The final three months of 2025 closed the chapter on the iGaming sector. iGaming B2B providers such as Entain, Light & Wonder, Sportradar, Evolution and Bragg Gaming Group were among those who experienced both ups and downs throughout the year. Before setting sights on 2026, it is wise to check out our detailed report on the iGaming industry of Q4 2025 which reveals the real picture of the year end of these major players.
Global iGaming Market Overview – Q4 2025
The iGaming sector in the last quarter of 2025 was a key driver in keeping the global market vibrant and dynamic. Europe and North America regions that had been regulated for quite some time and had gone through the full cycle reaffirmed their market-dominating positions. The newly emerging markets particularly Latin America, Asia-Pacific, and the Middle East were the ones not only showing the highest growth rates but also the most intense player engagement.
A great mix of sports betting and online casino products helped the industry maintain the momentum. It was a factor leading to the global online gambling market exceeding $110 billion for the entire year. However, at the same time, B2B providers stayed vigilant as several jurisdictions were introducing new regulations and tax increases. All this is paving a challenging but a very promising path ahead for 2026.
Top iGaming B2B Providers in Q4 2025: Performance Review
| Company | Q4 Revenue | YoY Growth | EBITDA / Profitability |
|---|---|---|---|
| Entain | ~£1.4B (quarter est. from FY) | +7% | Strong EBITDA growth |
| Light & Wonder | ~$770M+ | Double-digit growth | Strong EBITDA expansion |
| Sportradar | ~€270M+ | Double-digit growth | Improved margins |
| Evolution | €514.2M | -4% | €341.5M EBITDA |
| Bragg Gaming Group | €27.7M | +1.9% | €4.6M EBITDA |
Now that the fourth quarter of 2025 has ended and the market momentum is running strong, it seems like a good time to see which B2B providers in the iGaming industry came out on top. This article takes a close look at their revenue for the last quarter, growth compared to the same period last year, and profitability for 2025.
1. Entain
Entain announced that it managed to deliver excellent full-year 2025 results with the underlying momentum being quite strong. More specifically, they stated that their Net Gaming Revenue had risen by about 7% year-over-year. This was the result of strong demand for both online sports betting and gaming which was further boosted by major contributions from their UK joint venture. Entain’s underlying EBITDA also grew significantly as a result of the company being more operationally efficient and having better control over costs, plus the company ended up generating more cash than originally expected. One remarkable feature of BetMGM was its profitability and the cash distribution that largely supported Entain’s financials.
Although there is a UK regulatory and tax issue, Entain argued that its wide geographical locations along with its digitally focused strategy have allowed them to keep expanding. The management was very confident about the company’s capability to implement operational changes and to produce a sustainable cash flow pattern over the long term.
Stella David, CEO:
2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of our strategic and operational progress and the results it is delivering.
2. Light & Wonder
Wrapping up their 2025 financial year, Light & Wonder, have been quite successful in Q4 with strengthening their earnings to approximately $770 million, which is 12% up from the previous year. This was mainly attributable to the growth across all three of their segments: Gaming, SciPlay, and iGaming. In fact, the SciPlay segment came out as the largest contributor to company revenue, with its robust, high-margin revenue growth, while the iGaming segment benefited from the launch of new games and the expansion of distribution. Gross profit from operations amounted to approximately $311 million, up 11% year-over-year, reflecting the effects of efficient cost management coupled with the rising popularity of the digital channels. Despite continuing to invest heavily in content and platform development, the company managed to hold its margins steady, this is in line with their cross-platform strategy which integrates traditional and online gaming experiences. Light & Wonder leveraged its diversified portfolio not only for steady organic growth but also for enhancing its market positioning as 2026 stands on the horizon.
Matt Wilson, CEO:
Our Q4 results highlight the strength of our diversified business and content strategy, and we remain focused on driving sustainable growth and innovation as we move into 2026.
3. Sportradar
Sportradar closed 2025 with a strong Q4, revealing that the company recorded revenues for the quarter standing at about 307 million, marking a rise of approx. 22% year-over-year. Besides, Sportradar’s other segments (Betting Technology & Solutions and Sports Content) bolstered the total growth. Their US-based operations continued to be the primary growth catalyst, as they saw increased partnerships and higher demand for official data and integrity services. Sportradar posted an Adjusted EBITDA of 61 million in 2025, which is a 33% increase YoY, largely attributable to good cost control and the operating leverage from the scalable technology infrastructure. The performance uplift was driven by higher customer activity, product innovations, and deeper integration with sportsbook operators across the globe. Besides, Sportradar and the major sports leagues also entered into longer term contracts, thus cementing its status as a leading global sports technology provider.
Carsten Koerl CEO:
Our strong Q4 performance reflects the resilience of our business model and the growing demand for our technology and data solutions, positioning us well for continued growth in 2026.
4. Evolution
Evolution ABs report for the end quarter 4 of 2025, revealed that net revenue touched a figure of nearly EUR514.2million, which was slightly less, about 4% down year-on-year, and adjusted EBITDA at the same time also decreased to approximately EUR341.5million. Although live casinos continued to make up the majority of the revenues, in fact, growth in the main markets was even hampered by the overall industry situation. Even though the margin pressure was quite strong, the company managed to post decent overall profitability in the fourth quarter, and on the management side, the view was that they are still committing the product development and market expansion through very selective market initiatives. Even though evolution’s purpose is to constantly transform their cash flow, they will also be considering strategic capital allocation through share repurchase programs as a means of maximizing shareholder value.
Martin Carlesund, CEO:
Overall, we are proud but not happy with 2025. Our amazing people look forward to doing more in 2026 by expanding with full speed. Our primary focus will be on the USA, Latin America and new innovative games. We will also invest in Europe, but slightly less aggressively.
5. Bragg Gaming Group
Bragg Gaming Group recorded a historic fourth quarter revenue of $27.7 million in 2025, which included significant growth in Brazil (+42.1% YoY) and a 55.0% rise in US recurring revenue which was majorly driven by a higher proprietary content footprint. The overall revenue, when excluding the Netherlands, was up 5.1% compared to the previous year despite the slight decrease in the regulated Dutch market. In Q4, Bragg incurred a smaller operating loss compared to the same period last year, and they also reached an adjusted EBITDA margin of 16.5%, a marker of their advancement towards profitability. Major content releases alongside Caesars in West Virginia and exclusive content deal aggregation in LatAm markets gave a strong boost to the company’s expansion strategy. Going forward, the company anticipates FY2026 revenue to range between $97.0 million and $104.5 million, with adjusted EBITDA of $16.0 million to $19.0 million.
Matevž Mazij, CEO:
We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States, pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets, move into new jurisdictions that offer opportunities for higher margin content business, deliver enhanced operational leverage, meet our goals to streamline internal processes, enhance overall efficiency across our organization, protect our cash runway, and advance us further along the path toward EBITDA growth and net profitability.
Key Market Drivers and Challenges in Q4 2025
The Q4 2025 iGaming industry growth trend persisted. According to estimates, the global online gambling market could have accounted for a total revenue of around $100-105 billion for the entire year when both sports betting and online casino revenues are taken into consideration. While traditional, regulated markets in North America and Europe led the pack by offering players higher levels of engagement and product innovation, new regions, primarily Latin America (with Brazil’s regulated launch as the leader), Asia-Pacific, as well as some parts of Middle East and Africa, posted the fastest growth figures because of their mobile-first approach, new licensing regimes, and higher disposable incomes.
On the flip side, there were difficulties as well. A number of gaming jurisdictions either introduced new gaming taxes or raised existing rates and at the same time, tightened compliance requirements, thus putting a squeeze on B2B provider margins. Besides regulation tightening in some parts of Europe, player protection remains a priority and B2B providers, who are also battling the unregulated competition, led to investments being made in responsible gaming tools, Anti-Money Laundering (AML) systems, and product development at the local level. This scenario has given rise to a complex situation with a lot of opportunities for the next year.
Outlook for 2026: What to Expect from the iGaming Industry
By 2026, the industry is expected to experience sustainable, high-quality growth supported by many changes in regulations. Operators should consider innovations in products (personalization AI, different varieties of games, prediction markets, live casino enhancements), deepening the presence in regulated emerging markets like Brazil and other Latin American countries, and cost efficiencies in operations to cover the higher compliance and tax costs. Developed markets may concentrate more on player retention, cross-selling between sports betting and iGaming, as well as premium experiences, while fast expanding regions offer scale but require agile handling of licensing and tax changes.
The entire sector is quite optimistic. Diversification, investing in technology, and great commitment to responsible gambling will be the differentiating factors of the winners in another year of major changes.
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