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TOP-5 of stock and public companies in the field of iGaming
1) Flutter Entertainment plc (LSE/NYSE: FLUT)
Who it is: World No. 1 in online betting and casino scale. Brand portfolio: FanDuel (US), Paddy Power/Betfair/Sky Betting & Gaming (UK/IE), PokerStars (global), Sportsbet (AU), Sisal (IT) Strong proprietary risk/quote, marketing and CRM stack, deep omnichannel in US via FanDuel.
Growth drivers
USA: expansion of states (sports) and iCasino where allowed; cross sell from sports to casinos.
EB/UK: retention of share when tightening RG/advertising due to data and personalization.
Content and live games through partnerships and exclusives; the development of poker as a "fannel."
Key risks
Regulatory (rate/speed limits, marketing, taxes), legal cases.
Cost of US traffic and pressure on promo.
What to watch in reports (KPI)
Active monthly customers (AMCs), ARPU, US market share (especially Net Gaming Revenue), sports/casino mix, margin after promo, LTV/CAC.
2) DraftKings Inc. (NASDAQ: DKNG)
Who it is: One of the leaders of online betting and casinos in the United States. Strong proprietary trading platform, advanced personalization and media integration. Actively builds an iCasino ecosystem based on internal studios and exclusive content.
Growth drivers
Deepening in iCasino (higher margin and predictability vs sports).
Partnerships with leagues/media, the growth of "in-play" and SGP (same game parlays).
Operational discipline: reducing promotional intensity, improving payments and payouts.
Key risks
Volatility of sports margins during peak seasons.
iCasino jurisdictional barriers; competition for VIP.
KPI
NGR by vertical, margin after promo, cohort retention, Approval Rate/Time-to-Payout, wallet share of active.
3) Entain plc (LSE: ENT)
Who is it: A global online player with a strong European base (bwin, partypoker, Ladbrokes/Coral, Eurobet). Model - multigeo + proprietary technology stack. In parallel - a partner business in the USA through BetMGM (JV).
Growth drivers
Portfolio restructuring, focus on markets with sustainable compliance and white payments.
Improving unit economics of bonuses and content (slot/live mix, missions/seasons).
BetMGM JV dividend growth as iCasino scales in several states.
Key risks
Further regulatory restrictions in EC/UK; legacy legal issues.
Margin pressure when switching to "rules in code" (RG/limits/speed).
KPI
Online NGR by region, margin after bonuses and payments, JV contribution, PF/RG metrics (for admission to channels).
4) Evolution AB (STO: EVO)
Who is it: Leading B2B provider of live casino and RNG content (via NetEnt/Red Tiger/Big Time Gaming). The beneficiary of the "omnichannel" trend: operators around the world buy live tables, show games and a slot portfolio from Evolution.
Growth drivers
Expansion of studios and localization of games (languages, prime times, exclusives).
New show formats (crash-/game-shows), jackpots, Megaways mechanics.
High operating margin due to B2B model and "network effect" of providers.
Key risks
Certification/regulation in new regions; reputational cases around marketing and content.
Competition from other live studios (price/quality/licenses).
KPI
Revenue growth by region, studio downloads, live vs RNG share, gross margin, hit rate of new releases from operators.
5) Light & Wonder, Inc. (NASDAQ: LNW)
Who is it: Content and platforms for terrestrial and online casinos: slots (terrestrial and digital), OpenGaming aggregator, PAM solutions, gaming systems for IR. Bet on "one content - many channels."
Growth drivers
Repackaging terrestrial hits online (and vice versa), cross-licensing brands.
Platform stack extension (content aggregation, PAM, jackpots).
Geographic expansion into regulated online markets.
Key risks
Capital capacity of iron (ground slots/cabins) and cyclical nature of IR-caps.
Reliance on the success of major releases/franchises.
KPI
Share of digital income, aggregator growth, operator "binding" (retention content), segment margin.
Why exactly these five
Wide "footprint" in the markets: the USA/Europe are the most monetary regions of iGaming, and these companies are backbone there.
Different roles in the chain: two powerful B2C giants of the United States (Flutter/DraftKings), a European multigeo player (Entain), a top B2B live + RNG (Evolution) and a content-platform conglomerate (Light & Wonder).
Economies of scale: access to "white" payment rails, media and exclusives makes their unit economy more predictable.
What to watch investor/partner in 2025
1. Sports/casino balance: casinos give a more stable NGR/margin; sports - funnel and brand.
2. Payments and payouts: Approval Rate and p95 Time-to-Payout directly correlate with LTV/Retention.
3. Bonus discipline: Bonus Cost% GGR and increment to LTV, not "burn" promo.
4. PF transparency and RG: admission to "white" advertising channels and a decrease in chargeback/complaints.
5. Content strategy: release speed, share of exclusives, jackpot engineering, "seasons" and missions.
6. Jurisdictions and taxes: GGR-/NGR-base, rates and expected changes; influence of Pillar Two for large groups.
Short focus table
The iGaming market in 2025 is a union of large-scale B2C ecosystems and content/platform providers. Flutter and DraftKings set the pace in the US; Entain holds the multigeo balance in Europe; Evolution and Light & Wonder supply "fuel" - live shows, slots, aggregators and jackpots. To understand their prospects, look not only at revenue, but at the quality of the funnel (payments, payments, bonus economy), regulatory clearance (RG/PF) and content machine. It is these three blocks that turn scale into sustainable margins and cash flow.