Spoiler alert: Flutter Entertainment has made it five consecutive wins by topping the 21st edition of the EGR Power 50, with bet365 and DraftKings taking second and third places, respectively. In this article, we’ve selected some key figures from the newly published report in the latest edition of EGR.
6
This number reflects the rank positions MGM Resorts International has climbed, jumping from 11th place last year to 5th in the current edition. The Las Vegas-based casino titan has made remarkable progress in the digital domain, largely through its LeoVegas Group’s operation of the BetMGM brand outside North American markets.
Since its launch in the UK in summer 2023, the brand has aggressively marketed itself, featuring polished TV advertisements with US comedian and actor Chris Rock. Multiple partnerships with Premier League clubs were established this year, and the acquisition of the Premier League Darts headline sponsorship in 2024 marked another strategic win for management.
BetMGM has also expanded into the Netherlands and Sweden. Furthermore, in June, LeoVegas Group announced the acquisition of Tipico’s US B2C platform, together with trading teams across the US, Colombia, and Europe, to enhance its internal product and pricing capabilities. In the United States, MGM Resorts International’s BetMGM joint venture with Entain, led by Adam Greenblatt, holds a 15% total market share (8% in sports betting and 22% in igaming).
16
In preparation for the EGR Power 50, we enlist the expertise of accountancy and business advisory firm BDO to analyze the financial performance of both public and private companies. As part of the report, BDO provides visual data showing how operators in the rankings have performed over the past year and several previous years. Below, one chart reveals that the compound annual growth rate (CAGR) for net gaming revenue (NGR) since 2018 is 16%. NGR for the 12 months ending June 30, 2024, reached £33.7 billion.
21
The newly introduced highest entry (21st position) is Hard Rock Digital (HRD). The tribal-owned Hard Rock online division claimed this notable position, thanks in part to its monopoly operation with the mobile sportsbook Hard Rock Bet in Florida. Industry observers have even suggested that HRD could rise to third place based on national market share after relaunching the product in Florida at the end of 2023.
The exclusive access to a state like Florida, with nearly 17 million adults over the age of 21, is quite beneficial, but the team has remained proactive on enhancing the proprietary product. The app has seen various UX enhancements, including play prop tracking, a ‘Discover’ page showcasing popular bets and SGPs, and a revamped Flex Parlay with a slider for adjusting potential payouts if all wager legs do not succeed. HRD is redirecting profits from Florida to efforts in other US states (Illinois, Arizona, Indiana, New Jersey, Ohio, Tennessee, and Virginia), positioning itself as a formidable challenger in the US market landscape.
75.5
This is BDO’s estimate of the market capitalisation (£75.5 billion) of the publicly listed and privately owned firms that participated by submitting financials. This figure marks a 3% increase from 2023 (£73.6 billion). For reference, the total market capitalisation in 2022 was £45.7 billion, while 2021 saw a new peak of £83.2 billion as the industry experienced a bull run driven by COVID-19’s impact on player behaviors and accessibility to inexpensive credit for funding M&A activities.
8
Kaizen Gaming achieved its highest position, breaking into the top 10 at eighth place. The company has been gaining significant attention in recent years primarily due to its Betano brand, known for its notable sponsorship of Euro 2024 in the summer. Betano, which underwent a brand refresh for the tournament, is also the official global sponsor of the UEFA Europa League and the UEFA Conference League.
With 13 million customers and operations in 18 markets (most recently entering Colombia with a soft launch in November), Betano is widely regarded as the market front-runner in Brazil. However, a clearer depiction may emerge after Brazil’s colossal market regulation begins in January 2025. Furthermore, financials confidentially shared with BDO showed that Kaizen Gaming experienced substantial year-on-year growth in NGR and active players for the 12 months ending June 30, 2024.
11
Stake was this year’s biggest riser in the rankings, moving up 11 positions to reach 17th place. Despite Stake’s involvement in grey and dark grey markets, which impacted its overall ranking, the company is making headway in regulated markets. Notably, it acquired Betfair Colombia last year and more recently the parent company of Idealbet in Italy. Stake is also on Brazil’s Ministry of Finance’s list of authorized operators.
By owning the live streaming platform Kick, Stake’s founders provide a showcase for the Stake brand and its products to a Gen Z audience. Additionally, its exclusive title partnership with F1 team Sauber for the 2024 and 2025 season, featuring the Stake logo prominently on the car, has greatly boosted the brand’s visibility.
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