Looking back at 2025: The year in review

A year shaped by pressure and speed

The pace of change felt relentless from the opening weeks. Large deals closed quickly, while smaller firms struggled to keep a balance. Taxes rose in key markets, and enforcement actions gained sharper teeth. 

Prediction markets moved from the edges into the mainstream — bringing scrutiny with them. By December, few companies looked the same as they did in January.

January: Deals, ambition, and loss

January opened with dealmaking across Europe and beyond. White Hat Gaming explored selling its studios business, raising strategic questions. Novomatic agreed to buy Vikings Casinos in France, adding local scale. Stake moved into Denmark through the purchase of MocinoPlay.

Attention then turned to Italy’s prized lottery licence, valued at nearly €4.3bn. Flutter appeared ready to compete, signalling long-term confidence in the market. Meanwhile, Penn Entertainment prepared for a proxy fight with investor HG Vora.

The month also brought sadness. Bet IT Best CEO Nico Jansen died unexpectedly, prompting industry-wide tributes. Colleagues remembered his humour, generosity, and sharp business instincts.

February: Prediction markets take their first big step

February marked a quiet turning point with loud consequences. The US Commodity Futures Trading Commission issued a no-action position tied to Kalshi. That decision opened space for prediction markets to expand rapidly — and visibly.

Investment activity remained strong. Light & Wonder agreed to acquire Grover Gaming’s charitable assets for $1.05bn. Bally’s $4.6bn sale to Standard General reached completion after months of planning. Blackstone was also linked to a possible bid for Star Entertainment.

Company updates added tension. Betsson reported over €1bn in annual revenue following a record quarter. Former Entain CEO Gavin Isaacs stepped down after just five months. Stake confirmed plans to exit the UK after regulator backlash over advertising.

March: Legal battles and market exits

March revived a long-running mystery surrounding Evolution. A New Jersey court ordered disclosure tied to a damaging 2021 report. That report once erased billions from Evolution’s value — and questions lingered.

Elsewhere, Bally’s made an unsolicited A$250m funding offer to Star Entertainment. Sportradar announced a $125m payment linked to acquiring IMG Arena.

Market exits made headlines. Bet365 confirmed plans to leave China. Sweepstakes casinos withdrew from New York amid looming legislation. PlayUp’s chief executive faced accusations tied to a $450m legal dispute.

April: Investigations and political signals

April brought clarity — and more confusion. Black Cube emerged as the firm behind the Evolution report. However, the party that commissioned the work stayed unnamed.

Deal activity continued. Novomatic moved to buy the rest of Ainsworth Game Technology. Hacksaw Gaming appeared to prepare for a Stockholm listing. XLMedia chose a different path, planning to leave the London exchange.

Regulation shifted quietly but firmly. Sweden voted to close its last land-based casino. In the US, states began questioning prediction markets more openly.

May: Big spending and growing nerves

May delivered some of the year’s largest transactions. Flutter completed its Brazilian NSX Group purchase for $350m. Soon after, it closed the €2.3bn acquisition of Snaitech in Italy. Sega Sammy finalised its $96m purchase of GAN.

In Australia, interest in PointsBet intensified. MIXI and Betr competed, pushing valuations higher. Reports suggested the Coates family was weighing selling Bet365.

In Washington, tax policy stirred concern. Donald Trump introduced a bill altering how gambling winnings are taxed. Sweepstakes operator VGW formed a trade group to defend its interests.

June: Funding rounds and tax fallout

June highlighted contrasting fortunes. Kalshi raised funds at a $2bn valuation. Polymarket followed, reaching a $1bn valuation of its own.

Public markets beckoned. Hacksaw Gaming began trading in Stockholm. Cirsa confirmed ambitions for a future listing.

Tax changes hit users directly in Illinois. DraftKings and FanDuel added a $0.50 charge per bet. Both firms blamed new state taxes — and users noticed.

Other moves stayed quieter. Catena Media sold its esports brands. Betsson paused Dutch re-entry plans due to regulatory delays.

July: Mega deals dominate the summer

July redefined scale. Brightstar Capital took AGS private in a $1.1bn deal. Apollo completed its $6.3bn purchase of IGT Gaming and Everi. Flutter bought Boyd Gaming’s FanDuel stake for $1.76bn.

Public markets stayed busy. Cirsa launched its IPO with a €2.5bn target valuation. Smaller deals still mattered:

• Allwyn bought the rest of Stoiximan

• DoubleDown agreed to buy WHOW Games for up to €65m

Strategic shifts also surfaced. DraftKings explored buying Railbird. Super Group confirmed plans to exit the US market.

August: Regulation tightens its grip

August rarely rests, and 2025 proved no exception. Star Entertainment agreed to sell its Queen’s Wharf casino stake. Entain set aside A$100m for a possible AUSTRAC penalty.

Prediction markets pushed further into finance. FanDuel partnered with CME Group to explore derivatives-style offerings. Ohio regulators warned of license risks tied to such products.

Lawmakers acted. New Jersey signed a full sweepstakes casino ban into law. In the Netherlands, higher gambling taxes failed to raise revenue.

Late in the month, serious charges emerged. Former GVC chief Kenny Alexander faced bribery allegations linked to Turkey.

September: Politics and pressure collide

September placed gambling firmly in the political debate. UK Labour MPs called for higher sector taxes to fund welfare reform. Horse racing leaders joined reform groups, fearing financial collapse. Charities felt the strain. Several faced insolvency due to funding confusion.

Prediction markets kept expanding. PredictIt gained full regulatory approval. Kalshi crossed $1bn in monthly trading volume. Underdog partnered with Crypto.com to extend its reach.

Corporate shifts followed. Pragmatic Play exited the US sweepstakes supply. Allwyn bought into PrizePicks at a $2.5bn valuation.

October: A mystery finally solved

October delivered the year’s biggest revelation. Playtech was named as the source behind the Evolution report. The disclosure ended years of speculation — and raised new questions.

Consolidation accelerated. Bally’s and Intralot completed a €2.7bn merger. Allwyn and OPAP agreed to a staggering €16bn combination.

Prediction markets surged again. The New York Stock Exchange owner invested heavily in Polymarket. Kalshi secured another $300m. DraftKings closed its Railbird deal. Even Trump’s Truth Social announced plans to enter the space.

November: Tax shocks and legal risk

November extended existing tensions. Reports claimed Playtech offered Black Cube £500,000 tied to licence outcomes. In the UK, the Autumn Budget stunned executives. Remote gaming duty rose to 40%, reshaping forecasts overnight. Operators assessed exits, price changes, and cost cuts.

Evoke was considering selling its Italian business. Its CEO also faced a private criminal complaint in Austria. In the US, industry unity fractured. FanDuel and DraftKings left the American Gaming Association. Penn Entertainment ended its ESPN deal eight years early.

December: Prediction markets take center stage

December confirmed a clear theme. Prediction markets moved from experiment to priority. Fanatics, FanDuel, and DraftKings launched competing offerings.

Matchbook announced UK plans ahead of a US entry. Coinbase accelerated efforts through targeted acquisitions.

Kalshi reached new heights. Its valuation climbed to $11bn. A partnership with CNN boosted visibility. It also helped form a new trade body with major backers.

Elsewhere, New York enforced its sweepstakes ban. At the same time, it approved new land-based casinos for Bally’s, Hard Rock, and Resorts World.

Looking ahead

By year’s end, the industry felt changed — perhaps permanently. Growth remained possible, but scrutiny followed closely behind. Companies learned that scale attracts attention, and innovation invites challenge. 2025 did not offer easy lessons, but it left a clear message. Those who adapt quickly may endure. Those who do not could struggle to keep pace.