34

The number of places FDJ United catapulted up the ranking after the €2.45bn acquisition of Kindred Group, completed in October 2024 (Kindred was ninth last year). Known as La Français des Jeux in last year’s edition, the company underwent a corporate makeover earlier this year to better reflect what is a diversified business comprising the Kindred brands (eg Unibet, 32Red, Maria Casino), as well as horseracing operator ZEturf and Premier Lotteries Ireland (both acquired in 2023).

9

Superbet Group’s highest finish so far. The Bucharest-headquartered operator confidentially shared impressive KPIs with BDO – the accountancy and business advisory firm we use to crunch the numbers – while it is the leader in its home market of Romania and holds podium positions in Belgium and Poland. Sacha Dragic returned as co-CEO last year, and the 59-year-old is set to become the sole CEO of the business from January 2026.

15%

The combined year-on-year (YoY) net gaming revenue (NGR) growth rate for the 12 months to the end of June 2025 for the top 30 firms on the list, according to proprietary data from BDO. Collective NGR amounted to £41.2bn, compared with £35.8bn the year prior.

6

The number of consecutive years Flutter Entertainment has spent atop the EGR Power 50 – and it’s easy to see why. Its FanDuel brand remains out front in the US with a 38% share of online sports betting and a 27% slice of igaming, based on gross gaming revenue (GGR), while it holds gold medals in the UK (Paddy Power, Sky Betting and Gaming, Betfair, tombola), Italy (Sisal and recently acquired Snaitech) and Australia (Sportsbet). It is also getting into the red-hot US predictions markets space, including sports event contracts in states where sports betting isn’t yet legal. Group-wide revenue and adjusted EBITDA are expected to reach $16.7bn and $2.9bn at the midpoint, respectively, for full-year 2025.

£87.4bn

BDO’s calculation for the total market capitalisation of the top 30 companies in the EGR Power 50. This number represents a 18% increase on the prior year, though it is still down on the 2021 high of £92bn during the post-Covid bump when the value of listed companies ballooned.

4

This year saw four new entries: Cirsa (see below), Codere Online (44th), Kingmakers (47th) and Coolbet (50th). Live in 10 markets – primarily northern Europe and Latam – Estonia-based Coolbet demonstrated a solid year on year gains for financials. Meanwhile, Kingmakers – the parent company of Africa-facing BetKing and SuperSportBet in South Africa (launched in 2024) – is one of the region’s leading bookmakers. Codere Online’s primary markets are Spain and Mexico, though the Nasdaq-listed firm is quietly growing its footprint in Latam.  

35

The position of the highest new entry: CIRSA. The bricks-and-mortar company behind Spain’s Sportium took a 70% stake in Peruvian operator Apuesta Total last year. Hot on the heels of this deal, a 68% stake was acquired in locally licensed Portuguese online brand CasinoPortugal. CIRSA IPO’d in June at €15 a share and such was the interest among investors, the Terrassa-headquartered group attracted 250+ institutional firms and the IPO was oversubscribed more than eight times over.

6

How many companies are on our ‘Ones to watch’ list this year. In other words, the firms that didn’t quite make the grade this time around but have the potential to be included in a future EGR Power 50. This year’s qualifiers are BOYLE Sports, Midnite, SportyBet, Betty, EstrelaBet and MrQ.

38%

That’s the share of operators (19) in the EGR Power 50 that are publicly listed. Flutter leads the way in terms of valuation at $33.8bn, though that figure marks a fall of nearly $16bn on the group’s market cap of $49.5bn 12 months ago, with investors spooked by the rise of prediction markets. Of the remainder, 27 are private entities, three are state-owned (Svenska Spel, Danske Spil, Paf) and one is a not-for-profit (Hong Kong Jockey Club). The big question is whether the speculation is true and bet365 flips from private to public as part of a blockbuster sale by the time the 2026 edition of the ranking is published.

5

Super Group’s highest finish in the ranking to date. The Betway and Spin (a portfolio of more than 20 casinos) stepped up one spot this year, reflective of a business moving in the right direction – along with its share price (up more than 90% so far this year). Super Group has exited a number of markets in the past year, including the cash burn that was the US, and is increasingly concentrating on Africa where it is in eight regulated markets, seven of which it holds podium positions. Management is embracing cypto, too, including launching a stablecoin – known as Supercoin – pegged to the South Africa rand. One better than fifth next year? It’s certainly possible.

18%

Adjusted EBITDA margin for the top 30 firms, according to BDO data. This matched 2024 (18%) but was above 2023 (16%) and 2022 (17%). Meanwhile, total adjusted EBITDA for the 12 months to 30 June 2025 amounted to a new high of £7.3bn, up 11% from £6.5bn the previous year. The compound annual growth rate since 2020 is 11%, BDO reported.

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