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30. Caliente Interactive
Following up last year’s debut in the Power 50, Caliente Interactive now sits in 30th place. The company’s status as the runaway leader in Mexico is evidenced by data from web analytics provider Semrush showing Caliente.mx garnered more than 26 million visits in August. This was nearly nine times the hits generated by the Mexico-facing operator in second place. Building on its strong brand presence in Latam’s second most populous country, Caliente was announced in June as an official partner of the 2025 CONCACAF Gold Cup – the first time a betting operator has sponsored the biennial football tournament. The following month, Caliente renewed its sponsorship of Liga BBVA MX side Atlético de San Luis, agreeing a multi-year deal with the men’s and women’s teams. The bookmaker also penned fresh terms with Mexico’s baseball league, Liga Mexicana de Béisbol, to continue as its official bookmaker. In March, Playtech, the partner in the online JV, Caliplay, announced that Mexican antitrust approval had been received for the “revised arrangements relating to the strategic agreement”.
29. Yolo Entertainment
This could be the last time for a while that Yolo Entertainment – Yolo Group’s B2C operation – appears in the EGR Power 50 after founder Tim Heath announced in a blog post in September a pivot from grey to tier-one regulated markets. Describing the ascent of flagship crypto gambling brands Sportsbet.io and Bitcasino.io as “a crazy ride to the moon”, the Australian entrepreneur wrote that Yolo.com – a new “seamless digital arm” of the group’s plush Bombay Casino in the Estonian capital, Tallinn – would become the focus and future strategy for the group. The transition has been three years in the planning, he said, admitting that domestic regulators handing out igaming licences are “not keen” on companies continuing to operate in pre-regulated markets elsewhere. “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,” Heath explained. The upshot of this decision is that 280 employees in Estonia lost their jobs, leaving 600 people employed at the firm’s Tallinn HQ.
28. BVGroup
The privately held company behind legacy bookmaker BetVictor – as well as media-led gambling brands Heart Bingo and talkSPORT Bet – continues to go about its business largely under the radar. It’s simply a successful and well-run outfit from its base in Gibraltar, headed up by experienced and capable industry professionals, including 58-year-old Austrian CEO Andreas Meinrad, who has been at the helm for over a decade. Saying that, Paul Louis retired as COO in January after 24 years’ service in various roles with the firm. Building on its strong ties to horseracing, BetVictor was unveiled in September as the new title sponsor of Northern Ireland’s Down Royal Racecourse’s November Festival of Racing, including the Grade 1 Champion Chase. Snooker remains a focus area for marketing investment, a play that’s partly about putting the brand in the shop window in Asia where the game boasts an estimated 350 million fans. As well as a deal with the Championship League, BetVictor also sponsors the World Snooker Tour’s Home Nation Series (English Open, Welsh Open, Scottish Open and Northern Ireland Open).
27. Caesars Digital
Caesars may boast one of the largest online sports betting footprints (23 North America jurisdictions) of any regulated operator, but there’s no doubt igaming – and live dealer in particular – was a firm priority over the past year. On that front, Caesars, which owns Caesars Palace Online Casino and Horseshoe Online Casino besides Caesars Sportsbook and Caesars Racebook, bookended H1 2025 with the rollout of branded live dealer studios in Pennsylvania and Michigan. Management reported strong gains in icasino volume, hold and monthly active users (MAUs) in Q2, while sportsbook hold reached a new high of 8.9%. This helped drive Caesars Digital to an H1 performance highlighted by revenue of $678m – a 22% YoY increase – and $123m in adjusted EBITDA, up from $45m during the same period last year. In fact, Q2 adjusted EBITDA doubled to a new record of $80m. The continued ascent of the land-based giant’s interactive wing has fuelled speculation it could be spun off into a separate entity, an eventuality that Caesars Entertainment CEO Tom Reeg affirmed on July’s Q2 earnings call, stating: “We would absolutely pursue a separation if we believed that it would drive significant value to our shareholders.”
26. Fanatics Betting and Gaming
Since completing its PointsBet US acquisition in 2024, Fanatics Betting and Gaming (FBG) has been dead set on shaking up the established order in the US online gaming space. Currently live in 23 jurisdictions with online sports betting – and having recently inked a deal with Boyd Gaming for market access to Missouri, which is set to launch operations at the end of Q4 – FBG not only boasts near-complete coverage of the US landscape but has been making appreciable gains in key states such as New York and New Jersey throughout 2025. Paired with Fanatics Casino, which it launched in four states in Q2 with $2m sweepstakes of FanCash – currency that users can deploy across the wider Fanatics ecosystem – the uniquely diversified operator is making good on its disruptor positioning. By Q3, it had rolled out Fanatics ONE, an omnichannel loyalty programme linking its online sports betting and icasino rewards with its trading card, collectibles and apparel verticals. Complementing the big retention push were a series of marketing and awareness plays – including a NASCAR sponsorship and a multi-year WWE deal – highlighted by a brand ambassador partnership with renowned gymnast and influencer Livvy Dunne just ahead of NFL season.
25. Tabcorp
A little over a year after taking on the mantle of managing director and CEO, Gillon McLachlan said in August’s full-year 2025 results (up to 30 June) announcement that the parent company of Australia’s TAB brand is now a “fitter business” with “an improved culture of cost and capital discipline”. Group revenue (including land-based operations) for the aforementioned period rose 11.8% YoY to A$2.61bn (£1.3bn at the time of writing) and EBITDA increased 23.2% YoY to A$391.5m – news that sparked a 12% jump in Tabcorp shares. Bolstering its ranks, Tabcorp has made several senior hires in the past 12 months, including the arrival of former HKJC executive director Michael Fitzsimons as chief wagering officer. Narelle McKenzie was appointed chief legal officer, while Jarrod Villani was named chief commercial and media officer – a newly created role – and Robert Fraser was promoted to chief technology and transformation officer. On a less positive note, Tabcorp was fined A$4m by the Australian Communications and Media Authority in June over VIP marketing breaches.
24. Rush Street Interactive
Rush Street Interactive (RSI) has long taken pride in its igaming-first strategy and proprietary tech stack, and so the Chicago-based operator has continued to allocate resources toward that core vertical of the business. Online poker has represented a particular point of emphasis, with RSI rolling out a new online poker platform via its primary BetRivers brand to Pennsylvania users in Q4 2024, before expanding the network to Delaware, Michigan and West Virginia, thereby creating a unified four-state liquidity pool. While its US efforts were front and centre, the multinational operator continued to develop its presence in Latam with its RushBet brand during the same period, notably expanding its igaming content catalogue for customers in Mexico, Colombia and Peru. The firm’s Q2 financial results were accordingly accretive, with revenue increasing 22% YoY to $269.2m and net income surging into the black to $28.8m from a $300,000 loss during the same period in 2024. Finally, RSI has made a couple of senior changes of late, with CFO Kyle Sauers being promoted to president (he also retains the CFO role) in October and Shubham Tyagi – described by RSI as a “tech veteran” – being brought in as CTO in September.
23. Hong Kong Jockey Club
The 141-year-old Hong Kong Jockey Club (HKJC) reported a 5% increase in wagering and lottery turnover (including land-based) to HK$320.3bn (£31.3bn at the time of writing), for the 12 months to the end of June 2025. Wagering revenue during the period totalled HK$43.8bn, which comprised HK$17.8bn generated from horseracing, HK$21.9bn from football betting and HK$4.1bn from the Mark Six lottery product. It meant that HK$39.1bn of profits were distributed to the former British colony’s community through tax and charity donations. Looking to the future, HKJC is set to undergo a transformation in a bid to become a global sports entertainment brand. As part of this move, former McKinsey & Company adviser Sarena Lin was recruited as chief transformation officer in August to head up the newly created transformation office. Lin is tasked with turning HKJC into a “customer-centric, agile, efficient and data-driven organisation”. Finally, the Hong Kong government passed a law in September permitting HKJC to lay bets on basketball. While football betting has been legally offered since 2003, management has long argued that being able to provide gambling on basketball was vital to help combat the pervasive illegal market.
22. Hard Rock Digital
Mostly known for its online sports betting monopoly (Hard Rock Bet) in Florida, Hard Rock Digital (HRD) has quietly built a substantial US footprint marked by its current operational status in nine states – including sportsbook and igaming in New Jersey. Maximising the online casino opportunity in the competitive Garden State has been a priority over the past year, evidenced by the rollout of a new lobby, the addition of 25 new slot titles and the Q2 debut of the first live trivia product to a New Jersey icasino platform in concert with Playtech. HRD has also committed significant resources to retention, merging its various rewards systems into Unity by Hard Rock, an omni-channel loyalty programme encompassing online gaming as well as its global portfolio of hotels, casinos and cafes. All roads lead back to Florida however, and Seminole Tribe-owned HRD continued to substantiate its status as the Sunshine State’s sportsbook via partnerships with the Miami Heat (Q1 2025) and Tampa Bay Buccaneers (Q3). More interestingly, HRD turned heads this October by launching a slots-style game based on the results of past motor races in Florida. It was a bold move that could encourage other tribal and commercial operators to build similar products in sports betting-only states.
21. ComeOn Group
ComeOn Group continued its quest to become a pan-European, tier-one operator by launching casino-first platform Casinostuen in Denmark in March, taking its total brands in the regulated Scandinavian market to three (alongside ComeOn! and GetLucky). The privately owned business also expanded in the Netherlands, after striking a deal with evoke to run the 888 brand in the regulated Dutch market. The lion’s share of ComeOn Group’s overall revenue is derived from locally regulated jurisdictions. The in-house sportsbook platform is said to be driving product differentiation and market share in its core countries – as is its in-house games studio, SpinOn, and its proprietary jackpot offerings. Furthermore, ComeOn Group has been quick off the mark to embrace AI, with CEO Juergen Reutter telling EGR for issue 245’s cover feature that staff have been given the tools, budgets and governance to experiment and transform key business functions. “We want to learn faster than our competition,” he insisted. Meanwhile, financials disclosed to BDO show all the headline figures for the 12 months to 30 June 2025 headed in the right direction.
20. Danske Spil
Denmark’s state-owned lottery, sports betting and casino operator appointed a new chair in May, with Lars Krarup, the former mayor of Herning Municipality, assuming the position the following month. Alongside this announcement, Charlotte Bach Thomassen was once again named vice-chair, having been a board member since March 2019 and having served as vice-chair since April 2022. Meanwhile, in September, Jeppe Juul-Andersen was appointed chief business development and innovation officer – a new role created to foster innovation. From a financial perspective, Danske Spil followed up record revenue and profit in 2024 with results found to be in line with expectations for the first six months of 2025. GGR amounted to DKK2.55bn (£300m at the time of writing) and profit came in at DKK999m – on a par with H1 2024. “Satisfactory” was how management described the performance, while noting that progress in lottery activities compensated for the absence of one-off income following last year’s disposal of its 60% stake in DFS platform Swush. More than DKK1.8bn of profits in 2024 from Danske Spil’s lotteries went to tens of thousands of communities across sport, culture, nature and social purposes.
19. Lottoland
A mainstay of the EGR Power 50’s top 20, the bet-on-lottery market leader continues to find a home among the industry’s biggest operators. Lottoland underwent a brand refresh this summer, with the new style centred around a “friendly smile” logo reflecting a “bold, modern business”. The makeover also included a new colour scheme and fonts. It was accompanied by a stronger out-of-home marketing push in the UK, while Lottoland Casino secured a sponsorship slot for Sky Sports News. The Gibraltar-based firm was also named operator of the year for the UKI at the inaugural EGR Europe Awards back in February. In Brazil, Lottoland was one of several operators granted approval to launch in the newly regulated market, which went live on 1 January. Via the Levante Brasil subsidiary, the company runs Lottoland and Sorte Online in Latam’s most populus nation. A commitment to ESG remains, with Lottoland having partnered with Tunley Environmental in order to explore ways to reduce its carbon footprint. Efforts to switch to renewable energy and reduce business travel are ongoing, with the overall aim to cut the operator’s emissions by 65%.
18. Fortuna Entertainment Group
For most of 2024, Fortuna Entertainment Group (FEG) was being shopped around by owner Penta Investments after it was revealed JP Morgan had been engaged to find a buyer for the omnichannel CEE operator. However, Penta felt the subsequent bids fell short of its €2bn valuation. Soon after, in January 2025, CEO Victor Corcoran was replaced by CFO and COO Dieter John, who joined in March 2024. Since John’s ascension to the top job, he has overseen a significant C-suite refresh, with a new CFO in Uroš Bibić and Sotiris Haritos joining as CTO from Novibet. FEG Croatia boss Carlo Fontana was made group chief commercial officer in April. The flagship Fortuna brand celebrated its 35th anniversary in Czechia this year, while it also has a solid foothold in Slovakia, Poland and Romania. Casa Pariurilor and PSK are the group’s local hero brands in Romania and Croatia, respectively. On the marketing front, Fortuna became an official partner of Slavia Praha in what was labelled as one of the most “significant club partnerships in the history of Czech football”, while Casa Pariurilor teamed up with the Romanian national side.
17. Stake
Remaining in 17th place, the crypto-first online gambling heavyweight has been expanding into regulated markets of late. Now live in regulated Colombia, Italy, Denmark, Brazil and Peru, Stake still maintains grey dominance in several other jurisdictions, though, including Canada (excluding Ontario). India and its cricket-mad population is another of its major markets. Stake reported that in August alone it processed more than 1.8 billion casino bets and eight million sports wagers globally. The brainchild of Ed Craven and Bijan Tehrani, Stake has emerged as a sponsorship powerhouse, penning football and Formula 1 deals, partnering with Canadian rapper Drake and benefitting from sister streaming site Kick, which is powered by Craven and Tehrani’s Easygo parent company. Controversy has surrounded the business this year, however, including being forced to exit the UK, where it operated on a white label, while its US-facing sweepstakes site was hit with a lawsuit from the Los Angeles City Attorney. The question is whether the business ditches its grey footprint entirely in favour of a regulated presence. If it does, further M&A could be on the cards, especially seeing as inorganic growth was used to enter some of its existing white markets.
16. Allwyn
Moving up four places, the past 12 months has been peppered with M&A and key hires at the pan-European lottery giant owned by Czech billionaire Karel Komárek’s investment firm KKCG Group. In September, Allwyn confirmed industry rumours by announcing a 62.3% stake in US DFS market leader PrizePicks had been acquired for $1.6bn. A further $1bn in earnouts is included in the deal. Meanwhile, a majority 51% stake was taken in Novibet for €217m last December, with earnouts totalling €110m baked into the transaction. Then last month it was announced that Allwyn and its Athens-listed Greek and Cypriot subsidiary OPAP were to come together in a €16bn merger to create the world’s second-largest listed lottery and gaming company. The enlarged business will be called Allwyn, and its shares will still trade on the Athens Stock Exchange, though management said Allwyn intends to pursue an additional listing in London or New York once the deal closes. As part of the announcement, it was stated that Allwyn’s pro forma EBITDA was €1.9bn for the 12 months to 30 June 2025. At a leadership level, former Betfred US boss Kresimir Spajic was recently named CEO of Allwyn Digital, while ex-evoke head Alexis Zamboglou joined as chief strategy and transformation officer.
15. Banijay Gaming
Banijay Gaming, the betting and gaming division of Banijay Group, is set to be transformed (see Tipico entry) in its scale and presence once the Tipico deal completes. (As part of the deal, Betclic will divest its 53.9% stake in bet-at-home.) Until then, we judge Banijay Gaming on its performance to the end of June 2025. At the group’s CMD in May, Betclic claimed to be a top-three player in France, Portugal, Poland and the Ivory Coast. In France, it is number one in sports betting and number two in poker (online casino is illegal), while Betclic says it has gold medal spots in sports betting in Portugal and the Ivory Coast. Banijay Gaming is a sports betting-heavy operation (79% of 2024’s €1.5bn of revenue) and is expecting a low- to mid-teens CAGR for the group through to 2028. H1 2025 revenue rose 12.3% to €785m, while unique active players jumped 25%. Led by stalwart CEO Nicolas Béraud, who will become chair after the Tipico transaction completes, Betclic has a team of 100 in-house professionals dedicated to AI, including those focused on responsible gambling. Banijay Gaming is very much a recreational-focused outfit with weekly average spend of just €6.
14. Tipico
There was big news in October, with Tipico’s owner, private equity firm CVC Capital Partners, selling a majority stake in the business to Banijay Group, parent company of Betclic, thereby valuing Tipico at €4.6bn and creating what will be one of Europe’s largest online gambling groups. However, the deal was announced outside the EGR Power 50 reporting period and, so, we have kept Tipico and Banijay Group’s online gambling division, Banijay Gaming, separate. After calling it quits on the US last year, Tipico spent 2025 doubling down on its German and Austrian heartlands. The acquisition of Admiral Austria from Novomatic completed in September, after first being announced in January. Tipico will continue to run its eponymous brand and Admiral online in Austria, while under monopoly laws in the country, a portion of its retail units were divested to allow the deal to go through. Under the leadership of Axel Hefer, who became CEO last year and will remain in charge of the brand after the Banijay Group acquisition, Tipico launched its ‘Trusted Partner’ scheme in April. That means deals are only struck with suppliers that don’t provide games to unlicensed entities. The Malta-based firm’s revenue only comes from regulated markets, as part of a commitment to never venture into grey jurisdictions.
13. Evoke
Despite sliding out of the top 10, CEO Per Widerström and his leadership team have begun to steady the ship at the parent company of William Hill, 888 and Mr Green. Though UKI Online revenue for H1 2025 slipped 1% YoY, online adjusted EBITDA climbed 37% on the back of improved marketing returns and cost-saving initiatives. The International segment, which includes ‘core markets’ Italy, Spain, Denmark and Romania, has shone of late, with revenue up 13% and adjusted EBITDA soaring 111%. This was partly attributed to improved gross margins and in-house platform migrations (eg Mr Green switched to the 888 platform in Denmark and dotcom markets). That said, the London-listed firm’s market cap has fallen well below the £200m mark, after a 40% slump in its shares in 2025. Being saddled with considerable debt (£1.82bn at the end of H1) from the 2022 acquisition of William Hill’s non-US assets has eroded investor confidence. However, the leverage to EBITDA ratio was 5x at the end of June, down from 6.7x a year prior. The target is 3.5x by the end of 2027. Cutting the debt would make evoke a more attractive investment, which, in turn, should revive the floundering share price. Well, that’s the idea.
12. Lottomatica
Italy-facing Lottomatica was one of the first publicly listed gambling companies this year to give investors and analysts a look under the hood when it came to the firm’s AI capabilities. During the Q1 earnings call, bosses espoused the revenue-driving benefits of the technology. Personalised game campaigns developed in 60 seconds and AI models deciding whether to accept bets or refer to the trading department were cited as examples. Lottomatica, which runs Lottomatica, GoldBet, BetFlag, Better, Totosì and PWO, remains a leading light in Italy. Online market share hit 30.5% in Q2, the firm said, despite the growing presence of Flutter, which has snapped up Snaitech to add to its Sisal offering. Revenue for the first six months of 2025 hit €1.1bn, while group adjusted EBITDA was up 33% YoY to €422.4m. The shake-up to Italy’s licence regime will likely see the long tail of smaller operators shut up shop, paving the way for Lottomatica to strengthen its hand even further. CEO Guglielmo Angelozzi was named as executive chair in July, while CFO Laurence van Lancker also took on the role of deputy CEO. In September, Lottomatica was added to FTSE MIB, the index for the top 40 blue chip companies listed in Italy.
11. Bally’s Interactive
This time last year, Bally’s was gearing up to be taken private by Standard General in a $4.6bn deal. One could be forgiven for thinking that’d be that. But in July, Greek giant Intralot announced it was willing to pay €2.7bn to acquire Bally’s International Interactive, with Bally’s boss Robeson Reeves to become CEO of the combined entity. Standard General-owned Bally’s will retain the North America-facing online arm, though. Bally’s International Interactive is overwhelmingly UK-focused, with research firm Regulus Partners estimating the market accounts for more than 90% of revenue. Indeed, Bally’s claims to be the number two online casino firm in the UK with a 14% market share, and it has added sports betting across sites including Jackpotjoy and Bally Casino. A front-of-shirt sponsorship with Premier League side Nottingham Forest, signed in the summer, has raised the brand’s profile. Reeves has said UK-focused M&A is on the agenda, as Bally’s could become a “consolidator” in that arena. Spain is the other core market, while in the US, Bally Bet is live in 11 states, with Bally Casino in three. This year, Monopoly Casino and Sportsbook launched in New Jersey, Ontario and Pennsylvania.
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The post EGR Power 50 2025: 30-11 first appeared on EGR Intel.
EGR reveals rankings 30-11 for this year’s Power 50, published in partnership with EveryMatrix
The post EGR Power 50 2025: 30-11 first appeared on EGR Intel.