Overview

• Average growth – On average, share prices analyzed decreased by -0.2% in the last week.
• “Winner” – The most significant leap in our sample of online gambling-focused companies was taken by Kambi with an increase of +12%, followed by Catena Media (+7%).
• “Loser” – Betsson had the worst weekly performance in our analysis with a change of -11%
• Comparison to the Nasdaq Composite – Compared to the development of the Nasdaq Composite (+4%), the average development of the online gambling industry looks “worse”.

Segment-specific developments

• Online-focused operators – The shares of online-focused operators included in the analysis saw, on average, a decrease of -2%; with Bet-at-Home (+4%) leading the ranking.
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, OPAP is the “winner” with +4% while the average share development was +0.4%.
• Suppliers – The shares of the suppliers included in the analysis saw, on average, an increase of +0.9%. The winner is Kambi with +12%.
• Affiliates – On average, affiliates’ shares saw an increase of +0.7% with Catena Media (+7%) leading and Gambling.com (-6%) coming last.

The share increase of Kambi

Kambi’s shares moved higher during that week after the company announced a new sportsbook partnership in the U.S., expanding its footprint in a key growth market. The deal was seen as a positive signal for future revenue potential, especially as Kambi continues to replace outgoing contracts with new partners.  That update appears to have reassured investors about the company’s medium-term outlook, supporting the share price over the period.

The decline of Betsson shares

Betsson’s share price came under pressure during that week after the company released a preliminary Q1 update on April 9 that disappointed investors. The update pointed to a drop in revenue and a sharp decline in profitability, mainly due to higher taxes, weaker performance in some regions, and ongoing investments in less profitable markets. That combination of softer earnings and margin pressure appears to have driven the negative sentiment in the stock over the period.

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Key insights of the Spring 2026 edition

• Current Business Climate: 29% of the experts consider the current climate as “good”.
• Revenue Growth YoY: In Q4/2025, Gaming Corps led revenue growth (YoY) with an increase of +94%; the avg. YoY growth in the quarter of all companies analysed was +16%.
• Revenue Growth QoQ: On average, revenues changed in Q4/2025 (compared to the previous quarter – QoQ) by +17%. Bally’s Interactive N. America (+87%) and DraftKings (+74%) are leading the QoQ ranking.
• Top region to grow – The LatAm online gambling market is seen as the market with the biggest growth potential.
•  Future Winners in Eastern Europe: Betano and Superbet take the top spots in Eastern Europe.
• Affiliate Marketing in Eastern Europe: Betano and Unibet are the top advertisers on affiliate websites in Eastern Europe.
• SEO Success: In the realm of SEO marketing in Eastern Europe, Fortuna leads for betting-related content, Fortuna holds the top spot for casino-related SEO.

To read the full magazine of Online Gambling Quarterly Magazine – Spring 2025 Edition, you have to register – click here – annual price (four editions) = GBP 100 (GBP 25 per edition).

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• Charles Gillespie will step down as CEO and move into the role of Executive Chairman. He has led the company since its founding in 2006 and will remain involved in strategy and M&A. The transition ends his nearly 20-year tenure as chief executive.
• Kevin McCrystle, currently COO, will assume the CEO position. He has overseen key areas including product, marketing, technology and operations. The Gambling.com leadership change keeps leadership within the founding team.
• The company operates affiliate marketing and sports data services across 22 markets. Its portfolio includes Gambling.com, Bookies.com and Casinos.com, alongside data brands such as OddsJam. “I am honored by the trust the Board has shown me,” McCrystle said.

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• In FY 2025 total revenue reached EUR 46.6m (FY 2024: EUR 49.6m). The drop was mainly driven by the sports side of the business with  EUR 7.4m (FY 2024: EUR 13.9m).  Casino business grew instead reaching EUR 39.2m in FY 2025. 
• Though the group reported an operating loss of EUR 9.2m in FY 2025, it managed to reduce loss levels like in FY 2024 with EUR 46.5m.  Lower impairments and tighter cost control helped to reduce losses in 2025.
• As part of restructuring efforts the costs side  decreased during 2025; total operating expenses reached EUR 55.8m (FY 2024: EUR 96.1m). Less impairments and less personnel costs stabilised the business.
• As a consequence net loss for the year was only EUR 7.5m in 2025, compared to EUR 44.2m in FY 2024.
• A detailed analysis of the segments shows that casino maintained stable  and transformed losses into positive a small operating profit reaching EUR 0.1m in FY 2025. Sports is still under pressure like in 2024, but losses reduced to EUR 8.5m from EUR 41.9m. That gap is still notable, though the direction of travel has improved.

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Overview

• Average growth – On average, share prices analyzed increased by +0.8% in the last week.
• “Winner” – The most significant leap in our sample of online gambling-focused companies was taken by Bragg with an increase of +38%, followed by Sportradar (+8%).
• “Loser” – Gentoo Media and DraftKings had the worst weekly performance in our analysis, with a change of -8% and -5%.
• Comparison to the Nasdaq Composite – Compared to the development of the Nasdaq Composite (-3%), the average development of the online gambling industry looks “better”.

Segment-specific developments

• Online-focused operators – The shares of online-focused operators included in the analysis saw, on average, a decrease of -1%; with Rush Street (+3%) leading the ranking.
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, Evoke is the “winner” with +7% while the average share development was +0.4%.
• Suppliers – The shares of the suppliers included in the analysis saw, on average, an increase of +7%. The winner is Bragg with +38%.
• Affiliates – On average, affiliates’ shares saw a decrease of -3% with Better Collective (-0.6%) leading and Gentoo Media (-8%) coming last.

The share increase of Bragg

Bragg’s sharp share price increase during that week was likely driven by two closely timed announcements. On March 19, the company reported record full-year and quarterly revenues, highlighting strong growth in key markets like the U.S. and Brazil, which tends to boost investor confidence.

Just days earlier, Bragg had also announced a new partnership with Salesforce to support its global expansion, reinforcing the sense that the business is scaling and investing in future growth – together, these updates created a clear positive catalyst for the stock.

The decline of Gentoo Media shares

Gentoo Media’s weaker share performance in that period seems to be tied to lingering concerns around its financing situation. In late February 2026, the company announced it would not proceed with a planned bond refinancing and instead rely on a shareholder loan, while still needing to address upcoming debt maturities .  That kind of uncertainty around funding and capital structure tends to weigh on investor sentiment, and likely carried over into the following week, putting pressure on the stock.

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• Better Collective is launching dedicated editorial hubs focused on prediction markets across brands such as Action Network and VegasInsider. These hubs will cover sports, politics, entertainment and cultural events. The focus is on providing probability-based insights linked to future outcomes.

• The group is increasing its content output with more articles, data-driven insights and expert analysis. It will also introduce social-first video formats and educational content to support users. This forms part of its broader prediction markets expansion strategy in the US.

• Trading volumes in prediction markets have grown from under USD 100m (ca. EUR 87m) per month in early 2024 to more than USD 13bn (ca. EUR 11.3bn) by December 2025. Forecasts suggest the market could reach USD 1tn (ca. EUR 866 bn) by 2030, driven by liquidity and product development. Co-founder Jesper Søgaard said: “Prediction markets increase our total addressable market significantly in the U.S.”

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Overview

• Average growth – On average, share prices analyzed increased by +0.2% in the last week.
• “Winner” – The most significant leap in our sample of online gambling-focused companies was taken by Caesars with an increase of +9%, followed by Betsson (+6%).
• “Loser” – Bet-at-Home and Jumbo Interactive had the worst weekly performance in our analysis, with a change of -9% and -8%.
• Comparison to the Nasdaq Composite – Compared to the development of the Nasdaq Composite (-3%), the average development of the online gambling industry looks “better”.

Segment-specific developments

• Online-focused operators – The shares of online-focused operators included in the analysis saw, on average, a decrease of -0.2%; with Betsson (+6%) leading the ranking.
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, Caesars is the “winner” with +9% while the average share development was +0.5%.
• Suppliers – The shares of the suppliers included in the analysis saw, on average, a decrease of -0.4%. The winner is Evolution with +5%.
• Affiliates – On average, affiliates’ shares saw an increase of +1% with Raketech (+5%) leading and Better Collective (-2%) coming last.

The share increase of Caesars

The rise in Caesars’ share price during the week of 9–13 March was mainly driven by takeover news that caught investors’ attention. Reports on 11–12 March said that billionaire Tilman Fertitta was in exclusive talks to acquire Caesars Entertainment in a deal worth around USD 7 billion, potentially offering a premium to the market price. Such takeover speculation often lifts a company’s stock, as investors start pricing in the possibility of a higher valuation.

The decline of Bet-at-Home shares

The decline in Bet-at-Home’s share price between 9 and 13 March appears to be linked to renewed investor concerns after reports highlighting weaker-than-expected operating performance and soft recent figures compared with market expectations. Analysts noted that both revenue and profitability came in below forecasts, which weighed on sentiment and triggered selling pressure among investors. As a result, the stock came under pressure during the week as the market reassessed the company’s near-term growth outlook.

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• Fourth-quarter 2025 revenue rose 31% year-on-year to USD 46.2m. Adjusted EBITDA increased 5% to USD 15.5m while the margin declined to 33%. Net loss reached USD 26.9m mainly due to contingent consideration movements and a USD 14.0m impairment on intangible assets.

• Full-year revenue increased 30% to USD 165.4m. Adjusted EBITDA rose 19% to USD 58.0m while adjusted free cash flow reached USD 36.3m. Net loss for the year was USD 2.9m compared with net income of USD 30.7m in 2024.

• Data services drove the strongest growth in the Gambling.com results. Fourth-quarter data revenue climbed 440% year-on-year to USD 11.8m and accounted for 26% of total revenue. For the full year, data revenue rose to USD 41.1m representing 25% of total revenue.

• Marketing revenue remained the largest segment despite slower growth. Fourth-quarter marketing revenue increased 4% to USD 34.4m while full-year revenue reached USD 124.3m. More than half of marketing revenue in the quarter came from channels not dependent on organic search.

• North America was the largest growth market in the Gambling.com results. Fourth-quarter revenue in the region rose 75% to USD 27.3m and full-year revenue reached USD 87.2m. For 2026, the company expects revenue of USD 170m to USD 180m and adjusted EBITDA of USD 50m to USD 58m.

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Overview

• Average growth – On average, share prices analyzed increased by +0.7% in the last week.
• “Winner” – The most significant leap in our sample of online gambling-focused companies was taken by Catena Media with an increase of +13%, followed by Better Collective (+10%).
• “Loser” – OPAP and Jumbo Interactive had the worst weekly performance in our analysis, with a change of -9% and -9%.
• Comparison to the Nasdaq Composite – Compared to the development of the Nasdaq Composite (-2%), the average development of the online gambling industry looks “better”.

Segment-specific developments

• Online-focused operators – The shares of online-focused operators included in the analysis saw, on average, an increase of +2%; with Flutter (+7%) leading the ranking.
• Multi-channel operators – Among the multi-channel operators that also operate a relevant retail business, Caesars is the “winner” with +7% while the average share development was +0.4%.
• Suppliers – The shares of the suppliers included in the analysis saw, on average, a decrease of -2%. The winner is Evolution with +3%.
• Affiliates – On average, affiliates’ shares saw an increase of +3% with Catena Media (+13%) leading and Gentoo Media (-7%) coming last.

The share increase of Catena Media

Catena Media’s share price increase in the first week of March likely reflects continued investor reaction to the company’s recently published Q4 2025 results and related communications. In its February report, the company highlighted improved profitability and revenue growth, signalling that ongoing optimisation measures are beginning to deliver results. That update appears to have supported positive sentiment among investors, which likely carried over into the following week and helped lift the stock.

The decline of OPAP shares

OPAP’s share price decline during the week of 2–6 March appears to be linked to the company’s FY2025 results released on 2 March. While OPAP reported record revenue, profitability indicators disappointed investors, with Q4 EBITDA falling 13.5% year-on-year and net profit down more than 16%, largely due to higher operating costs such as marketing and payroll expenses. This weaker-than-expected earnings momentum likely weighed on market sentiment in the days following the announcement.

Please find more data and the methodology applied in the current edition of the OGQ Magazine. Also, find more content in our data section.

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