10 companies at the centre of the gambling industry

Although it has been listed on Euronext Paris since 21 November 2019, Française des Jeux, now renamed FDJ United, remains a company with close ties to the French state. Paris retains a 21% stake; the company enjoys exclusive rights in France for its lottery operations, and its CEO, Stéphane Pallez, is a senior civil servant who graduated from the École nationale d’administration (ENA) rather than a career business executive. Despite these strong ties, the company has been seeking to establish an international presence for several years.

In October 2024, the company completed the acquisition of Swedish firm Kindred, parent company of Unibet and a sports betting giant, thereby becoming the second-largest European group in the gambling sector behind British firm Flutter. Thanks to this deal, the group now boasts a customer base of 33 million players across some 15 European countries and generates over 22% of its revenue outside France (around €800 million in 2025), which is nine times more than in 2019.

To mark this shift towards the international market, the company, which describes itself on its website as 'a champion of gambling in Europe' with the slogan 'Born in France, Rising in Europe', even changed its name in March 2025. Gone is the historic and distinctly French 'Française des Jeux', replaced by the more English-sounding FDJ United.

This strategic shift was initially welcomed by investors. Listed on the stock exchange in 2019 at €19.50 per share for retail investors and €19.90 for institutional investors, the share price soared to over €50 in June 2021. But since then, the share has lost almost all its gains, trading in mid-May just below the €25 mark. The reason for this fall from grace? Shortly after the acquisition of Kindred, several European countries (France, the Netherlands, the UK and Romania) imposed additional taxes and regulations on gambling.

In the 2025 financial year, the tax increase cost FDJ United more than €50 million, and the company expects additional costs of nearly €90 million in 2026. This is set to erode margins: in 2025, net profit plunged by 55.9% compared with 2024, to €176 million, following a contribution of over €5.1 billion to French public finances, including €4.8 billion in public levies on gambling. Given the uncertainties surrounding regulatory developments, most analysts recommend holding FDJ United shares.

In the glitzy world of gaming halls, Flutter Entertainment stands out as an exception. While most of its listed peers pay out generous dividends to their shareholders, the Irish group, now listed on the New York Stock Exchange, has not paid out a single cent since 2020, preferring to use its cash for significant share buybacks and, above all, to fund its expansion through acquisitions. In May 2025, for example, Flutter announced it had completed the acquisition of Brazilian betting specialist NSX Group for $350 million. This takeover followed the acquisitions of Italy’s Snaitech a month earlier, Serbia’s MaxBet in 2023, and Canada’s The Stars Group and US-based FanDuel in 2020.

Due to these acquisitions, Flutter has become, in recent years, the world’s leading sports betting and iGaming operator, as well as the only truly global player with a presence in around 100 countries worldwide. In 2025, the company generated 42% of its revenue in North America, 22% in the UK and Ireland, 17% in Southern Europe and Africa, 9% in Asia-Pacific and 4% in Central and Eastern Europe. The remaining 6% was spread across the rest of the world, notably in Brazil.

In turbulent times, with many debtladen governments raising gambling taxes to fill their coffers, this geographical diversity is intended to enable Flutter to mitigate risks. In 2025, the company recorded revenue of $16.38 billion, up 17% on 2024, with adjusted EBITDA of $2.85 billion (+21%). This was not enough to convince the market: over the course of a year, the share price had dropped by 60% as of mid-May. Nevertheless, most analysts recommend buying the share, anticipating a rebound.

In the space of five years, the Swedish gambling specialist Betsson has almost doubled its turnover, from €609 million in 2020 to €1.197 billion in 2025, representing an average annual growth rate of 13% over the period. This is the result of a series of acquisitions in recent years, notably those of sports betting operators such as Peru’s Inkabet in 2021, Nigeria’s BetBonanza (2022) and Belgium’s BetFIRST (2023).

Alongside this external growth, Betsson regularly acquires new gaming licences to operate in new regions. In 2025, for example, the company secured licences in Brazil, Paraguay and Poland. In total, Betsson now holds licences in 24 countries, where the company primarily offers its customers online casinos (72% of its revenue in 2025) and sports betting (27%).

In 2025, the group generated 27% of its revenue in Latin America, 19% in Western Europe, 12% in the Nordic countries and 40% in the CEECA region (Central and Eastern Europe and Central Asia). This presence in numerous markets enables Betsson to mitigate the risks associated with tightening gambling regulations in certain countries. Most analysts recommend holding the stock, which has lost 50% of its value over the past year, largely due to increased taxes on gambling in several regulated markets.

Consolidation in the gambling sector is not over in Europe. Following several days of speculation in the media, the British company Evoke, which specialises in online casinos and sports betting, confirmed on 5 June that it had accepted a takeover bid from its Greek counterpart, Bally’s Intralot. The latter has offered £243 million.

This deal marks another major acquisition for Bally’s Intralot. In October 2025, the company completed the takeover of the international operations of the American firm Bally’s Corporation for €2.7 billion, thereby becoming Bally’s Intralot. For Evoke, the deal is a lifeline. With significant exposure to the UK market, Evoke was one of the companies hardest hit by the British government’s decision to raise gambling taxes. Since 1 April 2026, taxes on online casino games have risen from 21% to 40%, and those on online betting will rise from 15% to 25% in April 2027, with the exception of horse racing.

This is a severe blow for Evoke, particularly as the company has accumulated debt of nearly £1.9 billion and failed to meet its profitability targets. As a result, its share price has declined sharply in recent years, falling from over 400 pence at its peak in 2021 to 35 pence in mid-May – a drop of more than 90%. Against this gloomy backdrop, the announcement of the takeover sent the share price soaring by nearly 20% on 5 June. Meanwhile, Bally’s Intralot’s share price has remained relatively stable, up by nearly 11% year-on-year at the start of June.

It’s a name that captures the imagination of all horse racing enthusiasts: Churchill Downs. Situated along Central Avenue in southern Louisville, this legendary racecourse hosts the Kentucky Derby – the premier race for three-year-old horses in the United States – every first Saturday in May, a tradition dating back to 1875. Consider this: on 2 May this year, more than 150,000 spectators attended the 152nd edition of the race at the racecourse, while an average of 19.6 million viewers watched it on television via NBC and Peacock – the highest viewing figures in the race’s history. Nineteen horses lined up at the start this year, for two minutes of galloping and intense excitement for punters.

Behind this timeless business has been the same company from the very beginning: Churchill Downs Incorporated. Historically, the company built its business around racecourses, organising horse races and associated betting. It has since diversified its revenue streams through its subsidiary Twin-Spires, which manages online horse racing betting, as well as through the acquisition of casinos and other gaming venues in the United States. By 2025, the organisation of horse racing (tickets, sponsorship, TV rights and historical racing machines) accounted for just 50% of its revenue, with online horse betting representing 18% and casinos 35%.

While the share price has been fluctuating between $80 and $140 for the past five years – trading below $90 at the end of May – the dividend has been rising steadily for the past 15 years. All analysts covering the stock recommend buying it, as it is currently trading near its all-time lows. And, for the record, the last Kentucky Derby went to Golden Tempo, ridden by José Ortiz, with the winner taking home $3.1 million in prize money. The pair covered the 2,012-metre race in 2 minutes and 2 seconds. The race record will therefore remain with Secretariat for at least another year – a champion who clocked a time of 1 minute and 59 seconds in 1973.

The company is focusing on the English-speaking world. In October 2025, the US group Bally’s Corporation sold its international operations to its Greek counterpart Intralot for €2.7 billion, while becoming its majority shareholder with a 58% stake. The group retains a strong foothold in its home market, the United States, and has also established itself in the United Kingdom with Asper Casino Newcastle, its first establishment on this side of the Atlantic.

In the United States, the company owns 19 casinos spread across 11 states, 17,700 slot machines, 630 gaming tables and 3,950 hotel rooms. This makes Bally’s a major player stateside in the land-based gambling sector. But the group is also seeking to expand into the online sector, with its Bally Bet platform dedicated to online sports betting and Bally Casino (online casino). In 2025, the company generated more than 55% of its revenue from land-based casinos and hotels – with the remainder coming from its online operations. Most analysts recommend holding the stock.

The saying is well known: pick-axe sellers often earn more than gold miners. Founded in 1999, the British company Playtech is one of the leading providers of software and services for online casino and sports betting operators. Its clients include well-known brands such as British bookmaker William Hill (owned by Evoke), as well as British sports betting companies Ladbrokes (owned by Entain) and bet365. In total, Playtech supplies its products to more than 200 gambling operators across some 50 jurisdictions where the industry is regulated.

Although the company’s share price suffered a sharp correction following the sale of its Italian business, Snaitech, to Flutter, this was mainly due to the payment of a substantial special dividend to shareholders using the proceeds from the transaction. The share has since recovered: over the past year, it has risen by almost 14% (as at 1 June). And this may not be the end of it: most analysts recommend buying the share.

In some respects, Evolution AB’s business resembles that of a video game developer. The company currently operates 24 studios worldwide, including three major ones in Europe, notably in Riga, Latvia, where many of its new online casino games are developed, tested and launched. Among its flagship products are Live Poker, Live Roulette and Live Baccarat. To host the games, some of Evolution’s studios feature presenters who help create a gaming experience similar to that of a physical casino, in 24 languages.

Thanks to this software, Evolution counts major online casino operators among its clients, such as 888casino (part of the Evoke group), DraftKings, Entain and Unibet (FDJ United). Most of Evolution’s revenue comes from commissions on winnings generated by online casino operators through its software. Listed on the Nasdaq Stockholm, the company saw its share price rise by 8% year-on-year as of 1 June but is down 55% over five years. Most analysts recommend holding the stock.

It’s been a descent into stock market hell. After briefly exceeding 1,000 pence in early August 2025, the share price of the British group Entain has continued to fall, trading at just over 500 pence by the end of May. It must be said that, in the meantime, the British government announced its decision to increase taxes on sports betting and online gambling.

This is bad news for the company, which generates 29% of its revenue in England and Ireland – territories that remain its primary market through its brands Ladbrokes, Coral and Foxy Bingo. While a portion of these new taxes have only been levied since 1 April 2026, the market did not wait to punish the company, whose share price was down 30% year-on-year by mid-May and as much as 66% over five years.

In response to this situation, Stella David, CEO of Entain, announced in several media outlets that she would be reconsidering the company’s investments in the United Kingdom and closing retail outlets. “Imposing yet more taxes won’t raise more money – it will shrink the regulated market, cost jobs, and hand even more business to illegal operators who pay no tax and protect no one,” she emphasised in an interview with The Observer.

In order to reduce its exposure to UK markets, Entain has been expanding internationally for several years through targeted acquisitions such as that of New Zealand-based Sports-flare in 2023. The United States (where Entain has a joint venture with MGM), Australia and Brazil have also become key markets. Most analysts covering Entain recommend buying the stock, considering it to be undervalued following the fall in recent months.

“We are off to a fantastic start to the year as our first quarter results exceeded our expectations,” said Jason Robins, CEO and cofounder of DraftKings, during the company’s earnings presentation on 7 May. In the first three months of the year, the US firm recorded revenue of $1.646 billion, up 17% compared with the same period a year earlier. The main reason for this growth: prediction markets. Founded in 2012, DraftKings was known until recently for its online sports betting, e-casinos and lotteries. This offering expanded in December 2025 with the launch of its prediction app.

Banned in Switzerland and most European countries, prediction markets allow people to bet money on just about anything: the outcome of a popular TV series, the highest temperature recorded in July, or even the result of an election. Since being popularised by the unlisted companies Polymarket and Kalshi, prediction apps have enjoyed huge success across the Atlantic.

Although a latecomer to this sector, DraftKings nevertheless intends to carve out a niche for itself by specialising in sports predictions, thanks to its experience in sports betting and the potential synergies between the two activities. This has won over analysts, most of whom covering the stock recommend buying DraftKings shares. The share price, however, remains under pressure on the Nasdaq, having fallen by nearly 25% over one year and 50% over five years as of early June.