The Last 5 Years: Performance Review of Top iGaming Public Companies
By Elazar Gilad
The iGaming industry has undergone a remarkable transformation over the past five years, fueled by technological innovations, evolving player preferences, and regulatory expansion in key markets like the U.S. and Europe. However, this rapid growth highlights the critical importance of a strong legal framework and a commitment to safe gambling practices to protect players and build sustainable, trustworthy ecosystems.
This review provides a detailed analysis of the two primary segments of the iGaming industry: Operators (B2C) and Game Providers (B2B). It highlights the financial performance, strategic investments, leadership, and governance of the leading companies in each category. A summary of key findings and recommendations is included for each company.
Operators (B2C)
1. Flutter Entertainment
- Ticker Symbol: FLTR.L
- Segment: B2C
- Headquarters: Dublin, Ireland
Overview:
Flutter Entertainment operates leading iGaming brands such as FanDuel, Betfair, and PokerStars. Known for its aggressive U.S. expansion and diversified offerings, Flutter is a global leader in sports betting and online gaming.
C-Level Leadership:
- CEO: Peter Jackson
- Focus: U.S. expansion, acquisitions, and safe gambling innovation.
- Board Highlights: Expertise in regulatory affairs and technology.
Investments:
- Acquired The Stars Group ($11 billion) to expand its poker and sports betting portfolio.
- Invested heavily in FanDuel, securing over 50% of the U.S. sports betting market.
- Implemented responsible gambling initiatives, allocating £20 million to research and tools.
Financial Data (2019–2023):
| Year | Revenue | Net Profit | Growth Rate (YoY) |
|---|---|---|---|
| 2019 | £2.14B | £123M | 15% |
| 2020 | £4.40B | £147M | 40% |
| 2021 | £6.03B | £179M | 37% |
| 2022 | £7.63B | £198M | 27% |
| 2023 | £8.37B* | £245M* | 21%* |
| *Projected |
Summary & Notes:
- Flutter’s acquisition of The Stars Group and Sisal boosted its global market presence, particularly in the U.S. and Italy.
- FanDuel remains a crown jewel, driving a significant portion of revenue in the U.S.
- Challenges include increased regulatory scrutiny in Europe and intense competition in the U.S. market.
2. Entain Plc
- Ticker Symbol: ENT.L
- Segment: B2C
- Headquarters: Isle of Man
Overview:
Entain Plc operates globally recognized brands like Ladbrokes, BetMGM (in partnership with MGM Resorts), and Bwin. It emphasizes safe gambling and innovative solutions.
C-Level Leadership:
- CEO: Jette Nygaard-Andersen
- Focus: Safe gambling, AI-driven personalization, and U.S. market expansion.
- Board Highlights: Diverse leadership with expertise in digital transformation.
Investments:
- Co-founded BetMGM with MGM Resorts, capturing significant U.S. market share.
- Acquired Enlabs AB (€370M) to strengthen its Baltic operations.
- Launched the ARC (Advanced Responsibility & Care) program for safer gambling.
Financial Data (2019–2023):
| Year | Revenue | Net Profit | Growth Rate (YoY) |
|---|---|---|---|
| 2019 | £3.56B | £297M | 9% |
| 2020 | £3.57B | £234M | 0.3% |
| 2021 | £3.89B | £248M | 8.9% |
| 2022 | £4.35B | £289M | 11.8% |
| 2023 | £4.75B* | £315M* | 9.2%* |
| *Projected |
Summary & Notes:
- Entain’s commitment to safe gambling through ARC sets it apart as a responsible operator.
- The partnership with MGM Resorts via BetMGM is pivotal for its U.S. expansion.
- Growth is steady, but regulatory compliance costs are rising in Europe.
Game Providers (B2B)
1. Evolution AB
- Ticker Symbol: EVO.ST
- Segment: B2B
- Headquarters: Stockholm, Sweden
Overview:
Evolution is the world’s leading provider of live casino solutions, powering many top iGaming operators. It is renowned for its innovative game shows and high-margin RNG offerings.
C-Level Leadership:
- CEO: Martin Carlesund
- Focus: Product innovation, M&A activity, and global expansion.
Investments:
- Acquired NetEnt (€1.8 billion) to strengthen its RNG offerings.
- Integrated Big Time Gaming, a pioneer in Megaways™ slots.
- Expanded its footprint into regulated U.S. markets with live casino studios.
Financial Data (2019–2023):
| Year | Revenue | EBITDA | EBITDA Margin |
|---|---|---|---|
| 2019 | €365M | €182M | 49.9% |
| 2020 | €561M | €332M | 59.2% |
| 2021 | €1.07B | €734M | 68.6% |
| 2022 | €1.4B | €975M | 69.6% |
| 2023 | €1.8B* | €1.26B* | 70.1%* |
| *Projected |
Summary & Notes:
- Evolution’s innovative live casino formats, like Lightning Roulette and Crazy Time, dominate the market.
- The acquisition of NetEnt enabled it to diversify its revenue streams beyond live casino.
- U.S. expansion is a key growth driver but comes with regulatory challenges.
2. Playtech
- Ticker Symbol: PTEC.L
- Segment: B2B
- Headquarters: Douglas, Isle of Man
Overview:
Playtech develops technology for operators, offering gaming software, platform services, and B2C operations through joint ventures.
C-Level Leadership:
- CEO: Mor Weizer
- Focus: Regulated market entry, product development, and omnichannel solutions.
Investments:
- Expanded partnerships with major operators like Entain and Flutter.
- Developed Playtech One, an integrated omnichannel solution.
- Acquired Quickspin and launched innovative slot content.
Financial Data (2019–2023):
| Year | Revenue | Net Profit | Growth Rate (YoY) |
|---|---|---|---|
| 2019 | €1.5B | €83M | 10% |
| 2020 | €1.1B | €79M | -26% |
| 2021 | €1.2B | €112M | 9% |
| 2022 | €1.5B | €127M | 25% |
| 2023 | €1.8B* | €140M* | 20%* |
| *Projected |
Summary & Notes:
- Playtech’s technology underpins some of the biggest operators in the industry.
- The company continues to grow through strategic partnerships and innovative products.
Conclusion
The iGaming industry thrives on a delicate balance of innovation, responsible gaming practices, and regulatory compliance. Operators like Flutter and Entain excel in their market strategies, while providers like Evolution and Playtech push the envelope with cutting-edge technology. The convergence of B2C and B2B strategies continues to shape the industry’s future, with sustainability and player safety at its core.
Key Takeaway: Companies that prioritize innovation, safe gambling, and regulatory compliance will lead the industry into its next phase of growth.
