EGR Power 50 2024: 30-11

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30. Fanatics Betting and Gaming

Another US operator making a first appearance in the EGR Power 50, Fanatics has been running at a breakneck pace over the past year – and that may be putting it lightly. Its first major milestone came in Q4 2023 when PointsBet’s shareholders voted in near unanimity to approve the sale of the Australian company’s US assets to privately owned Fanatics, officially positioning the longtime apparel and collectibles giant on the path to mass-market online gaming operator. The acquisition closed in Q2 2024. The next step involved the formal transfer of individual state gaming licences and subsequent launches of Fanatics’ rebranded sportsbook in each jurisdiction, a process that stretched into Q3 2024 and included key states like New York (February) and New Jersey (May). During that period, Fanatics also agreed market-access partnerships with the NHL’s Carolina Hurricanes (North Carolina) and the Tonto Apache Tribe (Arizona), as well as an official sports betting partnership with golfer Justin Thomas. Those deals preceded the arrival of former Gucci exec Selena Kalvaria as CMO ahead of the all-important 2024 football season. Live in 22 states, Fanatics Sportsbook is currently available to nearly 95% of the addressable online US sports betting market, while Fanatics Casino is accessible in four US jurisdictions. Finally, Fanatics Sportsbook turned heads by finishing third in Eilers & Krejcik Gaming’s online sports betting app rankings for H2 2024.

29. BVGroup

May marked 10 years since businessman and racehorse owner Michael Tabor bought the BetVictor business from Victor Chandler, a third-generation ‘rails’ bookmaker and industry icon. With that purchase, Andreas Meinrad arrived as CEO – a role he still holds a decade later at the Gibraltar-headquartered operator, now known as BVGroup following its corporate rebrand in 2023. As a business that has always been at the forefront of innovation, BVGroup continued the trend earlier this year with the creation of its in-house Lucky Dip product, a carnival wheel-style auto-selection generator available on brands including BetVictor and talkSPORT Bet. Released in April ahead of the Masters golf tournament and the Grand National, the product lets players enter a stake and spin a digital wheel, with their selection governed by a random number generator and each selection having an equal chance of being chosen. There were also several internal promotions this year, including Leo Stewart appointed as compliance and operations officer after four-and-a-half years as director of UK, sportsbook director Eoin Ryan becoming director of sportsbook and egaming, and Karolina Wozniak-Dziuba being named director of legal following Kim Alcantara’s departure in June.

28. Winamax

Another new entry in this year’s rankings is France’s Winamax. Originally a video games publisher before it was acquired by three investors in the 2000s and morphed into an online poker room, the Paris-based operator has gone on to dominate poker in its home country with almost two-thirds market share. The pioneer of poker’s lottery-style ‘sit and go’ format, which was later copied practically everywhere, launched a sportsbook in 2014 and, after Euro 2020, Winamax claimed it took the sports betting lead in France. On its H1 earnings call in July, FDJ CFO Pascal Chaffard put Winamax’s sports betting market share at more than 30% when discussing his company’s standing in France. Elsewhere, Winamax offers its proprietary poker and sportsbook in Spain and sports betting in Germany, both through local licences. The operator is also the front-of-shirt sponsor of Bundesliga club VfB Stuttgart, although this deal expires in summer 2025. As for its mobile sportsbook, a humorous tone and cartoonish elements make this an easy-on-the-eye and approachable product. Moreover, it’s a slick and intuitive platform with features to appeal to casual bettors, one being the Tinder-esque bet suggestion cards (swipe right to add to betslip, swipe left to reject).

27. Rush Street Interactive

Rush Street Interactive (RSI) has made no secret of its desire to become the go-to igaming operator in the handful of US states with online casino. To that end, the Chicago-based business expanded its suite of online casino offerings in Pennsylvania in Q4 2023. It then began the new year with its flagship brand, BetRivers, taking over as Delaware’s sole online gaming operator in concert with the Delaware Lottery. There was also an overhaul of its iRush Rewards Loyalty Program for BetRivers and PlaySugarHouse customers, making it easier to earn and redeem rewards. Outside the US and Ontario, RSI is a significant player in the regulated Colombian market with the RushBet brand. RushBet also has a foothold in Mexico – and now Peru following its July launch – while management is weighing up entries into Brazil, Chile, Ecuador and Argentina. Underpinned by strong player lifetime value and retention metrics, group H1 2024 revenue surged more than a third YoY to $437.8m. Adjusted EBITDA was $38.5m, compared with a loss of $7.4m in H1 2023. Spearheaded by a leadership team with more than 140 years of collective C-suite gaming industry experience, coupled with its in-house tech, RSI remains the subject of M&A speculation. Its shares are up 175% so far this year.

26. Caesars Digital

Climbing up the rankings, Caesars Digital left virtually no stone unturned in its quest to carve out a more significant US online sports betting and igaming footprint. The interactive wing of Caesars Entertainment bookended the new year with online sports betting launches in Maine and North Carolina, while also adding onsite mobile wagering at its Harrah’s Gulf Coast Mississippi property. Its mobile sportsbook app was also released in Washington DC in Q3 2024. Caesars was active on the M&A front as well, fortifying the backend of its sports betting engine via the July acquisition of ZeroFlucs, an Australian sports betting technology company specialising in SGP pricing. Online casino represented yet another focus area over the past year, with Caesars notably completing its acquisition of Wynn Interactive’s licence and player database in Michigan. That came on the heels of a comprehensive upgrade to its standalone Caesars Palace Online Casino mobile app and ahead of Q2 2024 earnings that saw Caesars Digital register $40m in adjusted EBITDA, almost a four-fold YoY increase. Finally, the company announced in August it was cashing in its chips by selling the intellectual property rights for the World Series of Poker to GGPoker’s parent company, NSUS Group.

25. Yolo Entertainment

It’s been more than a year since the restructure of Yolo Group, which saw it split into three segments and Yolo Entertainment take responsibility for the B2C gambling brands: Sportsbet.io, Bitcasino.io and Slots.io. Yolo Entertainment CEO Matthew D’Emanuele told EGR recently how the crypto-first firm was changing its strategic focus to markets where it sees “crypto adoption”, adding that if a particular territory increases its crypto take-up, the operator will explore it further. “It is more ‘following the coin’ rather than the industry,” he explained. The operator made several new hires over the past 12 months or so, starting with Alex Haig’s arrival in October 2023 as director of Sportsbet.io. Former Better Collective senior director Shane Anderson was appointed director of partnerships, content and brand in April 2024, Darja Roos stepped into the CFO position in May and industry veteran Ashley Christian-Hardy joined as chief product officer in June. As for marketing efforts, Sportsbet.io became official regional partner of LaLiga in the Middle East, North Africa and Turkey, and official betting partner of English football team Hull City.

24. ComeOn Group

The multi-brand, multi-market operator closed out 2023 by acquiring Austrian sports betting supplier Arland Technologies to provide ComeOn Group with an in-house sportsbook platform and trading team. Since then, more than 20 sportsbook roles have been filled. The acquisition and transition of all brands onto the platform forms a key pillar of ambition for ComeOn Group – to become a pan-European, tier-one operator. Meanwhile, the July release of Millen, a new nine-leg predictor game on flagship brand ComeOn!, gave players the chance to win SEK1m (£72,252). The Malta-based firm also called upon Golden Globe-winning actor Jeremy Piven to star in its summer 2024 ad to promote the ComeOn! sportsbook. This was followed by another star-studded campaign, fronted by models Victoria Silvstedt and Carolina Gynning, to promote Lyllo Casino in Sweden. Headed up by igaming veteran Juergen Reutter as CEO, ComeOn Group – which also scooped the sports betting operator title at this year’s EGR Nordics Awards – disclosed a solid set of financial results to BDO.

23. Hong Kong Jockey Club

The Hong Kong Jockey Club (HKJC) celebrated its 140th anniversary this year, complete with a new campaign under the tagline “With you. Then. Now. Always.” to drive home the club’s role in the Chinese special administrative region’s history and future. But while 2024 marked a celebration for HKJC, management pointed to “significant external challenges” in the 12 months to 30 June as total turnover remained flat at HK$304.9bn. Within that, racing turnover slipped 3.1% to HK$136.1bn, although football turnover ticked up 2.2% to HK$160.3bn. The Mark Six lottery was the highest growth segment, with turnover jumping 13.3% to HK$8.5bn. That said, a shift in customer behaviour, including some moving to the black market, has hampered operations, HKJC said. The club would like to be allowed to take bets on other sports besides racing and football – particularly basketball – to compete on a more equal footing with illegal bookmakers. Despite been founded in 1884, HKJC is showing no signs of failing to keep up with the times. In August, a revamped HKJC Classic app was rolled out with improved UI and horseracing information, while the eWin online betting website was overhauled and optimised for mobile users.

22. Playtech B2C

This year may well mark the last time Playtech features in the EGR Power 50 after it agreed to sell its Italy-facing Snaitech operation to Flutter for €2.3bn in September. The deal is expected to close in Q2 2025 and will leave Playtech to focus on its B2B aspirations and a “simplified business model”, according to CEO Mor Weizer. Regarding its 2024 performance, Snaitech is the third-largest online operator in Italy, with a 9.9% market share in 2023 and 291,000 average monthly players. As per Playtech’s H1 earnings report, its B2C arm contributed €532.4m in revenue, which was flat against the same period in 2023, with Snaitech representing €483.6m of that total. Elsewhere, HAPPYBET will be live only in Germany soon, with Austrian operations shuttering in H2 2024 as the brand reported an EBITDA loss of €6.1m in H1. Sun Bingo and other B2C brands in the Playtech portfolio generated €39.9m in revenue, up 17% YoY. This time last year, Playtech was left disappointed after missing out on SKS365 to Lottomatica. While Playtech will retain a presence in Mexico via its Caliplay JV with Caliente Interactive, with fresh terms penned in September giving the FTSE 250 firm a 30.8% equity stake, it seems the B2C ship has well and truly sailed.

21. Hard Rock Digital

Making its debut in the EGR Power 50, the Q4 2023 relaunch of the Hard Rock Bet mobile sportsbook in Florida, and subsequent surge in wagering activity thanks to the existing brand affinity and monopoly afforded to Hard Rock Digital (HRD) in the Sunshine State, represented arguably the most impactful development across the regulated US gaming space in the past year. In March, evoke revealed it would offload its struggling US B2C business to HRD for an undisclosed sum, although plans for the acquired assets, which includes market access in Michigan, are still unclear as the tribal operator has been tight-lipped on the transaction. On the product front, the team made material improvements, including player prop tracking, a ‘Discover’ page displaying popular bets and SGPs, and a re-released Flex Parlay with a slider allowing players to manually adjust their potential payouts if all legs of the wager don’t hit. Thanks to its Florida monopoly, industry observers have suggested HRD has catapulted up the national market share rankings to become the third-largest US operator, underlining how HRD has become the proverbial ‘dark horse’ in the US. In October, it was announced the dispute over who was allowed to offer online sports betting in Florida finally ended, with West Flagler Associates agreeing not to legally challenge HRD’s owner, the Seminole Tribe of Florida.

20. Allwyn

After taking over the UK National Lottery in February, Allwyn recorded €2.02bn in Q1 GGR from gaming activities, with the multinational lottery heavyweight highlighting the 27% YoY rise was helped by the contribution of the UK segment. Group adjusted EBITDA rose 3% to €357.8m. In September, management announced Q2 GGR climbed 5% YoY to €2.06bn, although adjusted EBITDA slid 11% to €340m. In May, data and AI expert Adrian Joseph was appointed as an independent non-executive director, a move that came just a few months after former Olympic champion runner Lord Coe and Simon Burke joined the board, while Sir Keith Mills, who was instrumental in the bid for the UK’s fourth National Lottery licence, stepped down. At C-suite level, Ifor Evans was named chief technology officer (CTO) midway through May, replacing Tony Khatskevich who had held the position for six years. Then, in October, Allwyn announced it had moved its headquarters from Czechia to Switzerland, although it was stressed the relocation would not impact the workforce or operations.

19. Danske Spil

A 9.3% YoY jump in post-tax profit to DKK1bn for H1 2024, along with a 3% uptick in revenue to DKK2.5bn, means 2024 has shaped up to be a solid year for Denmark’s state-owned firm. Lottery remains its bread and butter, accounting for DKK1.4bn of revenue, as bosses noted “fierce competition” had seen it lose ground in sports betting and igaming. Danske Spil also sold its 60% stake in DFS platform Swush to Danish media outlet Ekstra Bladet in January. The operator’s commitment to responsible gambling was also on display this year with the rollout of its ‘Play with Care’ website to provide support and educational materials to customers. The platform hosts interactive videos, podcasts and other content produced in collaboration with the Research Clinic on Gambling Disorders at Aarhus University Hospital. Danske Spil’s Oddset brand gave up its front-of-shirt sponsorship with Danish football club Brøndby IF to promote Play with Care for a weekend in October. There will also be the provision of educational programmes for first team and youth players.

18. Fortuna Entertainment Group

Fortuna Entertainment Group (FEG) made headlines at the end of Q1 after parent company Penta Investments confirmed it had engaged JP Morgan to explore selling the omnichannel operator for up to €2bn. FEG represents Penta’s only gambling investment, with its portfolio spanning media, healthcare and financial services. FEG, a CEE powerhouse, runs three brands across five countries: Casa Pariurilor and PSK are local heroes in Romania and Croatia, respectively, while Fortuna, a major player in its home market of Czechia, also operates in Slovakia, Poland and Romania. Fortuna’s 2024 sponsorship pipeline has been strong, including deals with Polish football clubs Legia Warsaw and Motor Lublin, as well as taking the title rights to the top division of women’s football in Czechia. According to FEG’s website, the operator boasts around 1.5 million players. On the personnel front, Dieter John joined FEG as chief financial and operations officer from real estate and mortgage brokerage firm PlanetHome Group in March. An extensive marketing push in the run-up to, and during, Euro 2024 across its three brands was also a highlight. 

17. Stake

Soaring up the rankings this year, Stake is a true goliath of the crypto and fiat gambling space. Indeed, according to Semrush data, Stake.com is the world’s most-visited gambling website – and by some distance, too. Stake would have been higher in the rankings were it not for its exposure to unregulated markets, yet strong financials and monthly players were reported to BDO. The operator boasts it handles 30 billion bets a year, accounting for more than 4% of total global bitcoin transactions, via its casino and sportsbook. Following the move for Betfair Colombia last year, the crypto casino giant has built on its push into regulated markets in 2024 with the acquisition of Italian operator Baldo Line, parent company of Idealbet, in July. In October, Stake was included on the Brazilian Ministry of Finance’s list of authorised betting operators and has since hired former LeoVegas exec Thomas Carvalhaes as country manager. The business is also licensed to operate in Peru, and has market access in Mexico and Paraguay through agreements with local operators. As for marketing efforts, following last year’s co-title sponsorship of the Sauber Formula 1 team alongside Alfa Romeo, Stake took over as exclusive title partner for both the 2024 and 2025 seasons. It remains in football’s shop window as Everton’s front-of-shirt sponsor.

16. Lottoland

Entering its second decade of operations, the bet-on-lottery market leader remains cemented in the upper echelons of the EGR Power 50. A strong set of financials, plus significant improvements in actives and first-time depositors (FTDs) were core highlights in data shown to BDO. The Gibraltar-based business also secured a second consecutive win at the EGR Operator Awards in October, taking home the lottery operator of the year title. Active in 15 markets, the 400-people-strong company invests in its teams’ personal development. Lottoland also supports numerous charities including the Irish Red Cross, the Prader-Willi Syndrome Association UK and mental health charity GibSams, as well as a being a member of the All-In Diversity Project. Through its Lottoland Foundation, the company aims to improve environmental issues, animal protection and the range of leisure activities for young people. On the ESG front, Lottoland reaffirmed its commitment to becoming net zero by 2040, with plans to cut company emissions by 46% before 2030.

15. Lottomatica Group

In April, Lottomatica – run by CEO Guglielmo Angelozzi – completed the €639m acquisition of Italian omnichannel operator SKS365, the business behind the Planetwin365 brand, further strengthening its position at the top of the Italian market and catapulting it into the EGR Power 50’s top 20. Its expanded stable of brands – Lottomatica, GoldBet, BetFlag, Better and Planetwin365 – meant the group’s online market share in Italy swelled to 29.9% as of Q3 2024. Bosses proclaimed Lottomatica the market’s “undisputed leader”, although that title will be short lived with Flutter in the process of buying Snaitech. In its H1 2024 results, online revenue and adjusted EBITDA achieved YoY growth of 37% to €338.3m and 19% to €178m, respectively, boosted by Euro 2024. As a result of organic growth and cost synergies from the SKS365 deal, Lottomatica updated its financial guidance for 2024: revenue is expected to fall between €2.03bn and €2.08bn, while adjusted EBITDA of €700m to €730m is forecast, although this covers both digital and retail as guidance for just online was not provided.

14. Banijay Gaming

Banijay Gaming, formerly known as FL Entertainment, was formed following its parent company’s rebranding to Banijay Group. The division, which comprises Betclic and bet-at-home, is led by CEO Nicolas Béraud, who had previously served as Betclic’s boss. Under his leadership, 2024 can be classed as a success for the French firm. H1 revenue soared 42.6% YoY to €697.6m, of which the lion’s share was derived from sports betting (€551.4m). A strong Euro 2024 also saw unique active players leap 37% YoY, even against a H1 2023 bolstered by actives staying put following the 2022 World Cup. Betclic, one of the top two operators in France alongside Winamax, also made gains in the Ivory Coast. Elsewhere, bosses drew attention to the eighth iteration of the Betclic app released in June with a fresh interface, the addition of its ‘Supersub’ promotion and a renewed sponsorship deal with Ligue 1 and Ligue 2 in the French market. Pressure in France will intensify, though, following FDJ’s acquisition of Kindred Group, although during a Q1 earnings call, Banijay Group CEO François Riahi hinted M&A could be on the table should the “right opportunity to unlock value” present itself. 

13. Tipico

An operator that is typically media shy, CVC Capital Partners-owned Tipico made headlines in its 20th year with a new CEO in situ and its exit from the US B2C sports betting market. Joachim Baca, who led the firm from 2016, stepped up to become chair and was replaced by COO Axel Hefer. In the US, the German betting powerhouse became yet another European operator to call it quits, selling its US sportsbook and online casino tech to LeoVegas Group. On this side of the pond, a new igaming platform and redesigned native apps (all built in-house) were released in July. In September, Tipico received permission from the Ministry of the Interior of Schleswig-Holstein in northern Germany to offer online casino in the state – the first time a private operator had been given the go-ahead to do so. Meanwhile, a new technology hub was unveiled in Kraków, Poland, in May, with employees from platform engineering, data, marketing technology and site reliability engineering moving in. The plan is to have around 50 employees based out of the hub over the next two years. Looking ahead, management said the focus is to extend Tipico’s sports betting lead in Germany as well as grow market share in Austria.

12. Bally’s Interactive

This will be the final appearance of Bally’s in the EGR Power 50 as a publicly traded company for the foreseeable future after shareholders backed an offer from New York-based hedge fund Standard General in July valuing the operator at $4.6bn. Standard General is the largest investor in Bally’s and will take the business private at $18.25 a share, a figure given the green light after its previous offer of $15 a share was rebuffed in March. On the performance front, the shift to third-party tech for Bally Bet in the shape of Kambi and White Hat Gaming saw North American Interactive deliver $49.2m in Q2 revenue. Meanwhile, the UK division, which accounts for roughly three-quarters of International Interactive revenue, reported a 9% increase in online revenue and also launched sports betting on gaming brands Jackpotjoy and Bally Casino. UK efforts were rewarded, with Eilers & Krejcik Gaming naming Virgin Casino as the number one online casino app as part of its H1 2024 testing report, edging out Paddy Power Games and Sky Vegas in the process. But difficulties in Japan, driven by the weakened yen, has led to the Asian arm (CasinoSecret, Vera&John, InterCasino and Yuugado) being sold.

11. Superbet Group

The CEE-focused operator climbs up to 11th place in the EGR Power 50, with the headline news being the return of founder Sacha Dragic as co-CEO. He had departed as CEO in 2019 after handpicking former Paddy Power Betfair exec Johnny Hartnett as his replacement. Fast forward to the start of 2024, Hartnett stepped aside and was replaced by deputy chair Jimmy Maymann. Then in a surprise turn of events, Dragic elected to come back to the frontline. Coupled with his return and a strong increase in financial KPIs, as shared with BDO, the Bucharest-based business looks to be back on form. The C-suite was also revamped with four new faces to lead operations, technology, people and product teams. Staying with product, Superbet’s in-house social platform, Supersocial, and scores app, Superscore, are driving customer engagement. With a number one position in Romania, plus large footprints in Poland and Belgium (Napolean Sports & Casino), Brazil is in the crosshairs for the next big push. Headed up by former Betano exec Alexandre Fonseca, Superbet was the second company to apply for a licence in South America’s most populus nation. In a stacked field, 2025 will show if Superbet can replicate its European success elsewhere.

If you are lucky enough to be ranked a Power 50 operator, secure your place at the Power 50 Summit next April.