TOP-10 largest iGaming providers in 2025

Below is an editorial list of iGaming's largest B2B providers by total market strength in 2025: revenue, distribution and brand/game portfolio. References are given for key facts and fresh financial benchmarks.

💡 ️ Note: many giants combine ground business, lotteries, platforms and digital. We're looking at weight in online casinos, even if the company is wider than iGaming.

1) Evolution (включая NetEnt, Red Tiger, Big Time Gaming, Nolimit City, Ezugi)

Why in the top in 2025: the undisputed leader of live-casino + the strongest slot portfolio from the acquired studios. The group's revenue exceeded €2 billion in 2024, while expansion in the United States continued (Crazy Time in several states, connecting slot brands).

What is important: an intensive release plan (100 + titles/year), "game shows," aggressive expansion of RTP profiles and market builds for regulated markets.

2) Light & Wonder (L&W)

Why at the top: One of the sector's biggest public companies; consolidated revenue of $3.2 billion for 2024 (including Gaming & iGaming), active buy-backs and digital segment growth through OpenGaming, studios and M & A.

What is important: a strong IP ecosystem, cross-pollinization of ground hits into digital.

3) Playtech

Why in the top: a major B2B player (live-casino, slots, platform/IMS). B2B revenue for 2024 - €754.3 million (+ 10% YoY); acceleration of live and SaaS models.

What is important: strong positions in America (Caliplay/Wplay partnerships), growth of the live segment.

4) IGT PlayDigital (IGT Group)

Why in the top: a heavyweight with a powerful Digital/PlayDigital portfolio and the largest footprint in the US through the presence of IGT. IGT Group revenue for 2024 - $2.5 billion (after the lottery separation - focus on core and digital growth).

What is important: synergy of terrestrial brands online, sustainable B2B demand in regulated jurisdictions.

5) Pragmatic Play

Why in the top: super-prolific multi-vertical provider (slots, live, bingo, virtual sports) with a powerful presence in Europe and Latham; regular industry awards (e.g. CasinoBeats, SiGMA).

What is important: high speed content releases, promo set (tournaments/jackpots), strong "long-lived" hits.

6) Play’n GO

Why in the top: one of the most recognizable slot brands with a long "tail" of income from Reactoonz/Book series; active expansion in North America (deal with Caesars in 2025, presence in several states and Ontario).

What is important: stability of the IP portfolio, careful work with regulated RTP profiles and locales.

7) Games Global (legacy of the Microgaming network)

Why in the top: owner of the widest distribution and IP (including Mega Moolah, Immortal Romance) after the deal on Microgaming assets; notable representation among top operators (Bet365, William Hill, etc.).

What's important: focus on slots and progressive jackpots, a large number of partner studios.

8) Aristocrat Interactive (Anaxi) + NeoGames

Why at the top: NeoGames integration (closed in April 2024) gave a sharp increase in online revenue and strengthened its position in iLottery/iGaming; the online division grew> 80% in 2024 (based on integration).

What is important: a combined stack (content + platforms + iLottery), access to strong ground IP.

9) NOVOMATIC / Greentube

Why top: Europe's historic giant with record group revenue of €3.45 billion in 2024 and the Greentube digital division, which is expanding rapidly in North America (CT, Ontario).

What matters: Bringing iconic ground series online, the rise of regulated coverage.

10) Relax Gaming (RLX Gaming)

Why in the top: supplier-hitmaker (Money Train, etc.) + strong distribution network; under the wing of Kindred from 2021, in 2025 continues to grow as an independent B2B brand, developing IP and aggregation.

What is important: a combination of its own content and an aggregator model, a high ROI of tournaments/features for operators.

What it means for operators and studios in 2025

Consolidation = strength of portfolios. The purchase of studios (Evolution, L&W, Aristocrat) strengthened the live + RNG + "combo" platforms. This speeds up the listing by market and gives the scale of the promo.

Regulated markets decide. In the top are companies that meet MGA/UKGC/NA requirements as much as possible and conduct aggressive localization of the market builds. (See Evolution and Play'n GO for US expansion, IGT is historically strong in NA.)

Live-casino remains the driver. Leaders are those who are either No. 1 in live or convert ground hits to strong online verticals.

How we ranked

1. Scale of revenue/TTM (group/digital segment). 2) Global coverage and certifications. 3) Brand/studio portfolio and release pace. 4) The power of IP and jackpots/live. 5) Visibility from top operators. (Ratings are not an investment recommendation; the market is changing rapidly.)

Who else should be kept in sight

Playtech Live (accelerating live), Yggdrasil, Push, Hacksaw, ELK, NoLimit City (as part of Evolution), EveryMatrix (SlotMatrix) - strong niches and aggregator models.

Platform providers (EveryMatrix, SOFTSWISS, Bragg) amplify influence through RGS/aggregation, but here we focused on content.

In 2025, the "largest" are not only studios with hits, but also portfolio holdings with wide distribution, licenses and verticals (live + RNG + jackpots + platform). For the operator, this means faster content output and powerful promotional tools, and for independent studios, the need to clearly understand how to fit into the top 10 ecosystems (through exclusives, unique mechanics and work with aggregators).