iGaming 2025 Wrap-Up: Company Performance and the Industry’s Direction

The fourth quarter has always been the most revealing time of the year for the iGaming sector. It doesn’t just show the usual seasonal peak — it also tells us how well companies have handled the twists and turns of the previous twelve months. Looking at the Q4 2025 numbers from the leading players in content, media, and marketing, it’s clear the market is still expanding, but it’s also getting more layered and demanding in how things actually get done.

Overall, the big companies continue to bring in serious revenue and keep healthy profit levels. What’s changing, though, is where that money comes from. Growth isn’t riding on one main channel or business model anymore. It’s spread out across different streams, regions, and product categories. That points to an industry that’s maturing and becoming more diversified.

Content Providers: Stability with Emerging Pressure

Evolution remains one of the strongest reference points when you want to understand what’s happening at the product level. In Q4 2025, the company posted total revenue of €565.9 million, which was a 9.5% drop compared to the same period last year. Adjusted EBITDA fell 6.1% to €341.54 million, but the margins are still very solid for this industry.

Live Casino is still the clear heavyweight, making up 77.6% of revenue (€438.6 million), even though it slipped 4.53% year-on-year. The RNG side, which covers slots, brought in €75.7 million — a modest 1.75% increase. Non-core revenue took a much bigger hit, falling 43.5%.

One trend that stands out is mobile. In the fourth quarter, 74% of Evolution’s GGR came from mobile devices, up from 72% the year before. Players are clearly moving toward mobile-first experiences, and that shift keeps gaining momentum.

Strategically, Evolution’s results show why product diversification matters. The company is still very profitable and resilient, but its heavy dependence on Live Casino and the slower growth in RNG suggest that future expansion will probably need a wider range of products.

Marketing and Media Companies: Diverging Growth Paths

On the media side, Catena Media turned in one of the strongest performances. Revenue jumped 53% year-on-year to €15.6 million, with the casino vertical leading the way (+81%). North America delivered over 97% of the total revenue, showing just how important that region has become. Adjusted EBITDA soared 211% to €4.7 million.

A big part of the growth came from moving into sweepstakes casino formats in the US. The regulatory picture there is still unclear, but these offerings are already making a real difference to the numbers.

Gambling.com Group also had a good quarter, with revenue up 31% to $46.2 million. The standout story here is the subscription business, which exploded 440% and now accounts for 26% of total revenue. Much of that comes from the Odds Holding assets like OpticOdds and OddsJam that were brought on board.

These projects pull together real-time betting odds and serve both B2B and B2C clients, creating a nice recurring revenue stream that sits alongside the more traditional marketing work. More than half the company’s revenue now comes from sources that aren’t tied directly to organic traffic — that’s a meaningful structural change.

The clear message: the companies growing fastest are the ones moving past the old playbook and building new revenue channels.

Companies in Transition: Raketech and Gentoo Media

Raketech saw revenue fall sharply, down 45.5% to €5.7 million. This drop is directly connected to their planned move away from paid media toward a “platform-first” strategy built around the AffiliationCloud network.

While this shift should create a more sustainable business in the long run, it’s putting real pressure on the numbers right now. They’re essentially trading short-term revenue for better control and scalability down the line.

Gentoo Media faced similar headwinds, with revenue down 15.5% to €25.6 million. The company still leans heavily on paid traffic, which brings volatility, and changing conditions in Latin America didn’t help.

The takeaway here is that strategic transformations usually involve some short-term pain, especially when you start dialling back historically strong but unpredictable channels.

Balanced Models: Better Collective and Acroud

Better Collective showed more stability. Revenue dipped just 2% to €94.3 million, but EBITDA actually rose 10%, thanks to better operational efficiency. The company keeps broadening its revenue mix, with solid gains in CPA (+16%), sponsorships (+23%), and CPM advertising (+5%).

Their work on the AdVantage ecosystem and projects like FanReach show they’re serious about finding new ways to monetise audiences beyond the classic approaches.

Acroud, meanwhile, grew revenue 21.5% to €12.6 million, largely thanks to its SaaS business. The Matching Visions affiliate network jumped 69%, which helped balance out softer owned-traffic results. Higher spending on marketing and product development did pull adjusted EBITDA down, though.

So models that are more diversified and tech-focused tend to handle market changes with greater resilience.

Key Industry Trends in 2025

Across the board, revenue is becoming more fragmented. Companies aren’t leaning on a single model anymore — they’re mixing revenue share, CPA, subscriptions, advertising, and other streams. It lowers risk but definitely adds complexity to operations.

Evolving Acquisition Channels

There’s a noticeable move toward a broader mix of user acquisition methods. Paid traffic, partnerships, and owned sites are all playing bigger roles. This mirrors how user habits are changing and how fierce the fight for attention has become.

Geographical Shifts

North America keeps strengthening its position as a major growth engine, with several companies posting strong gains there. At the same time, expectations for Brazil have become more realistic as regulatory and operational realities set in.

Growth of Product and Technology Segments

SaaS solutions, subscription models, and ecosystem plays are gaining real traction. They bring more predictability and scalability than the older ways of doing business.

Changing User Behavior

Mobile keeps growing in importance, shaping everything from game design to marketing. More and more, companies are building with mobile-first users front of mind.

Market-Wide Conclusions

The iGaming industry is still fundamentally healthy. The major players continue to generate solid revenue and profits. But the way that growth happens is evolving. Companies that diversify their models and invest in technology seem better equipped to stay steady through the changes.

Competition is getting tougher, and the margin for mistakes is shrinking. Success now means operating effectively across multiple channels, regions, and product types.

Outlook: What Comes Next for the Industry

In the short term, the patterns we saw in 2025 look set to continue. Companies will keep fine-tuning their models, balancing different revenue sources, and optimising across channels. North America will stay front and centre in most growth plans. Some volatility is probably here to stay, especially in areas heavily influenced by regulation or market conditions.

Mid-Term Outlook

The most likely path forward is the further development of hybrid business models. Players will blend marketing, technology, and content into more complete ecosystems.

In a tougher scenario, rising competition and external pressures could squeeze margins and force even greater efficiency. On the upside, fresh innovations in channels and technology could open up new pockets of growth.

Key Success Factors:

• Diversified revenue streams

• Strong footprint across several regions

• Serious investment in technology and product development

• Quick ability to adapt to new conditions

Potential Risks

• Regulatory shifts in important markets

• Intensifying competition

• Over-reliance on particular channels or geographies

• General market volatility

Conclusion

2025 has been a significant chapter in the iGaming industry’s development. Growth is still there, but the shape of it is changing. Companies are shifting toward more diversified and adaptable models, which fit a more mature and competitive environment.

The road ahead still looks positive. That said, success will depend more than ever on adaptability, smart investment, and the skill to steer through an increasingly complex and fast-moving landscape.