Operators such as Tipico, Superbet and bet365 could be candidates to launch an initial public offering (IPO), following in the recent footsteps of Hacksaw Gaming and CIRSA, according to an investment analyst.
Speaking to EGR, Waterhouse VC analyst Oscar Silver noted that the recent flurry of igaming businesses going public could pave the way for other, larger firms to follow.
Supplier Hacksaw Gaming announced its intentions to launch an IPO back in June, with the hopes of raising SEK3.3bn (£260m) which would value the company at SEK22bn.
The company began trading on the Nasdaq Stockholm Stock Exchange later that month, closing its first day of trading at a share price of SEK75. The firm’s shares are trading at around SEK76 at the time of writing.
Blackstone Group-owned operator CIRSA also announced its IPO intentions in June, seeking to raise €400m in the process and valuing the firm at €2.5bn.
CIRSA began trading on multiple Spanish stock exchanges last week, closing its first day with a share price of €15.
Speaking to EGR, Silver noted the performance of both companies will determine whether other businesses in the industry will follow suit, while suggesting which specific companies might be ideal candidates for an IPO.
He said: “Much depends on whether current conditions hold. If macro stability continues and investor demand remains strong, companies with solid growth trajectories, exposure to regulated markets and private equity sponsors under pressure to exit will be first to test the waters.
“However, the market’s reaction to this initial wave will determine whether we see a sustained reopening or a more selective, opportunistic approach to public listings.
“Games Global was exploring an IPO last year before plans were shelved. Other potential candidates include Tipico and Superbet – both of which have private equity backing and could come to market if momentum continues.
“Soft2Bet also recently hinted that an IPO remains on the table as it expands into the US market. Perhaps bet365 could be the surprise package.”
Earlier this year, Tipico completed the acquisition of Austria-facing sports betting brand Admiral from Novomatic in an undisclosed deal.
In February, Superbet secured a €1.3bn refinancing deal with Blackstone to help support its ongoing expansion efforts. The Romanian firm has previously stated its intentions to become a public company.
The Guardian reported in May that the Coates family could be eying up a sale of bet365, with a listing on a US stock exchange also floated as a possibility.
Silver added that Hacksaw and CIRSA’s endeavours could indicate a wider trend in the igaming industry, rather than just being isolated occurences.
He continued: “Hacksaw Stockholm listing and Blackstone’s float of CIRSA in Madrid suggest a broader reopening of the igaming IPO market, rather than one-offs.
“Four converging factors appear to be driving this shift: improved macro conditions, greater regulatory clarity, renewed institutional appetite for wagering assets and mounting pressure on private equity to exit long-held positions.”
Blackstone previously intended to take CIRSA public in 2023, before shelving plans for a later date.
According to Silver, unfavourable market conditions at the time fuelled Blackstone’s decision to backtrack, while the success of other companies in the industry led to this now-successful float.
“Inflation shocks, volatile energy prices and tight monetary policy triggered market volatility. Spain’s snap election in July 2023 also introduced regulatory uncertainty around potential changes to gaming taxation and policy.
“These headwinds, combined with a sluggish European IPO market, made 2023 an inopportune time to go public.
“What likely gave Blackstone confidence to proceed in 2025, was the sector-specific momentum. Lottomatica shares have risen more than 80% this year, and Rank Group, which owns Grosvenor Casinos, is up more than 65%. That performance signaled renewed investor appetite and provided favourable comps for valuation.”
CIRSA was the first IPO in Spain since travel tech firm HBX Group went public in February.
The post Several operators could be IPO candidates in near future, suggests VC expert first appeared on EGR Intel.
Waterhouse VC analyst Oscar Silver points out the likes of Tipico, Superbet and bet365 could follow in the recent footsteps of CIRSA and Hacksaw Gaming and go public
The post Several operators could be IPO candidates in near future, suggests VC expert first appeared on EGR Intel.