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10. Betsson AB
Retaining its position in the top 10, Betsson AB, which employs nearly 3,000 full-time staff across 21 offices (Malta is the operational HQ), is one of those publicly listed operators that chugs along nicely, delivering consistent top- and bottom-line growth. Such has been the run of positive quarterly financial results, CEO of Betsson AB Pontus Lindwall likened the organisation, in a recent interview with EGR, to a football team racking up victories. “We are winning each game […] we feel strong,” the Swede declared. Revenue from Latam, one of its star players, swelled 35% YoY in the second quarter to reach a new high of €84.7m. Operations in Peru and Argentina were cited “the main drivers”, as well as record levels of customer deposits and casino turnover.
Always on the lookout for opportunities to expand its presence in Latam, local licences were obtained in Brazil and Paraguay in the first quarter of the year, complementing licences secured in 2024 for brands Betsson, Betsafe and Inkabet in regulated Peru. Elsewhere, Central and Eastern Europe and Central Asia (CEECA) is still the company’s largest region by share of revenue (41%). A couple of noteworthy developments in this segment, both of which occurred in Q2, were Europebet in Georgia rebranding to Betsson and, similarly, Betsafe being replaced by the group’s flagship eponymous brand in Lithuania.
Meanwhile, on the M&A front, the acquisition of Sporting Solutions’ trading, pricing and risk management services for sports betting from FDJ United completed in December 2024, a deal that came a few months after its stake in its French JV, Betsson France, was increased from 49% to 67%. In Q1, Betclic Italy was acquired in what Betsson AB said was a “relatively small transaction”. In the same quarter, the firm took full ownership of Bukmacherska, operator of licensed Polish bookmaker Fuksiarz. One M&A deal hit the skids, though, with management in June terminating the €27.5m acquisition of Dutch-licensed Holland Gaming Technology Ltd and Holland Power Gaming BV, choosing instead to “pursue other business opportunities”.
Finally, Betsson AB added to existing football sponsorships with the likes of Italy’s Inter and Boca Juniors in Argentina by forging a three-year deal in the summer to become the main partner of Belgian Pro League side Club Brugge.
Financials: Group revenue increased 15% YoY to €519.7m during the first half of 2025, while EBITDA climbed 8% to €161.8m for the same period
Strategy & impact: Very much casino first (~70% of revenue). A significant chunk (40%+) of revenue is derived from unregulated jurisdictions, though this share has shrunk over recent years
Geographic reach: CEECA remains the company’s largest region by percentage of revenue (41%). This is followed by Latam (26%), Western Europe (19%), Nordics (12%) and Rest of World (2%)
Influence & leadership: Its legacy stretches all the way back to a single slot machine in Sweden in 1963. Today, it’s a well-run international online business with CEO Pontus Lindwall providing a steady hand on the tiller
9. Superbet Group
Breaking into the EGR Power 50’s top 10 for the first time, it’s been a strong 12 months for the CEE-centric omnichannel operator, reflected in eye-catching gains shown in the numbers shared confidentially with BDO. Superbet Group, which welcomed back founder Sacha Dragic as co-CEO last year (with the 59-year-old set to become the sole CEO from January 2026), is delivering impressive growth, boosted by a €1.3bn refinancing agreement secured in early 2025 with asset management company Blackstone. Bosses at the privately owned operator (still no news on an IPO) insisted the deal would provide a “strong financial platform for the coming years”.
Bucharest-based Superbet Group, which includes the Superbet brand and Napoleon Sports & Casino (the Belgian operator was acquired in 2021), is the leader in its home market of Romania and holds podium positions in Belgium and Poland. Incidentally, a new 600 sq m office was opened in the Polish capital, Warsaw, in May, becoming the company’s second hub in the country (alongside its office in Katowice). It’s also among the market leaders in Brazil, where locally licensed Superbet has solid brand recognition thanks in large part to its front-of-shirt sponsorships of football teams São Paulo FC and Fluminense FC. A business with in-house tech and innovation at its core, two new product and tech hubs were unveiled this year in Madrid and Amsterdam, while customer-facing upgrades have been plentiful. For example, there’s been the introduction of SuperSub (bets roll over to the player subbed on), loyalty and gamification feature SuperCoins deployed across the gaming platform, and leaderboards added to the casino to foster competition. Free-to-use social platform SuperSocial has received attention, too, with a personalised ‘For You’ feed for content discovery and the rollout of a content creator programme that rewards tipsters whose bets are copied by others.
In September, Superbet hit the headlines – in a good way – for taking the decision to fully honour payouts totalling north of €30m to thousands of players in Romania following a technical glitch. The error meant, the operator said, that winnings were “incorrectly calculated” and therefore larger than what should have been awarded, though Superbet insisted the firm “remained consistent with its vision of doing what is right for our customers”.
Financials: While online-specific financials and other KPIs disclosed to BDO must stay under wraps, Superbet Group demonstrated real momentum
Strategy & impact: Armed with one of the most coveted web domains in online gambling (superbet.com), the operation is powered by heavy investment in proprietary tech and high-profile sponsorships
Geographic reach: The CEE region is where Superbet made a name for itself, yet following its success in Brazil, other regulated markets in Latam are being eyed up for expansion
Influence & leadership: Soon-to-be sole CEO and founder Sacha Dragic (pictured) has been instrumental in this growth story, right back to when the business began in 2008 with a chain of betting shops in Romania
8. FDJ United
The €2.45bn acquisition of Sweden’s Kindred Group – completed in October 2024 – catapults France’s monopoly lottery operator from 42nd last year to eighth for this edition of the EGR Power 50 (Kindred was ninth last year). The enlarged group has a different corporate identity to last year, too, with La Française des Jeux replaced in March by FDJ United – a move designed to reflect a diversified enterprise that also includes horseracing operator ZEturf and Premier Lotteries Ireland (both acquired in 2023). However, digital performance took a hit in the first half of 2025 due to tax and regulatory impacts in key markets. In the Netherlands, where Unibet is the market leader, monthly net deposit limits for under-25s were slashed from €700 to €300 just over a year ago and, as of 1 January 2025, tax on GGR went from 30.5% to 34.2%. Following H1, France added to FDJ United’s tax burden by lifting gambling duties, including taking online sports betting GGR from an already unpalatable 54.9% to a hard-to-swallow 59.3%.
The group staged a Capital Markets Day (CMD) in June, offering investors and the media a chance to peer under the hood at operational developments. The staggered rollout of the in-house sportsbook, Kindred Sportsbook Platform (KSP), is slowly making progress and is live in a limited number of test markets. The aim is to migrate all brands in all markets to KSP by the end of 2026. Another work in progress is repositioning casino-first 32Red as an international operator, expanding beyond UKI. It was during the three-hour presentation that the leadership team laid out ambitions for FDJ United’s online betting and gaming unit to become a top three operator in seven of its eight main European markets by 2028. The ‘Play Forward 2028’ strategic plan includes targets of group-wide annual organic revenue growth of 5% and reoccurring EBITDA margin north of 26%.
We also learned about the resources FDJ United is ploughing into generative and agentic AI to improve efficiencies and CX. Indeed, the business employs 300 data experts (scientists, analysts, engineers, etc), while 100% of the workforce will be trained in AI and data by the end of 2025. “This is setting us up for a future where we lead in the industry, not just follow,” enthused chief digital, data and AI officer Sébastien Rozanes.
Financials: H1 2025 revenue for the online betting and gaming division slid 12% YoY to €466m. Recurring EBITDA tumbled 37% to €95m
Strategy & impact: The swoop for Kindred Group accelerated FDJ United’s digital presence. Unibet, 32Red and Maria Casino are the principal brands, alongside domestic names, such as Vlad Casino in Romania
Geographic reach: Active in 10 European markets, including podium positions in France, Denmark, Finland and the Netherlands. Unibet is also in Australia – the firm’s only territory outside Europe
Influence & leadership: Has transitioned in the past few years – thanks largely to M&A deals – from France’s national lottery operator into a sizeable European sports and gaming enterprise
7. Kaizen Gaming
There seems to be no stopping the rise of this Athens-based international powerhouse and owner of Betano. The impressive growth was validated when Kaizen Gaming was crowned operator of the year at the EGR Operator Awards in October – the third occasion in the past four years our panel of independent judges awarded the headline category to the privately owned business. But it didn’t stop there; Kaizen Gaming scooped another five accolades, including casino operator of the year and sports betting operator of the year.
Live in 17 regulated markets globally, Betano continues to make inroads in one key region: Latam. The sports-led brand entered Colombia roughly a year ago, though the timing was unfortunate with the country’s leftist government introducing a 19% VAT on player deposits in early 2025 as part of an emergency decree. Further south, in June, Betano went live in the Argentine province of Mendoza, complementing existing licences held in the city of Buenos Aires and its province. Elsewhere, Betano is considered the market leader in Brazil, a feat achieved some time before the switch was flicked on the regulatory regime at the start of 2025 (Kaizen was among the first operators to be awarded licences). Given its presence in Brazil and growing Latam footprint, Kaizen moved into a new 4,300 sq m São Paulo office in January. Closer to home, its European market tally increased in March with Betano’s sportsbook and casino introduced to Belgium.
Kaizen is arguably the sector’s most prolific sponsor of professional sports – a gameplan designed to draw as many eyeballs as possible to Betano’s branding. Bosses haven’t lifted their foot off the marketing pedal either, with a flurry of deals in 2025 adding to a bulging portfolio of existing sponsorships. Still basking in the glory associated with partnering last year with UEFA Euro 2024 and Copa América, Betano became an official partner of the summer’s newly expanded FIFA Club World Cup in the US. Betano also inked a partnership this year with German giants Bayern Munich, as well front-of-shirt deals with Rio de Janeiro side Flamengo, Argentina’s River Plate and Brøndby IF in Denmark. It’s safe to assume, if the company’s track record is anything to go by, this won’t the last of the sponsorship announcements – or new market launches.
Financials: All the headline financial figures seen privately by BDO reveal impressive gains across the board for the 12 months ending June 2025
Strategy & impact: Underpinned by high-profile sponsorships, the Betano logo is a familiar sight for football fans. Fully localised products are powered by a proprietary tech stack
Geographic reach: Betano is in 17 regulated markets. In July, OPAP acquired the remaining 15.51% in Stoiximan, while Kaizen Gaming remains the platform and technology provider for the Greek and Cypriot bookmaker on a B2B basis
Influence & leadership: Still headed up by founder and CEO George Daskalakis. The team learned from a failed foray into Poland 10 years ago and turned Betano into a global heavyweight
6. MGM Resorts International
While this bricks-and-mortar casino giant is best known for its iconic properties in the US and Macau, MGM Resorts International’s online operations are of growing importance. In a nutshell, the online segment encompasses the BetMGM JV with Entain in North America (US and Ontario), as well as MGM Digital, which includes wholly owned LeoVegas Group, the unit behind BetMGM and other brands in almost a dozen regulated jurisdictions, mostly in Europe. Up until June of this year, LeoVegas Group had been headed up by Gustaf Hagman, the gregarious co-founder of the Swedish operator MGM Resorts International snapped up in 2022. However, he stepped down in the summer and was replaced by deputy CEO Mattias Wedar. The UKI arm has a new chief, too, with Andy Wright unveiled in September as managing director. Wright, who has been at the sharp end of sports trading for most of his career, oversees a division that includes BetMGM, BetUK and eponymous casino-first brand LeoVegas.
It’s nearly 18 months since LeoVegas Group acquired Tipico’s US tech and platform – and we saw the dev team’s efforts begin to bear fruit in July with the release of a proprietary sports betting product in Denmark for the LeoVegas and expekt brands. Trumpeted by chief product and technology officer Adrian Vella as a “big milestone”, he insisted the “fully upgraded experience” was faster and came equipped with unique features like gamified bonus functions. Though it’s not clear where the product will surface next as part of a phased international rollout, management views the transition as critical to the firm’s tier-one aspirations in its key markets.
We know a tech migration is in the pipeline for Brazil, a market where MGM Resorts International is partnered with media conglomerate Grupo Globo in a bid to amplify the BetMGM brand. The sportsbook and casino product went live in February, shortly after the country regulated online gambling. Despite Brazil’s regulatory headwinds, ambitions are bold; MGM Resorts International is talking about snaring at least 10% of what it says is a total addressable market worth $7bn. As CEO Bill Hornbuckle underlined at the Bank of America Lodging and Gaming Conference in September, the focus internally is firmly trained on Latam’s most populous nation: “As a growth priority, it’s Brazil,” he asserted.
Financials: MGM Digital’s net revenue was up 8% to $291.9m for H1 2025, while adjusted EBITDA losses totalled $60m. Owns 50% of the BetMGM North America JV; online NGR rose 37% YoY
Strategy & impact: Relies on Entain’s tech to power BetMGM in North America, while LeoVegas Group runs BetMGM and other brands elsewhere. Currently rolling out an in-house sportsbook platform
Geographic reach: MGM Digital’s brands operate in 11 markets across Europe, Canada and Latam. The BetMGM app (Entain JV) is in 25 North America jurisdictions
Influence & leadership: The MGM name and iconic lion logo transcends the world of gambling, while LeoVegas Group is one of the industry’s the most respected and capable online businesses
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: 10-6 first appeared on EGR Intel.
EGR kicks off the countdown of the top 10 operators, published in partnership with EveryMatrix
The post EGR Power 50 2025: 10-6 first appeared on EGR Intel.