Proudly sponsored by:
50. Coolbet
Estonia-based Coolbet and its distinctive polar bear logo makes its debut in the Power 50 rankings, with financial data shared privately with BDO showing annual gains in key metrics for the 12 months to the end of June 2025. Coolbet was acquired by Sega Sammy this year, after the Japanese giant snapped up its parent company GAN in a deal worth $96m. GAN had previously acquired the operator in 2021. Coolbet is live in 10 markets, primarily in Northern Europe and Latam. It has a strong presence in Chile, though this could end if a Supreme Court ruling banning offshore online firms sticks. The ruling orders internet service providers in Chile to block offshore operators after pressure from local lotteries. A series of sponsorship deals in the country, including with leading football club Colo Colo, have helped put the brand front and centre. Coolbet also holds licences in Peru and Ecuador. Headed up by former GiG exec Endre Nesset as president, the business has a focus on being “fair, personal and transparent”. Coolbet claims that 90% of withdrawals above €100 are processed within a few minutes.
49. Betfred
Ask a bunch of random people in the UK to name five bookmakers and Betfred would probably receive a few mentions, largely due to the brand recognition generated by its sizeable retail estate. Online, the privately owned operator has historically struggled to achieve cut-through – yet last year its digital aspirations were bolstered with tech supplier Sharp Gaming being folded into the business as part of a £100m migration of Betfred customers onto a single, proprietary platform. The project included building the entire omnichannel infrastructure – website, apps, PAM, sportsbook, RGS, CMS and more – resulting in, for example, an 89% YoY surge in unique users during the 2025 Cheltenham Festival. Andrew Daniels, group chief information officer, told EGR early this year that this stat alone indicated how “the business is absolutely flying”. Elsewhere, Aiden Barry, formerly of Paddy Power, Fortuna Entertainment Group and Matchbook, arrived in the summer as trading director, while Betfred underwent a brand refresh in September that included a new logo “modernised for maximum impact”. Where Betfred ultimately failed to make much of an impact was the US, with the Warrington-based bookmaker withdrawing from its last remaining online state, Pennsylvania, in July.
48. BetPlay
Widely considered to be the market leader in the regulated Colombian market, BetPlay maintains its place in the EGR Power 50 after making its debut in the rankings 12 months ago. The past year hasn’t been all plain sailing, though, with the government’s introduction of a 19% VAT on customer deposits in early 2025 delivering a body blow to BetPlay and the sector as a whole. The tax was meant to be a temporary emergency measure to support humanitarian and security efforts, yet lawmakers announced in late summer that it was to become permanent. Unsurprisingly, the decision was slammed by licensed operators. Away from the VAT controversy, Kambi-powered BetPlay unveiled in May a TV betting experience hailed as a “world-first”. Developed in collaboration with interactive TV supplier TAPPP, the service allows BetPlay customers to log in via their TV, view live odds and place bets on Colombian football matches “without interrupting their viewing experience”. The operator, which is owned by Bogotá-headquartered Corredor Empresarial, also continues to benefit from strong brand recognition in Colombia thanks to its headline sponsorship of the country’s top football division, Liga BetPlay Dimayor.
47. KingMakers
The company behind Nigerian betting brand BetKing and South Africa’s SuperSportBet (launched in 2024) is one of the most high-profile bookmakers in Sub-Saharan Africa. A new CEO was appointed in February to head up this growing operation, with Ronnie Whelan stepping up from COO, almost two years after he arrived from Flutter Entertainment. Kingmakers, which is 49% owned by African video entertainment platform MultiChoice Group, which itself has been acquired by French media giant Canal+, delivered “strong organic growth”, bosses said, across sports betting and igaming for the FY 2025 (until the end of March). NGR amounted to $106m, up 76% YoY in terms of organic growth, yet group EBITDA was a negative $9m due to the weakened naira in Nigeria and investment in SuperSportBet. BetKing has built a reputation for its bold and vibrant marketing, a style that targets Nigeria’s young adults (around 70% of the country’s population of 233 million people are under the age of 30). Local personalities popular with Gen Z have played a part in amplifying the brand in recent years, too; BetKing added twin sister DJs Wanni and Handi from Kaduna in north-western Nigeria to its roster earlier this year as the operator’s first female ambassadors.
46. LiveScore Group
“We’re very boring and steady in our growth, and investors love that,” Sam Sadi, CEO of the parent company of Kambi-powered LiveScore Bet and Virgin Bet, candidly told EGR in an interview in May. Financials shown to BDO demonstrate a business on the up in terms of NGR, although an internal restructuring in late-2024 resulted in 100 redundancies following the company’s withdrawal from the Netherlands. LiveScore hoped for better when it launched in Bulgaria in early 2025. Former Premier League star and Bulgaria legend Dimitar Berbatov was hired as a brand ambassador, yet the timing of the entrance wasn’t ideal, with new advertising restrictions introduced in the regulated market just months before LiveScore Bet’s arrival and after a licence had been secured. C’est la vie. Undeterred and determinedly internationalist, a rollout in South Africa is in the pipeline, while Sadi also told EGR that Mexico is a possibility in the future given the firm’s sports media and scores app, LiveScore, has a partnership with TV Azteca in the country. Closer to home, an exclusive deal was inked in August with Sunderland AFC. The tie-up included LiveScore Bet becoming the Black Cats’ official sleeve partner.
45. Buzz Group
The bingo-led online operator capped 2024 by scooping marketing campaign of the year and bingo operator of the year accolades at the EGR Operator Awards in London. These achievements, particularly the latter, are borne out in the 2024-25 financials for the company’s digital arm. Headline KPIs disclosed to BDO such as NGR, EBITDA, operating profit and monthly active players all increased on the prior 12-month period. Buzz Group, which includes gaming brands Buzz Bingo and Buzz Casino, benefits from being able to leverage its 91 retail bingo clubs dotted across the UK to drive players to its online operations. Omnichannel is a competitive advantage, too. Big Money Live was launched in partnership with Playtech, allowing players nationwide in clubs and online to compete for huge prize pools. Hailed as a “groundbreaking omnichannel bingo game”, Big Money Live is broadcast from the operator’s studio in Derby and streamed live twice daily, seven days a week. Digital marketing agency Stickyeyes published an article with EGR in August demonstrating how Buzz Bingo holds a “comfortable lead” over the competition when it comes to organic searches related to bingo keywords, amid a wider downturn in search for the vertical.
44. Codere Online
Making its debut in the EGR Power 50, Codere Online is operational in several countries; Spain and Mexico are its core markets, besides Colombia, Panama, the city of Buenos Aires and the province of Mendoza in Argentina. Management reported NGR of €111.8m – a 4% YoY increase – for the first six months of 2025, while adjusted EBITDA rose 37% to €4.1m. Average monthly active players were up 10% to 158,200. On the marketing front, a new advertising campaign launched in Spain in March across TV, online and radio. Then, in July, Codere Online announced its logo will feature on the front of Mexican women’s team Club de Futbol Monterrey Rayados. The operator has been listed on the Nasdaq under the ticker CDRO since 2021, yet it was served a delisting notice in May for the second year running for failing to file an annual report form required by non-US and non-Canadian companies that have securities trading in the US. After a successful appeal the following month, Codere Online “regained compliance”, with CEO Aviv Sher telling EGR that it was a “huge relief”.
43. Novibet
Novibet’s upward trajectory is reflected in the fact its workforce has tripled to 1,200 (more than 80% are based in Greece) in the past three years, while headline numbers seen by BDO reveal significant YoY gains in key metrics like NGR and average active monthly players. Management insists the operator’s strong performance is down to “disciplined” growth across key markets, including Brazil, Greece, Mexico and Ireland, all of which is underpinned by a proprietary tech platform managed by 200 engineers in Athens and a hub in Crete. Recent product launches include a ‘Dynamic Delay Engine’, which cuts down on bet rejection and improves the cash-out experience, as well as Opta-powered statistics and tournament-specific pages. AI is said to be deeply embedded, too. This includes a multilingual digital assistant able to field over 500,000 enquiries per quarter. On the marketing front, Novibet looked to elevate its standing in Mexico by penning a five-year sponsorship deal in June with Liga MX football side Cruz Azul. With deep-pocketed lottery giant Allwyn acquiring a 51% stake in Novibet in January in a deal worth up to €327m, further gains in the EGR Power 50 are a real possibility.
42. Gaming1
Amid a backdrop of regulatory headwinds battering the Netherlands and Belgium – two of the Ardent Group-owned company’s six core European markets – there were still positives within the reporting period for the trailing 12 months to the end of June. Data shared confidentially with BDO revealed an uptick in both EBITDA and monthly active players, for instance. On the personnel front, the operator behind brands including Circus and 777 made two new additions at C-suite level, with ex-Napoleon director Steven Scheers appointed as chief people and culture officer and former Ladbrokes.be CEO Yannik Bellefroid made chief legal and public affairs officer. Alongside mobile app launches and product upgrades for users in Belgium, Portugal and the Netherlands, as well as new loyalty and engagement mechanics, Gaming1 also rolled out Circusbet.fr in France as part of a deal with BetConstruct. The product, which is free to play (for now) was developed in anticipation of online casino being legalised in the country. Finally, at the turn of 2025, Gaming1 was named one of Belgium’s top employers for a fourth consecutive year, with the operator now employing more than 1,600 people.
41. ATG
Bosses at the Swedish operator admitted that performance in the second quarter of 2025 was “poor”, following the government’s increase in duty on GGR last year from 18% to 22%. For the first half of 2025, ATG reported NGR of SEK2.6bn, down 4.7% YoY, while operating profit tumbled by a fifth YoY to SEK841m. In an interview with EGR earlier this year, CEO Hasse Lord Skarplöth, who been at the helm since 2013, reiterated his stance that the rise in tax should have applied solely to “more harmful products”, and explained that ATG’s tax payments had jumped SEK200m a year. With Sweden proving challenging, ATG is looking to other markets for growth opportunities. It will launch a Finland-facing JV – Hippos ATG – with the Finnish Trotting and Breeding Association when the introduction of a new regulated market ends Veikkaus’s monopoly in 2027. The joint venture, which will use the ATG brand along with its tech platform in Finland, has already started assembling its senior leadership team, with Mikael Bäcke appointed CEO, Joonas Saha handed the title of chief commercial officer (CCO) and Antti Koivula made chief compliance officer.
40. GGPoker
Online poker might seem like a busted flush for many multi-product operators, but dedicated poker room GGPoker has no such problems. It remains the undisputed market leader and a prime destination for those interested in the peer-to-peer card game. Having acquired the intellectual property rights to the World Series of Poker (WSOP) around a year ago in a deal worth $500m, the NSUS Group-owned operator continues to benefit from its association with the iconic brand and its 100 bracelet events held every summer in Las Vegas. In fact, the 2025 WSOP Online series staged in August on GGPoker awarded 33 bracelets and generated more than $100m in prize pools, while some field sizes topped 50,000 players. Always at the cutting edge of product development and security, this year GGPoker has introduced Time Bank Cards (gives players extra time on tough decisions), struck a deal with AWS to beef up fraud detection and partnered with poker training tool GTO Wizard to improve security and game integrity. On that last point, the operator recently launched the ‘Olive Branch Initiative’, offering a way back for previously banned players, in addition to a secondary review for those who feel wrongly accused.
39. Svenska Spel
The last year has seen a shake-up at the top of Sweden’s state-owned operator, following Anna Johnson’s appointment as CEO in the summer of 2024. Amäni Radwan was promoted from within to replace Eva Stoppel as CFO, while former IKEA executive Eva-Lotta Sjöstedt was nominated to replace Erik Strand as chair. On the financial front, Svenska Spel reported NGR of SEK7.7bn (£617m at the time of writing) for FY 2024, representing a 4% decrease on the previous year – partly due to the strengthening of its RG measures. For H1 2025, NGR amounted to SEK3.7bn, holding steady YoY, with operating profit totalling SEK1.1bn (up 2% YoY) for the first six months of 2025. Meanwhile, there was a significant legal victory this year: a SEK100m fine handed to Svenska Spel by the Swedish Gambling Authority in March 2024 was overturned by the Swedish Administrative Court in Linköping in June. The company described the decision as “gratifying”, adding that the appeal was made because management felt the penalty was “disproportionate in relation to the shortcomings” and that there needs to be “greater clarity in the interpretation of the duty of care”.
38. ZEAL Network
It has been a year of transition for the German lottery brokerage firm with new faces appointed to the most senior roles. In July, Austrian business leader Stefan Tweraser was unveiled as the new CEO, replacing outgoing chief Helmut Becker, who has transitioned into a consultancy role for the remainder of his contract, which expires in 2026. Furthermore, the former CEO of HSBC’s German unit Carola Gräfin von Schmettow became chair in May, following Peter Steiner’s announcement that he was stepping down. For the first half of the year, the Hamburg-based firm behind LOTTO24 and Tipp24 reported that revenue climbed by almost a third YoY to €101.5m and EBITDA soared 76% to €35.4m for H1. The stellar performance of the lottery business was said to be the “key driver” of the revenue growth. Despite a dip in average jackpot levels, lottery billings rose 4% to €527.3m, while monthly active customers increased 12% to 1.5 million. ZEAL’s games segment, which expanded its B2C portfolio to more than 480 titles in H1, recorded a 49% jump in revenue to €6.7m.
37. Pinnacle
Since a well-publicised leadership transition in 2023 that saw longtime CEO Paris Smith move into an advisory role, Pinnacle has been relatively quiet on the North American front, apart from augmenting its presence throughout Canada. Its proprietary sportsbook is licensed in Ontario, while the Curaçao-based business also offers icasino in the country’s most populous province. Over the past year, the online bookmaker has focused on its icasino vertical in that pursuit through an ongoing partnership with B2B supplier EveryMatrix. The first phase was completed in Q4 2024 with Pinnacle’s global transition onto CasinoEngine, EveryMatrix’s online casino platform. Building on its longstanding reputation as a high-volume, low-margin bookmaker that uses sharp money for price discovery, Pinnacle offers a range of tools for bettors to improve their knowledge thanks to the educational resources on the website. This includes in-depth articles and videos on a variety of gambling-related topics, as well as calculators to work out margin, bet payouts and, interestingly, arbitrage opportunities to capitalise on market inefficiencies across different sportsbooks. Unlike most traditional operators, arbers are welcomed with open arms at Pinnacle.
36. PENN Entertainment
As we entered the home straight with compiling the EGR Power 50, PENN and Disney-owned ESPN announced they are to terminate their 10-year ESPN Bet partnership from 1 December. Instead, PENN’s theScore Bet (live in Ontario) will re-enter the US as its online sports betting brand, supported by Hollywood Casino. It was perhaps inevitable the plug would be pulled early on a product and tie-up (PENN was paying Disney $150m a year for the privilege of licensing the ESPN brand) that had failed to live up the hype – and management’s lofty market share aspirations. Up until the announcement on 6 November, PENN had been making some progress to improve ESPN Bet’s fortunes, including ESPN and ESPN Bet account linking in Q4 2024 and the rollout of the new fully integrated ESPN app just ahead of this NFL season. In between that, ESPN Bet launched in Washington DC in Q1 – its 20th jurisdiction – and inked a partnership with the Chicago Bears in Q3. On the igaming front, Hollywood Casino was expanded to Pennsylvania (Q4 2024), Michigan and New Jersey (Q1 2025), and there was the launch (Q2 2025) of theScore Casino, a standalone igaming app for Ontario customers.
35. CIRSA
Making its debut in the EGR Power 50, international land-based gaming giant CIRSA has been busy expanding its digital footprint of late via M&A. First, in the summer of 2024, the owner of Spain’s Sportium took a 70% stake in leading multi-channel Peruvian operator Apuesta Total. Hard on the heels of this deal, CIRSA acquired 68% of prominent locally licensed Portuguese online brand CasinoPortugal. The most significant development so far in 2025 was its IPO in June at €15 per share. Such was the clamour for a piece of the action, the Terrassa-headquartered group attracted 250+ institutional investors, and the IPO was oversubscribed more than eight times over. The following month, CIRSA’s shares floated in Spain (the stock is, at the time of writing, still hovering around the €13 mark). On 9 September, management revealed that financial performance for Q2 2025 – the first quarter disclosed as a public entity – included a 63.5% YoY bump in online revenue, fuelled by “strong double-digit organic growth” and the integration of Apuesta Total, while EBITDA surged 120% YoY. The digital arm represented 23% of group revenue in H1 2025, up from 16% in H1 2024.
34. SkillOnNet
The company behind a panoply of igaming brands, which include PlayOJO and PlayUZU, is firmly on an upward trajectory where financial and operational KPIs are concerned; numbers seen by BDO reveal significant YoY increases in NGR, EBITDA, operating profit, average monthly active players and average monthly FTDs. It’s been a busy 12 months for the Limassol, Cyprus-based firm, too, with PlayUZU rolled out in Peru and Mexico, as well as BacanaPlay joining PlayUZU in regulated Brazil. In August, SkillOnNet announced the relaunch of the Megaways Casino brand in the UK, slated for late 2025, and it also teamed up with creative agency Isobel for the second instalment of the ‘It’s Alive’ TV ad campaign in July to showcase its live casino products. Localised versions of the ad are set to be aired in Spain, Canada and Latam markets before the end of 2025. As for the tech side, a proprietary AI chatbot has been introduced for faster and smarter customer support, as well as a fully AI-powered live dealer roulette game. With preparations underway for expansion into Ireland, New Zealand, Alberta and Finland through local licences, SkillOnNet is one to keep an eye on.
33. Rank Interactive
A 31% rise in the FTSE 250 group’s share price so far in 2025 reflects a business on the up – particularly in digital. Powered by proprietary tech platforms, Rank’s online division has delivered encouraging returns of late, with NGR rising 10% YoY to £235.7m and operating profit surging 41% to £33.3m for the 12 months to 30 June 2025 YoY. Digital NGR growth in the UK – a segment that has received “significant investment” in its flagship Grosvenor and Mecca brands – was higher, at 12% YoY. Omnichannel efforts continue to receive capital and attention; CEO John O’Reilly told EGR following the release of the latest financial results that Rank was making good progress on delivering a “seamless, cross-channel experience”. He remarked: “Something like over 70% of customers who play in a casino in the UK also play online, so that is very much our sweet spot.” Elsewhere, revenue in Spain for the Yo and Enracha brands was flat at £26.9m, while the launch of YoBingo in Portugal – the country’s first regulated bingo site – is in the works. Finally, group non-executive chair Alex Thursby stepped down in October after six years. Former Barclays head John Ott has been named as the new chair, effective from 17 November.
32. Paf
With a core aim of generating funds for the benefit of society in a sustainable and responsible way, the Åland Islands-based operator managed in the last year to increase profits while further lowering players’ annual loss limits. On the former, all key metrics, including profit, for the 12 months to 30 June supplied to BDO show a marked increase on the previous year. Management publicly revealed in May that FY 2024 revenue rose 3% YoY to €183m, though profit slid 1% to €54.3m mainly due to increased taxes (lottery tax in Finland jumped from 5% to 12% and Sweden’s igaming tax went from 18% to 22%). On the further lowering of its self-imposed player limits, Paf announced in March 2025 that the annual cap on a customer’s losses would be reduced from €17,500 to €16,000. It was cut from €8,000 to €6,000 for those aged 20 to 24, though the maximum loss for 18- and 19-year-olds was held at €1,800. When it comes to product, Paf boosted its offering and UX by releasing in-house-developed native iOS and Android apps in 2025. There were site launches, too. Golden Bull, Piñata Casino and Speedy Bet were introduced in Spain and 1X2 and Golden Bull were rolled out in Sweden.
31. Winamax
It’s now 15 years since this poker-first operator launched in its home market of France, when Europe’s third-largest economy flicked the switch on regulated online poker and sports betting in 2010. Winamax, which went on to become France’s largest digital poker room thanks in part to its standout proprietary software, is also licensed and live in Spain (poker and sports betting) and Germany (sports betting only). Known for its distinctive branding and unique tone of voice, the Paris-based operator released its latest ad in France in late summer, a big budget campaign directed by Romain Chassaing and created in conjunction with agency TBWAParis. Titled ‘The Moon Race’, the ad features a group of people competing to be the first to touch down on Earth’s natural satellite. Sticking with marketing, it was announced in March that Winamax had become the sponsor of the Professional Darts Corporation’s European Tour events in Germany. Winamax’s front-of-shirt shirt deal with Bundesliga side VfB Stuttgart ended in 2025 over a legal dispute, though the brand still sponsors Ligue 1 sides RC Strasbourg Alsace, RC Lens, Stade Rennais and Le Havre AC.
If you are lucky enough to be ranked a Power 50 operator, secure your place at the Power 50 Summit next April
The post EGR Power 50 2025: 50-31 first appeared on EGR Intel.
EGR reveals rankings 50-31 for this year’s Power 50, published in partnership with EveryMatrix
The post EGR Power 50 2025: 50-31 first appeared on EGR Intel.