slowed compared to previous quarters. An analyst note from Regulus Partners pointed out Flutter’s overall US Q2 growth of 17% was behind that of competitors DraftKings (37%) and BetMGM (36%).

Regulus suggested FanDuel’s dominance in regards to its parlay product was “rapidly being eroded”.

Flutter said it closed the quarter with a 41% sportsbook market share in the US based on GGR and a 27% share of the iGaming market.

Betting handle edged up by 7% to $11.7 billion, with adjusted EBITDA in the market significantly rising by 54% to $400 million, from $260 million in Q2 2024.

Despite slowed growth in the segment, Jackson said Flutter retained its “clear position” as the No. 1 operator in the US.

Flutter’s tax burden

But an increasingly challenging regulatory environment in the US is having a clear impact on the business.

Jackson said he was disappointed by Illinois’ recent decision to introduce a per-wager surcharge on sports bets.

Q2 figures showed Flutter would take a $40 million EBITDA hit from tax impacts in New Jersey, Illinois and Louisiana in 2025.

But through continued lobbying, Jackson is confident the sector has made “meaningful progress in encouraging law-makers to adopt a balanced approach”.

“On the US regulatory front, I believe our sector is making meaningful progress in encouraging lawmakers to adopt a balanced tax strategy, which promotes market growth and investment.

“We are confident, as evidenced by the majority approach to date, that Illinois is an outlier and that lawmakers generally will recognise the importance of adopting a balanced approach,” Jackson said.

Adjusted EBITDA, meanwhile, is now expected to hit $3.3 billion, upped from the prior objective of $3.18 billion.

International growth remains double-digit

Flutter’s international segment grew its revenue by 15% in Q2, to $2.4 billion. Adjusted EBITDA for the segment also increased 13% to $591 million. This was powered by a 63% (on a constant currency basis) uptick to revenue in Southern Europe.

Sportsbook revenue growth in Flutter’s international markets was 4%, with the company noting the comparative period of 2024 was particularly strong due to Euro 2024, which accounted for 6% of handle in Q2 2024.

Jackson highlighted Italy as a standout market during the period, noting its market share reached 21.7% in Q2, and up to 30.2% for online specifically.

The Snai acquisition, which closed in Q2, contributed 52 percentage points of the growth to the segment.

Flutter’s acquisitions of both Snai and NSX in Brazil contributed 11 percentage points to the overall international business’ growth during the period.

“Both acquisitions are driven by a clear strategic rationale to expand our footprint in attractive, regulated markets while leveraging the Flutter Edge to drive operational and product improvements,” Jackson said.

Comparatively, UK and Ireland revenue decreased 5% on a constant currency basis, to $936 million. Sportsbook revenue here was down 17% (CC) when compared to the Euros in Q2 2024.

Igaming, however, ticked up 10% (cc), but Flutter said it was impacted by Gambling Act Review-led player restrictions.

Regulus noted the completion of a platform update in UK&I will “likely stop the rot” and kickstart growth once again.

Meanwhile CEE revenue was up 5% (cc) and Asia Pacific 7% during the second quarter.

LatAm region a key target

Brazil won the prize for most growth during the period (+175%). Although there was no legal online betting in the market prior to 1 January, so the figure is compared to 0 on a year-on-year basis.

Revenue came in at $44 million, benefiting from the acquisition of a 56% stake in NSX, the parent company of Betnacional. The acquisition contributed 185 percentage points of growth to the Brazil segment.

The company was combined with the Betfair Brazil busines in Q2 to create a Flutter Brazil business, led by ex-NSX chief João Studart.

The figures were offset slightly by a year-over-year decline for Betfair Brazil, “driven by adverse sports results and the continuing impact of the customer re-registration friction post regulation”, the operator said.

Flutter previously stated it estimated NSX gave it an 11% market share in Brazil.

Jackson said further LatAm expansion could be on the cards, explaining: “When we sit here and evaluate what the opportunities are around the world, we think about Latin America, we think about many markets where we’re not operating in.

“But we have to evaluate where do we think is the best place to deploy our capital. I mean, there’s a lot of soccer [that] goes on in Latin America. There’s some interesting opportunities there.

“So look, they’re all in the mix as we think about where we’re going to be deploying our capital. Clearly, the team are thinking about other opportunities around the world in Latin America, Europe.”

Penn posted group revenue of $1.76 billion for the quarter, up 6% over the prior period. Through the first half of 2025, the company’s group revenue of $3.4 billion is about 5% ahead of its pace from 2024.

Revenue from the company’s retail casino properties was essentially flat at $1.4 billion, with adjusted EBITDAR of $498.6 million. CEO Jay Snowden noted in prepared remarks that the sector had a “solid” quarter, “particularly in those markets not impacted by new supply, where we saw revenue growth of 4% year over year”.

The interactive division, a focal point of interest, posted $316.1 million in revenue against an adjusted EBITDA loss of $62 million.

So far in 2025, Penn has managed to pare about half of its interactive losses from the previous year – last year’s Q2 AEBITDA loss was $102 million, and the $151 million loss in H1 2025 is down from a $299 million AEBITDA loss in H1 2024. Snowden noted that while Q2 “delivered significant year-over-year improvements in adjusted revenue and adjusted EBITDA” for its digital sector, there is “still plenty of work to do”.

Penn ended the quarter with $671.6 million in cash versus net debt of $2.1 billion. Its adjusted earnings per share was $0.10, compared to -$0.18 last year. Through Wednesday, the company has repurchased $115.3 million worth of shares in 2025 and it remains committed to at least $350 million in repurchases for the year.

Investing in core strengths

On the retail side, Penn is working to mitigate the effects of new competition in and around several of its regional markets. In Chicagoland, the company is moving two of its Hollywood Casino riverboats to landside locations in Joliet and Aurora. Joliet is to open on Monday, ahead of schedule, while Aurora is slated for completion next year.

In Iowa, the company is also moving its Ameristar Council Bluffs riverboat ashore in late 2027 or 2028 in response to expansion in Nebraska. And its Louisiana and Detroit locations will see millions in renovation projects to account for growth and disruptions there.

Macroeconomic uncertainty has been rising since US President Donald Trump took office in January. Rising US tariffs have wildly swung financial markets, the Federal Reserve has held interest rates steady all year, economic data has been thrown into question, and so on. But Snowden maintained on Thursday, as have his contemporaries at other casino companies, that the industry’s foundations remain strong.

“There’s really one true macroeconomic factor that has a tight correlation to our business, which is employment, and employment’s been strong,” he told analysts. “Americans have jobs, Americans spend money. It’s really quite simple as it relates to the regional gaming business, at least as long as I’ve been doing this, and gas prices have been low and they’ve stayed low. So those are all helpful tailwinds. Consumer confidence seems to at least be stable.”

CFO Felicia Hendrix confirmed that Penn’s retail guidance for the year is unchanged.

Now for the main event

The real meat of Thursday’s call was discussion of ESPN Bet, Penn’s sportsbook that has garnered nearly all of the attention surrounding the company since it was first announced in August 2023. Penn and Snowden doubled down on ESPN Bet with a multibillion-dollar deal off the heels of a previous disaster with Barstool Sports.

The partnership with ESPN was created in the hope of competing for a podium spot in the US sports betting market. But so far the platform has struggled to maintain market share of low single-digits, as in less than 3%. Things really started to get hot in February, when Snowden noted that there is a three-year opt-out clause in the deal if projections were not being hit. That means things could come crumbling down by this time next year.

Last fall, Penn put a lot of stock into launching in New York for football season, but it was unable to do so until late September after the season had already begun. This year the company is again hopeful that a full, successful football season will act as panacea for a sore spot that could otherwise become cancerous.

“The significant investments in interactive are undoubtedly behind us,” Snowden said in prepared remarks. “Our focus for the balance of this year and going forward remains operational execution and transforming our strategic investments into consistent long-term returns and value creation for our shareholders.”

Integrations and NFL partnerships

Fortunately for Penn, multiple developments could significantly boost its ESPN Bet fortunes. The first is the launch of FanCenter, a new integration tool that gives bettors personalised markets based on their favourite teams, players and fantasy football rosters. It is the latest example of how Penn has sought to integrate ESPN Bet deeper within the ESPN ecosystem.

And speaking of the so-called Worldwide Leader in Sports, ESPN has been busy on its own. The Disney-owned company is preparing to roll out its first direct-to-consumer streaming service on 21 August. The platform, which will cost $29.99 per month, is expected to feature extensive sports betting tie-ins, although ESPN already features a fair share of betting content on its network broadcasts and shows.

Additionally, ESPN announced a blockbuster deal this week to acquire most of the NFL’s media assets, including NFL Network and RedZone, in exchange for a 10% stake in the business. This is the first time a US sports league has secured ownership in a media organisation, much less one with a betting platform. While the deal raises several questions related to media integrity, Penn isn’t concerned with all that. Instead it is rightfully optimistic about the NFL connection, which has been a golden ticket for years.

“Maybe this is stating the obvious, but we think … all of those announcements are good for the entire ESPN ecosystem, of which ESPN Bet is certainly part,” Snowden told analysts.

Snowden clarified he is not privy to ESPN’s plans, only to the extent that ESPN Bet is involved. But he reckoned the network “is in a stronger position today than they were a week ago”, which is “really good for us and our brand”.

They who shall not be named

Overall, much was said about ESPN Bet, but another name was notably unspoken on Thursday: HG Vora. The investment firm has for months been locked in an ugly, highly publicised proxy fight with Penn.

At issue is Penn’s digital strategy, which HG has condemned as being disastrous for shareholders. The company’s stock has spiralled more than 60% in the last five years, despite a robust retail casino business. Vora has also criticised the compensation of Snowden, which it views as excessive given the company’s digital cash haemorrhage.

Ahead of Penn’s annual meeting in mid-June, Vora had nominated three new board members: Johnny Hartnett, Carlos Ruisanchez and William Clifford. However, Penn reduced the number of available seats to two, leaving Clifford out while electing the others. This resulted in a lawsuit from Vora in May, and the court system is where the issue will ultimately play out. Penn has given no intention of changing its mind or of divesting any holdings.

Snowden was asked about the new board members, to which he replied “it’s always nice to have fresh eyes and perspectives”. That’s about all that was said.

“Nothing that I can share, obviously in terms of what we discussed with our board members on this call, but I would just say that they’re as engaged as you would expect them to be and we’re having really good conversations and we would expect that to continue as we move forward,” he concluded.

The company said it spent $9.4 million and $17.1 million in “legal and advisory costs related to activist activity in connection with our 2025 annual meeting” in Q2. Penn stock closed on Thursday at $16.94, down about 12% year-to-date.

It said in an earnings update on Thursday that growth was powered by increased activity in Africa, Europe and North America markets and lead to record quarterly revenue for Super Group.

However, figures were partially offset by declines across the LatAm, Middle East and Asia-Pacific markets. 

Monthly active customers for Super Group increased by 21% to 5.5 million, compared to 4.5 million in Q2 2024, marking the fifth consecutive quarter of monthly active customer growth.

In Q2 Africa and the Middle East accounted for 40% of the group’s total revenue, up slightly from 37% in Q2 last year. The segment remains the largest for Super Group, with North America and Europe in second and third place at 34% and 19% of total revenue respectively.

Profit before tax, meanwhile, amounted to $38.8 million.

The results have led Super Group to raise its full-year adjusted EBITDA guidance to $470-$480 million, with its ex-US adjusted EBITDA target also upped to $500-$510 million.

Super Group CEO Neal Menashe hailed the company’s strong showing in the first half of 2025. “The quarter’s success was fuelled by strong execution across our key markets, a full calendar of global sporting events, increased deposits, high customer retention and margin expansion,” he said.

Super Group CFO Alinda van Wyk added: “These results underscore our scalable, cost-efficient operating model and controlled marketing spend.

“We ended the quarter with $393 million in unrestricted cash and zero debt, and returned $20 million to shareholders, bringing our 12-month capital returns to $166 million.”

EBITDA up despite US exit

Total adjusted EBITDA for Super Group in Q2 stood at a quarterly record $156.7 million, a 78% increase despite a $5.4 million EBITDA loss in the US.

During the period Super Group announced it would fully exit the US, meaning its remaining iGaming offerings in New Jersey and Pennsylvania would be shut down. North America, including its business in Canada, recorded $199 million in revenue during Q2.  

The exit, which has no specific public date attached to it, is expected to cost $30-$40 million.

Menashe believes the US exit will ultimately aid the company in the future, explaining: “While our decision to exit the US was difficult, we believe that this step demonstrates our commitment to capital efficiency and long-term profitability.

“With continued focus on scaling our technology globally, Super Group should be even better positioned for sustained, profitable growth.”

Super Group continuing to flourish in Africa

In the company’s Q1 results, Super Group announced its activities in Africa and the Middle East overtook North America as its biggest market.

That growth continued in Q2, with Super Group’s Africa and Middle East revenue rising 38.8% year-on-year from $165 million to $229 million.

Across H1, Africa and Middle East revenue also increased from $317 million to $432 million.

Across its eight African markets, Super Group ranks as a podium player in seven of those.

Ghana particularly continues to be a strong growth market for Super Group, with sports betting and casino growth up 48% and 71% respectively.

Numerous examples come to mind, some of which ended in victory while others fell just short. Think of the Indiana Pacers’ memorable run to a Game 7 of this year’s NBA Finals, or Leicester City’s 2015-16 Premier League title, or the Boston Red Sox’ historic comeback from down 3-0 against the Yankees in the 2004 ALCS.

In gaming, the notion of wins and losses is far less binary. Nobody is hoisting a casino championship trophy or parading down the Las Vegas Strip. But if there were ever an example of an improbable team that continues to outkick its coverage, it would be Bally’s Corp.

The Rhode Island-based company is a corporate entity cobbled together in such a way that Doctor Frankenstein himself might have second thoughts. It is financially stretched tighter than a snare drum and has not hosted an earnings call with analysts for multiple quarters. Its interests are flung far and wide from Las Vegas to Chicago to New York to Australia, with holes that can be picked apart in every example. And yet, things have had a way of working themselves out.

A substantial funding agreement with Gaming and Leisure Properties effectively saved its Chicago and Las Vegas interests. A reverse-merger with Intralot provided critical funds and disposed of its international digital business. And, most recently, its New York City bid was saved by Mayor Eric Adams while its Australian subsidiary stumbled into re-acquiring substantial assets.

Bally’s ability to find answers, however convoluted they may be, is undeniable. The question now is just how long the company can continue this uphill tightrope sprint.

Boogie down Bronx

Perhaps nothing highlights this Bally’s phenomenon better than its New York casino bid. Bally’s is proposing a $4 billion integrated resort on a golf course it owns at Ferry Point in the Bronx. The project, for various reasons, has always been considered a long shot.

One reason is the cost – the company is struggling to stay on track with its Chicago casino, which costs less than half (about $1.8 billion) what it says it would spend in New York. In Q1, Bally’s reported $209 million in cash versus net debt of $3.4 billion, although that was multiple transactions ago by now. In addition to the massive development costs, the New York licence fee is also $500 million, up front.

For Bally’s in particular, winning a spot in New York would be costly for another reason. The company purchased the golf course from the Trump Organization for $60 million in 2023. If the project is awarded a licence, Bally’s is obligated to pay an additional $115 million kicker, meaning its pre-construction costs would actually be at least $615 million. This connection to US President Donald Trump has been among the biggest criticisms of the project, but it hasn’t been enough to stop it.

Before the 27 June deadline to submit its casino application to the state, Bally’s needed key zoning approvals from the city council and state legislature. In late May, the council tabled a vote on the matter, setting up a last-minute dash throughout June. Bally’s Chairman Soo Kim told the New York Post the council’s action showed that its members were insinuating that “‘If Bally’s wins, Trump benefits’. That’s crazy.”

From the top rope, twice

At the time, it seemed as though the obstacles in New York were mounting too quickly for Bally’s to overcome them. The company needed a “home rule” vote on its zoning bill, meaning that the council needed to approve it before the legislature could. That required a two-thirds majority vote from the council, until Adams intervened.

Prior to the vote, Adams submitted a letter of support for the bill, lowering the threshold to a simple majority. The final vote came in at 32-12, with seven abstentions. Adams has maintained that his actions are not an endorsement of the project. Rather, he says he wants to keep the pool of applicants for the three available casino licences as wide as possible.

“It does not matter which proposal is selected by the state so long as it’s in New York City,” his office said at the time. “We would be supportive of more than one selection in New York City, but that requires more than one competitive proposal.”

After Bally’s officially lodged its bid, it had to go back before the council for another, specific municipal zoning item. That 15 July vote was a resounding defeat, with 29 against versus just nine in favour. Again it seemed that the project was all but dead.

No appetite for a fight

But there again Adams saved the day, as he vetoed that vote on 30 July and sent it back to the council, where it now sits. This has prompted fresh criticism over the connections between Adams, Bally’s and Trump.

According to Spectrum News NY1, Vito Pitta, Adams’ election attorney and head of his legal defence fund, is a lobbyist for the Bally’s proposal. His campaign chairman, Frank Carone, is a consultant for the company, although both connections have been downplayed.

And perhaps most notably, Trump’s Justice Department permanently dismissed significant federal corruption charges against Adams earlier this year, which many feel has made the mayor subservient to the president’s wishes.

In any case, the council could technically override the veto with a two-thirds majority vote by 11 August, but that now appears unlikely. City and State NY reported on Tuesday, citing unnamed sources, that council members “didn’t have the appetite to take up a veto override fight”. Their hope is that the project is simply left out of the ultimate licensing decision by the state.

A local community advisory committee meeting for the Bally’s project is now slated for Friday afternoon. It is unclear whether the company will make a presentation then or await further clarity.

Thunder down under

While the New York saga has become increasingly complicated for Bally’s, the same is true some 10,000 miles away. For multiple years running, beleaguered Australian operator Star Entertainment has been battling with bankruptcy, such that the company became increasingly desperate from January onwards.

As a significant employer and tax contributor, Star fought to the end to stay independent, but its financial troubles coupled with a litany of regulatory violations were too much to bear. That’s when Bally’s stepped in.

Bally’s swooped up majority control of Star in April in an AU$300 million takeover bid. The company again struck what seemed to be a miraculous deal and it was also able to reduce the investment by AU$100 million by offloading that stake to existing Star shareholder Bruce Mathieson. At the time the deal was struck, Star had just two properties in its portfolio, Star Sydney and Star Gold Coast.

Days before Bally’s submitted an initial offer in March, Star had announced its intention to exit its Queen’s Wharf Brisbane joint venture and sell its stake back to the project’s other two partners. The multibillion-dollar mixed-use development was poised to become Star’s biggest asset, but was too expensive. The deal was struck primarily to get out of equity and debt contributions.

Not so fast

Bally’s made clear that it did not support the Queen’s Wharf exit and it sought to keep all assets together. For months it appeared that the withdrawal was in fact final, until it wasn’t.

Star announced on 30 June that certain requirements had still not been met, which prompted the partners to retract the deal. An extension was subsequently granted through July but that too was unsuccessful. The agreement was officially dissolved on 1 August.

To be clear, the dissolution of the agreement is not necessarily a full positive. Star now faces additional financial penalties for not finalising the terms and is again saddled with big financial commitments at a time when every dollar counts. It is also under a federal money laundering investigation that could result in hundreds of millions in further fines.

In spite of all of that, Bally’s got what it wanted and, in a way, it could make its purchase more prudent. The company essentially bought when the value was lowest and gained a massive asset through no work of its own.

Bally’s declined multiple requests for comment for this story.

One man’s vision

In all, the breakneck flurry of activity for Bally’s has accelerated since its buyout last July from Standard General. SG is a New York-based hedge fund also run by Kim. Kim had tried twice before to buy out the company, significantly lowering his bid each time. Ultimately, the final price was $18.25 per share, down from the initial 2022 offer of $38 per share.

As part of the deal, Bally’s was merged with Queen Casino and Entertainment, a regional operator also owned by SG. This brought the total Bally’s US portfolio to 19 casinos across 11 states, although Bally’s itself is the former Twin River Holdings with the Bally’s name purchased from Caesars. This highlights the company’s ability to grow like something of a corporate snowball, largely inorganic yet effective nonetheless.

While the company is mostly silent to the media and financial analysts, Kim has become the face of the brand, regularly giving direct interviews and quotes about the company’s doings.

Some comments haven’t been received as well as others – like when he told the Chicago Tribune that his company was “going to be eating a lot of people’s lunches” in the market – but that too has not prevented Kim from securing a litany of deals across the world.

On Wednesday, Bally’s announced that it will report second-quarter earnings after the market closed on 11 August. Its stock was up 2% to $9.48 at closing, but is down more than 50% year-to-date.

The takeover, first announced in March 2025, is expected to close before the end of the year. IMG Arena is being acquired from Endeavor Group.

Last week, Genius Sports announced it had been awarded exclusive betting data rights to 18 football competitions from across the European Leagues Association. It replaced IMG Arena, which had been the rights-holder for competitions such as the Dutch Eredivisie and Belgian Pro League since the 2022-23 football season.

Sportradar questions data rights-only deals

In an earnings call accompanying the release of Sportradar’s Q2 2025 results on Tuesday, CEO Carsten Koerl said IMG Arena had been asked not to extend the deal as the agreement was loss-making. He also cast doubt on the viability of “data rights-only” packages.

Koerl told analysts: “It was a loss-making deal, the European leagues for IMG Arena. So we asked IMG Arena before we closed the deal to wind this up and find a settlement, which they did. So, it’s not in the numbers – not in the prediction from IMG Arena.

“Second, there is no audiovisual inventory in those rights, so it’s data rights for these leagues. And we have many of the audiovisual rights for the individual leagues. So, we feel in a pretty strong position here.”

IMG Arena integration planning has commenced

Sportradar also confirmed it has begun detailed integration planning for IMG Arena, with Koerl noting transition efforts.

“Our planning efforts are well underway and are focused on ensuring a seamless transition post closure with the cross-functional teams preparing detailed plans that will support long-term value creation for both our clients and the partners,” Koerl added.

Last month it was announced that the UK’s Competitions and Markets Authority would investigate the IMG Arena acquisition amid fears it could negatively impact the wider market.

Sportradar posts record quarterly revenue

In its Q2 results, Sportradar raised its full year revenue outlook to €1.28 billion, representing year-over-year growth of at least 16%. Adjusted EBITDA for 2025 is now expected to be at least €284 million, representing growth of at least 28% versus 2024.

However, CFO Craig Felenstein noted the guidance did not take into account any impact from the pending IMG Arena acquisition. This is due to uncertainty around the timing of the deal closing.

He added: “We will incorporate the upside from this acquisition into our guidance once the deal closes. However, it is important to note that we do anticipate IMG’s sports rights portfolio will not only accelerate our revenue, adjusted EBITDA and free cash flow generation, that will be accretive to our overall adjusted EBITDA and cash margins.”

In terms of Q2 earnings, Sportradar posted record revenue of €318 million in the three months to 30 June 2025. This marked an uptick of 14% year-over-year. Growth came mainly from its Betting Technology & Solutions and Sports Content segments.

Betting Technology & Solutions revenue rose 12% to €259 million. This was driven by a 10% rise in content, boosted by new and existing customer demand and strong US market growth.

Managed Betting Services revenue hit €59 million, up 21%. This was driven by increased turnover and higher trading margins in Managed Trading Services.

US revenue jumped 30%, while Rest of World rose 9%.

US revenue made up 28% of total group revenue, up from 24% a year ago. Sportradar credited continued market growth and strong demand for its premium content and solutions.

Foreign currency gain boosts profitability

Net profit reached €49 million, compared to a €2 million loss in Q2 2024. This was driven by strong operating performance and a €54 million foreign currency gain, versus an €8 million loss last year.

The gain came from unrealised FX movements, mainly linked to US dollar-denominated sports rights.

Higher income tax expenses of €12 million – up from €1 million – partially offset these gains. The increase was due to stronger pre-tax earnings.

Adjusted EBITDA rose 31% year-on-year to €64 million. This reflected the 14% revenue growth, partly offset by higher sports rights costs and personnel expenses.

Sportradar highlighted ongoing investments in its product portfolio, including its ATP and renewed MLB partnerships, as key cost drivers.

Reflecting on the results, Koerl said: “We remain confident in our long-term strategy and the significant opportunity that lies ahead. Our competitive advantage as well as our laser focus on execution and efficiencies is driving durable revenue growth and expanding margins and cash flow.

“We believe this positions us well to deliver strong and sustainable value for our clients, our partners and our shareholders in the months and years to come.”

In 2021, Cohen shelled out $341 million for star infielder Francisco Lindor. In 2022, he laid down $102 million for star closer Edwin Diaz. And before this season, he made an even bigger splash, wrestling superstar slugger Juan Soto away from the crosstown rival Yankees in a $765 million deal, the biggest in MLB history.

And now, Cohen and his partner Hard Rock International are on the precipice of an even bigger New York bet, in the form of an $8.1 billion mixed-use casino complex known as Metropolitan Park. The proposal is one of eight vying for three available downstate New York licences to be issued this year.

If approved, Metropolitan Park would transform 50 acres of asphalt parking lots next to the Mets’ Citi Field stadium into a sprawling development with every sort of amenity. In addition to a resort and casino, the project would include a Hard Rock entertainment venue, a 25-acre public park and more.

Its backers presented the project Monday to a local community advisory committee, which will hold a binding vote by 30 September on whether the project can proceed. State Assembly member Larinda Hooks was elected chair of the CAC at the meeting, while city council member Francisco Moya was not present. The committee must now host at least two public hearings before casting a vote.

‘A swamp, a dump and a parking lot’

Leading the Met Park proposal was Michael “Sully” Sullivan, Cohen’s chief of staff. Sullivan explained how the long-term vision of Met Park “goes back to the very first days of my boss Steve buying the New York Mets”. After Cohen bought the team, he wanted to engage with fans and get a sense of what they expected from him. So he went right to the source.

“Against my better wishes, he got on Twitter,” Sullivan joked.

From there, most non-baseball feedback centred around Citi Field and how it lacked other offerings and walkable “village” areas now commonly seen at ballparks across the country. Sullivan said his team “consistently heard from our neighbours and Mets fans that the areas around Citi Field left a lot to be desired”.

Since 1964, the Mets have played in the Flushing Meadows–Corona Park area of Queens. From that year through 2008, the team played at Shea Stadium. Shea was then demolished to make way for Citi Field, which debuted nearby in 2009. However, none of the surrounding areas were redeveloped or redone as part of the transition. Sullivan thus noted that for the last 100-plus years, the land “has been a swamp, a dump and parking lot – never a public park”.

Since the proliferation of sports betting post-2018, there have been multiple sportsbooks to open inside pro sports stadiums across the US. But no US stadium has ever seen such a direct and expansive gambling integration like Cohen is proposing, not even in Las Vegas.

40,000 doors, 20,000 signatures

The Met Park team, as the second-to-last to present to a local CAC so far, seemed to have taken some notes from the other bidders. CAC members, as stakeholders noted directly, are charged with gauging the public support of a project instead of reflecting their personal opinions. As such, a considerable amount of time was spent discussing the project’s outreach efforts and its high approval rate.

Former city council member Julissa Ferreras-Copeland leads the project’s community programmes and detailed those findings to the committee. In the last four years, she said, stakeholders have held more than 1,000 meetings with local leaders, held 16 workshops, knocked on 40,000 doors and garnered more than 20,000 local signatures.

“We heard something that was very important to us – that people love Queens and they want to stay here,” she said. “They want to have opportunities here, they want expanded open space.”

When there are no baseball games, she said, the area can feel “dark, desolate and dank”. A very similar argument is being pitched by The Coney, which seeks to enliven Coney Island’s off months.

Ferreras-Copeland also gave some data that showed how much support the project has garnered. Unlike most other bids, Met Park was approved by all of its applicable community boards, six in this case. It was then approved by the borough president, the city council and both chambers of the state legislature.

In all, Met Park made it through all hurdles with an 88% approval rate in terms of votes for and against.

Hard Rock Met?

Hard Rock President of Casino Development Sean Caffery discussed his company’s involvement in the project. The Seminole-owned operator is one of three tribal casino partners still active in the New York race, alongside the Chickasaw Nation (The Coney) and Mohegan Gaming (Freedom Plaza). The company operates gaming and non-gaming properties, entertainment venues and more in addition to its Hard Rock Bet sports betting and iGaming platform.

Caffery estimated that the project would generate 23,000 jobs between construction and permanent positions. In an attempt to assist the local economy, Hard Rock will also extend its Unity loyalty programme to allow members to earn and redeem points at partnering businesses around the community, just as Caesars has pitched for its Times Square casino.

Additionally, the company is proposing a “Queens Music Museum” to honor artists from the area, featuring memorabilia from Hard Rock’s collection, among the most extensive in the world. That said, no musicians are endorsing the project, while former rival rappers Jay-Z and Nas are connected to the Caesars and Resorts World pitches, respectively.

“We took the feedback from the community to heart in all elements of our resort’s design and business practices and we look forward to the opportunity to both build and operate a world-class Hard Rock integrated resort that will make Queens and New York state proud,” Caffery said.

Friends in high places

Met Park has has been viewed as a possible frontrunner in the race. This is due primarily to its high approval rate through the various stages as well as Cohen’s propensity to spend whatever it takes to get what he wants. Some have noted that he could be the most politically connected of the bidders, having been a big donor to both Governor Kathy Hochul and the state’s Democratic Party.

According to state records, Cohen and his wife donated more than $135,000 to Hochul’s 2021 campaign. Gothamist also reported that Cohen’s Point72 asset management firm donated some $235,000 to the New York State Democratic Committee from 2023-24.

But if anything has become clear, it’s that the downstate New York process is anything but predictable.

One potential hurdle is that the project is in Queens. The state’s two racinos – MGM Empire City and Resorts World NYC – have long been deemed as favourites, due to their tax contributions and significant speed-to-market advantages. Resorts World is also in Queens. It remains to be seen whether state officials would award two of three licences to Queens and exclude Manhattan, Brooklyn and the Bronx altogether.

Skeletons in the closet

Another question pertains to local pushback, namely from state Senator Jessica Ramos, whose district includes much of the project site. Ramos refused to endorse the proposal from the beginning and stalled its progress for months.

Cohen and company circumvented this by enlisting Senator John Liu, whose district includes a much smaller portion of the project. Liu championed necessary legislation, which passed despite Ramos’ opposition. The process violated an unwritten rule known as “member deference” and became among the most publicised examples of political maneuvering tied to the casino licensing issue.

Hard Rock also faces scrutiny, as one of its top executives, Alex Pariente, was suspended in mid-July as part of a regulatory investigation. Pariente is accused of allowing known illegal bookmakers to frequent the Hard Rock Punta Cana resort in the Dominican Republic and of violating AML protocols by dividing a larger transaction into several smaller ones to avoid detection.

“Hard Rock International is aware of the allegations involving one of our executives and is treating the matter with the utmost seriousness,” the company wrote in a statement. “Honesty and integrity are core values of our organisation, and we hold all team members – regardless of their role – to the highest ethical standards.”

On Tuesday, Hard Rock confirmed to the New York Post that Pariente has been fired as a result of the investigation.

Resorts World and MGM Resorts face similar problems for AML scandals, with theirs coming from casino operations in Las Vegas. It’s unclear how much impact such out-of-state problems will have on New York officials, although the state’s top regulator, Brian O’Dwyer, has noted his concern about these allegations.

Raketech appoints new chair

Raketech has appointed Kathryn Moore Baker (main image) as chair of the board of directors following an extraordinary general meeting.

Shareholders formally approved all proposals from the board of directors and the nomination committee.

Moore Baker replaces Ulrik Bengtsson as chair, while Magnus Alebo becomes a new member of the board. Moore Baker is formerly the chair of Catena Media and was a board member at GiG between 2021 and 2023.

Shareholders also approved the proposal to introduce provisions for squeeze-out rights. The board has also been authorised to repurchase up to 25% of the group’s own shares before the 2026 annual general meeting.

Georgia hits gambling exclusion milestone

Georgia’s national database of those excluded from gambling has surpassed 30,000 individuals for the first time.

Figures released by the nation’s Revenue Service show that 30,451 people are listed in the registry, up nearly 4,000 since early May. Of these, 59 were added by court order while the vast majority (30,392) voluntarily restricted themselves from gambling.

According to Georgia Today, people listed in the database are banned from participating in all forms of gambling, including online platforms and physical establishments. Under Georgian law, registration is valid for five years.

New commissioner in Alderney

Alderney’s Gambling Control Commission (AGCC) has selected Guernsey’s financial crime lead, Richard Walker, to replace departing stalwart Jeremy Thompson among its four strong lineup of superintendents.

Walker led the Guernsey government’s interagency response to last year’s Moneyval mutual evaluation of the Bailiwick where the AGCC was one of the two AML/CFT supervisors assessed. He is the first new commissioner to be appointed in 15 years.

The chairman of the commissioners, Lord Faulkner of Worcester, said: “This is a landmark appointment for the AGCC.

“We looked across a broad field of possible candidates from many sectors. But it was clear after our conversations with Richard Walker that he has unmatched knowledge in areas that are vital to the continuing success of the AGCC.”

Annexio surrenders IOM B2C licence

Annexio Limited is to cease taking bets under its Isle of Man gaming licence as part of a strategic realignment of its regulatory structure.

The Isle of Man-headquartered group cited the cumulative cost and complexity of maintaining multiple licences globally as the main reason for its decision.

Annexio continues to hold active B2C licences under the UK Gambling Commission, the Jersey Gambling Commission and in Australia’s Northern Territory. It said these jurisdictions will remain its primary regulatory bases going forward.

Annexio’s brands include LottoGo and the Affiliate Empire lottery affiliate programme.

Rush Street Interactive revenue hit $269.2 million in Q2, a 22% year-on-year rise, while adjusted EBITDA increased 88% to $40.2 million from $21.4 million in the same quarter last year.

Net income, meanwhile, stood at $28.8 million, an impressive improvement when considering Q2 2024 resulted in a net loss of $0.3 million.

Q2 marked the ninth consecutive quarter for Rush Street Interactive of improved quarter-on-quarter revenue and adjusted EBITDA, which it says underlines the strength and consistency of the company’s business model.

RSI ups 2025 guidance after strong Q2

The results have led Rush Street Interactive to raise its full-year guidance, expecting revenue to reach between $1.05 billion and $1.1 billion, while its EBITDA target now stands at $133-$147 million.

In the company’s Q2 earnings call, Rush Street Interactive CEO Richard Schwartz voiced his confidence in the business’ strategy.

“The positive momentum across our markets are far outweighing any headwinds from increased taxes in the US and Colombia,” Schwartz said.

RSI excelling as exclusive Delaware iCasino operator

In late 2023, Rush Street Interactive succeeded 888 as the exclusive operator for the Delaware Lottery’s iCasino offering.

In the last 12 months, Rush Street Interactive has generated $102 million in iCasino gross gaming revenue in Delaware, compared to just the $15.1 million 888 achieved in its final year as the exclusive operator.

It is an example of Rush Street Interactive’s strong performance in North America, with monthly active users up 21% year-on-year in Q2 to approximately 197,000. ARPMAU in the region hit a new quarterly high at $391.

Aside from Delaware, other standout markets included Michigan, which grew 42% year-on-year, while revenue from West Virginia was 47% higher.

The operator ranks among the top four for net revenue in US iCasino, with the company active in as many states for the vertical as any other operator.

“This strong momentum reflects the effectiveness of our focus on markets where we can deploy our full suite of gaming offerings and maximise player value,” Schwartz declared.

Rush Street Interactive boasts a total addressable market (TAM) of $145 billion, with $109.8 billion of this in the US and $6.6 billion in Canada. In LatAm, the operator has a current TAM of $28.9 billion.

RSI flourishing in spite of significant headwinds

The headwinds Schwartz referred to in the earnings call largely centre around the new temporary value-added tax (VAT) in Colombia.

In February, Colombia’s government announced a 19% VAT on player deposits to online gambling operators, with the measure expected to last until the end of 2025.

Similar to Stake and other market leaders in Colombia, Rush Street Interactive introduced a bonusing strategy to absorb the impact of the tax on bettors.

As a result, net revenue was flat in Colombia despite Rush Street Interactive’s GGR in the market increasing by over 70%.

With the VAT set to expire at the end of the year, Rush Street Interactive CFO Kyle Sauers expects the company’s GGR and net revenue growth in Colombia to kickstart from 2026 onwards.

“It’s a big headwind for us here while this tax is in place, and that obviously hits revenue and profitability,” Sauers explained. “So we’re pretty excited for the time when that isn’t in place any longer.”

Mexico set to become a key market

Elsewhere in LatAm, monthly active users rose nearly 42% year-on-year to 403,000, although average revenue per monthly active user across the entirety of LatAm dropped from $38 to $30, which it again attributed to the bonusing strategy in Colombia.

The company achieved impressive results in Mexico, with revenue up by 125% when compared to Q2 2024, while it also grew 40% from Q1 this year.

Schwartz believes Mexico will ultimately become one of Rush Street Interactive’s largest markets, with the revenue growth in that market ahead of where it was in Colombia during the same timespan after launch.

“We are very unique in our user experience, and I think it resonates very well with the players down there who are looking for something different and exciting and differentiated and high quality compared possibly to what you see in the market,” Schwartz said.

“So, we are very optimistic and continue to believe that can be a very significant market for us for many years to come.”

Significant TAM in LatAm for Rush Street Interactive

In its Q2 presentation, Rush Street Interactive explained how it expects to have a total addressable market of around $28.9 billion across LatAm by the end of 2028.

Already live in Colombia, Mexico and Peru, Rush Street Interactive lists Chile, Ecuador and Argentina as potential expansion opportunities.

Also included in the potential expansion section is Brazil, with Rush Street Interactive yet to enter the market despite seven months of the regulated online market now being in the books.

In Rush Street Interactive’s post-Q2 call last year, Schwartz expressed interest in the market, although he also stated any entry would involve a cautious approach.

“Brazil is a large and exciting market,” Schwartz said last year. “There’s lots of moving parts there. It’s very important that we sort of remain disciplined and more thoughtful about how we approach the market.”

Shares in Rush Street Interactive closed up 25.53% at $20.16 per share in New York, with its share price up 101.4% over the past 12 months.

The joint venture between Entain and MGM posted strong Q2 results on Tuesday, with both betting and iGaming growth contributing to a 36% revenue jump. 

As a result, leadership said it is confident BetMGM will hit its full-year EBITDA guidance of $150 million, marking the first year of profitability since its formation in 2018.

“With over $150 million of EBITDA being generated this year, we may be in a position relatively soon where we could start returning cash to Entain and MGM Resorts,” CFO Gary Deutsch told analysts during its H1 earnings call.  

He also noted the operator had maintained a $150 million credit facility which remained undrawn. 

“We started the year with a good cash balance. We’re going to do $150 million at least of EBITDA, so we will have excess cash,” Deutsch said.  

When pressed on how much cash would be returned, the CFO said: “We’ll be in the position to figure that out. But with this guidance, we’re in a position that we can, if we choose, or if the parents choose to receive back cash, that transfer can be made.” 

What was the initial investment in BetMGM? 

BetMGM was established in August 2018 as a 50/50 joint venture between MGM Resorts and Entain, as the two operators sought to enter the US betting market shortly after PASPA was repealed.  

Both parties invested an initial $100 million each into the partnership, which sought to leverage MGM’s legacy branding and thriving Las Vegas business, alongside Entain’s long-standing tech and sports betting capabilities.

At the time the BetMGM deal was signed, MGM Resorts insisted its strategy would “significantly increase speed to market for both parties in an efficient and prudent manner, [while also lowering] execution risk and creating meaningful early-mover advantages”.

The model broke the mould in terms of how European operators were entering the US market and, while numerous competitors have already exited, BetMGM’s strategy has now been proven viable.

How much has Entain invested in BetMGM?   

But, like many of its peers in the US, BetMGM struggled to reach profitability in the first few years.  

This led to the parents investing more than expected. In BetMGM’s 2021 earnings it revealed the total investment made in the JV would reach $450 million in 2022. 

This brought the total investment amount in BetMGM to $1.1 billion by 2022.

Entain has said it invests slightly more than £300 million ($395 million) every year, between OpEx and CapEx, into the platform that helps operate BetMGM.

But speaking during the London-listed operator’s full-year 2024 results, CFO Rob Wood acknowledged the central platform also benefits the wider Entain business. 

“The way to think about it is of course our obligation to the joint venture is to provide the product and technology, and we have a process whereby anything that’s done specifically for the joint venture is recharged to the joint venture and so the cost of that goes through the P&L,” he told analysts.  

“We believe that [this platform investment] gives us sustained competitive advantage, as you all know online is a product-led sector — that’s how we compete. By investing that quantum every year it gives our brands every chance of capitalising on their podium positions and delivering strong growth into the future.”  

In July 2023, Entain also acquired Angstrom, a specialist US betting analytics provider, to bolster BetMGM’s microbetting abilities. The deal cost £81 million, plus contingent payments totaling a maximum of £122 million.

Again, while the investment was largely aimed at improving BetMGM’s offering, Entain expects to utilise its expertise across other markets where it operates its own brands.

What about MGM Resorts’ investment?

It is less clear exactly how much MGM has put into the JV over the years, but in its Q1 2025 results MGM CEO Bill Hornbuckle said the company was no longer investing any more capital in BetMGM.

“Those investments [including MGM Digital] are behind us and those businesses are really primed to grow,” he said.

While the JV was “moving in the right direction”, Hornbuckle said it would still require more investment on Entain’s behalf. “And they’re fully supportive of that,” he added.

Some analysts have called MGM out for not reaping the full returns from its JV. In a note following MGM’s earnings this week, sell-side analysts Seaport Research urged the operator to buyout Entain’s stake in BetMGM (or acquire Entain itself) “in order [for it] to unlock [BetMGM’s full] value”.

“The 50/50 ownership structure is a significant deterrent in unlocking greater value as is limited financial disclosure (although the latter is improving),” the note said of BetMGM.

Back in 2021, MGM put forward a takeover offer for Entain which was swiftly dismissed as Entain believed MGM had “significantly undervalued” it.

Making mistakes and turning its fortune around

After a slow progression to profitability, which is mirrored by much of the US market, BetMGM has turned its fortunes around.

Hornbuckle has cited underinvestment during certain periods as well as mistakes made on marketing and product development as reasons for this.

Speaking during JP Morgan’s Gaming conference on 13 March, he said BetMGM had mistakenly spent $13 million on a Super Bowl ad in 2024, which he now regretted.

“I would say historically we did some things that we’ve learned from, marketing wise and expense wise,” he told the audience.

Management described 2024 as an investment year for BetMGM, a turning point during which the operator became increasingly strategic about its marketing and promotional strategy and really leveraged MGM’s retail sportsbook in Vegas.

It launched the market’s first single wallet enabling players to register and bet in person while in Las Vegas and then transition their funds to the online sportsbook across multiple states.

“We see a lot of green shoots,” Hornbuckle said during the March conference. “Particularly in January, February and March, so far.”

This time, he said, the company’s forecast for a positive full-year EBITDA was obtainable.

“Everything we have seen would suggest that the projection we’ve given is real and that we think we can hit that target.”

Navigating a challenging US market

BetMGM had expected to reach profitability in the second half of 2023. JV CEO Adam Greenblatt told iGB in June that year he would achieve that by expanding its NGR margin and the business’ tax burden.

“Otherwise, there’s no change,” he said at the time.

But uncertainties, a slowdown in new states launching and increased tax burdens in certain states made the US increasingly difficult to navigate.

By this point, DraftKings and FanDuel had established their comfortable duopoly for online betting in the US, which made it challenging for others to gain much market share.

A much stricter approach to customer acquisition and a pivot to targeting higher-value players at BetMGM followed, and Greenblatt told investors in its H1 2025 results that the sportsbook had grown revenue by over 60% during the period, despite reducing marketing and its base of active players.

Under its new system the operator avoids investing in unprofitable players and over-investing in profitable players.

Analysts at Truist Securities reported BetMGM market share stood at 14% in Q2, reflecting 22% in iGaming and 8% in online betting.

Across iGaming, player volume was up 38% for monthly actives in the period. Greenblatt cited a portfolio of unique games and a live casino partnership which streams from MGM’s Bellagio as reasons for this uptick.

While iGaming growth at BetMGM has been steady over the years, the online betting business has only just reached profitability.

Notably, this is a milestone many of its peers have not yet reached.

Steven Pizzella, analyst at Deutsche Bank, reiterated MGM maintained an attractive valuation thanks in part to BetMGM’s inflection to profitability, plus potential for future strategic actions in in the JV.

Will MGM invest further in BetMGM?

While Entain will continue to fund the development of BetMGM’s tech platform, further investment from MGM is a possibility if another big US state were to move online, Hornbuckle has said.

“If California or other large markets — Texas or Georgia — [come online] we would be aggressive there like I think all others would be. And so that would take some capital,” he stated during MGM’s first quarter earnings call in 2024.

“We would never say never, to be clear. And I’m speaking on behalf of MGM in terms of its growth and what it wants to do with that business,” he said.

“If we get product really right and we see an opportunity to lean in, we will.”

Star announced plans to exit the joint venture in March this year. It had been agreed that its partners – Far East Consortium and Chow Tai Fook Enterprises – would acquire its holding for AU$53 million (US$34 million).

As part of the same agreement, the partners also relinquished stakes in another venture, Star Gold Coast, back to Star. Effectively, this would have seen Star divest one casino and consolidate full ownership of another.

However, doubts over the agreement came to light in June, with reports that the partners were ready to walk away. This came after all parties failed to meet a deadline to complete the transaction. This was then extended to 31 July in the hope of resolving the sale.

Star proposed a further extension to 6 August, saying talks were still ongoing over a possible resolution. However, this was rejected by its partners, meaning that the Heads of Agreement (HoA) has now officially fallen through.

What does this mean for Star?

Failure to complete the stake sale has resulted in several consequences for Star.

It will retain Queen’s Wharf Brisbane stake and its one-third interest in a separate development on the Gold Coast. It will also retain its Treasury Brisbane hotel and car park and a 50% equity interest in Charlotte Street Car Park.

On top of this, it must repay $10 million of proceeds it received from the venture partners by 6 August. Star must also reimburse its partners for its share of equity contributions they made since 31 March. This is anticipated to be approximately $31 million and is payable by 5 September.

Should Star not make these payments, it will be required to transfer its one-third interest in Tower 1 Hotel at the Gold Coast to the venture partners.

At the same time, the partners must reimburse Star for their share of equity contributions made by Star to the Gold Coast development since 7 March. This is expected to amount to $1 million.

Other aspects include Star’s 50% share of the debt facility for Queen’s Wharf remaining. In total, this facility is worth approximately $1.4 billion. Star will also be responsible for its share of future equity contributions to the development, estimated at $200 million.

The original casino management agreement for Star Brisbane remains in place, with Star to continue as operator of the venue. In addition, a $35 million prepayment to Star for its share and net proceeds from the sale of apartments at Queen’s Wharf will not be impacted by the termination.

Could there still be a resolution over Queen’s Wharf?

While the HoA termination will come as a blow to Star, the operator hinted that all may not be lost. It said it will continue discussion with partners outside the HoA in an effort to find an alternate resolution.

“Star is continuing to engage with partners and will provide an update if there are any material developments regarding the parties’ respective interests,” Star said.

“Given the termination of the HoA, Star is considering what alternative options may be available to it in relation to its 50% equity interest in DBC, along with the Treasury Brisbane hotel and car park and its 50% equity interest in the Charlotte Street Car Park.”

Sher told analysts that Codere Online had successfully replicated its Spanish strategy in the Central American market and he believes the playbook “can be applied [elsewhere]”. 

“We do think the playbook we have can be applied [elsewhere],” he said.  

“We took some of our experience in Spain and took it to Mexico, so we have already proven we are able to replicate our strategy and grow a market.  

“I’m sure that Brazil will come up in this call. To replicate [our model] in Brazil, we would need a lot of money.”

Mexico reigns for Codere Online 

The operator reported a 9% uptick in NGR in Mexico in H1 compared to the previous year, to €59.5 million ($68 million).

This, Sher said, was helped by a higher level of player activity than usual during a historically weak period of the year.  

“In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024,” Sher said in the earnings release.  

Despite the continued impact of the Mexican peso’s devaluation, CFO Oscar Iglesias said the operator expected the currency to strengthen sooner than previously expected and forecasts the impact will lessen in H2.  

He said he expects EBITDA in the second half of the year to be “strong”.  

Codere monthly actives up in Q2, despite flat revenue 

More broadly across the entire group, NGR was up 4% year-on-year to €111.8 million in H1. This was split 61% iGaming to 39% sports betting.  

In Q2, group NGR was broadly flat at €54.8 million.

Codere Online recorded around 277,000 new customer registrations during Q2, with a 28% conversion rate and cost per acquisition of €218.  

During Q2, monthly actives were up 7% on the previous year to approximately 155,000.

Spain continues to feel impact of increased competition 

In Spain, NGR was flat at €44 million, compared to €44.1 million in H1 2024. Sher said revenue in Spain during the period was once again impacted by the reintroduction of welcome bonuses in 2024, which increased competition across the market.  

He also said the company had taken a more selective approach to customer promotions in Spain, to drive more valuable players and lower acquisition costs.

Codere Online closed H1 with €40.7 million in available cash, up from €35.3 million at the beginning of the year.  

Iglesias hinted the company was considering strategies for expanding either within its current market of Mexico or entering into new markets in the region.  

What’s next for Codere Online in Colombia?

He highlighted continued difficulties in Colombia, due to the impact of the recently implemented VAT, which Iglesias said has increased the operator’s tax rate to almost 50% of revenue.  

Sher said operations had been reduced “to the bare minimum” in the market, to maintain a break-even point.  

Iglesius said the company was undergoing discussions to decide what its next move in the market was, with its performance in Panama mitigating some of the company’s initial losses from Colombia.

Cashback bonuses were trialled with Codere Online customers, with other operators like Stake implementing similar strategies in Colombia to mitigate the impact on players.  

But Sher said the topline impact was significant. Codere does not split out its other markets in its earnings report, but under “other” the group’s NGR was down 3.5% in H1 to €8.2 million.