• Virgin Bet has launched in South Africa, marking its first expansion beyond the UK market. The move strengthens LiveScore Group’s position in Africa alongside its existing Nigeria operations. It represents a key step in the brand’s international growth strategy.
• Responsible gambling is integrated into the Virgin Bet South Africa platform from the start. Players have access to tools such as deposit limits, time-outs and self-exclusion options. These are supported by local customer support and verification processes.
• The company is building a local team to support long-term operations in the market. Head of Marketing Gail Odgers said the focus is on delivering experiences while maintaining player protection. Virgin Bet South Africa is also planning initiatives linked to education and safer gambling.
• Virgin Bet – launched in May 2019 – operates as part of LiveScore Group, which owns LiveScore and LiveScore Bet, linking content and wagering through its platform.

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Growth potential of selected global regions – Survey results Q4/2025

The chart shows how surveyed experts rate the next-12-month growth potential across major regions. Overall sentiment is fairly cautious, with clear separation between the most promising areas and mature markets.

• Top performers are led by LatAm, which stands out as the strongest growth story in this ranking. Africa stays close behind, still seen as a high-upside region.

• Stable expectations dominate the picture, with most regions grouped around modest growth rather than big swings.

• Europe’s position remains at the lower end, with both Eastern and Western Europe rated weakest. Even so, this reads like maturity and regulation pressure, not a lack of activity.

Growth potential of key Western European online gambling markets – Survey results Q4/2025

This chart compares growth potential across key Western European markets within the next 12 months. The main takeaway is that expectations are positive but contained, with countries sitting close together.

• Top performers are Spain and Italy, which sit at the upper end of the Western Europe pack. They look like the clearest “best of the bunch” markets right now.

• Lowest-ranked markets include the UK and Germany, which sit at the bottom of this comparison. The relative gap suggests more headwinds or fewer near-term catalysts there.

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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• Group revenue rose 17% year-on-year to USD 16.38bn, while average monthly players increased 14% to 15.9 million. Adjusted EBITDA was up 21% to USD 2.85bn, with margin improving slightly to 17.4%. The Flutter FY 2025 results include contributions from Snai and NSX, which were added during the year.

• Net income swung to a USD 407m loss compared to a USD 162m profit in 2024. This was mainly due to a USD 556m non-cash impairment after India introduced legislation that stopped real-money gaming. Adjusted earnings per share still increased 9% to USD 7.94, reflecting growth in the underlying business.

• In the US, revenue climbed 20% to USD 6.97bn and adjusted EBITDA increased 82% to USD 922m. FanDuel closed the year with a 41% share of sportsbook GGR and 28% of iGaming GGR in active states during Q4. The group also launched FanDuel Predicts, offering sports contracts in 18 states and non-sports markets across all 50 states.

• International revenue grew 14% to USD 9.42bn, with adjusted EBITDA up 7% to USD 2.2bn. Southern Europe and Africa benefited from the addition of Snai, while Central and Eastern Europe posted double-digit growth. The exit from India and swings in sports results weighed on organic sportsbook performance.

• Net debt stood at USD 10.6bn at the end of December, with leverage at 3.7x following acquisition activity and the buyout of Boyd’s stake in FanDuel. The company returned USD 1bn to shareholders during the year through share repurchases.

• CEO Peter Jackson said: “Flutter delivered strong 2025 results,” pointing to progress in the US and across International markets. For 2026, Flutter expects revenue of USD 18.4bn and adjusted EBITDA of USD 2.97bn at the midpoint of its guidance.

Flutter stock down by -11% last week

Last week, Flutter’s shares weakened (see our weekly stock watch) after the company reported quarterly results that missed revenue and earnings expectations and issued cautious guidance for 2026, which spooked investors and led to heavier selling pressure.

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• Revenue for 2025 rose 22% to USD 2.2bn (ca. EUR 1.9bn) compared with USD 1.8bn (ca. EUR 1.5bn) in 2024. Growth was driven mainly by Africa, including the launch in Botswana, as well as the UK and Canada ex-Ontario. These gains were partly offset by softer performance in South/Latin America and parts of APAC.

• Profit before tax almost doubled to ca USD 356m (ca. EUR 302m) from ca. USD 204m (ca. EUR 173m) the year before. Adjusted EBITDA increased 57% to ca. USD 560m (ca. EUR 475m) from ca. USD 357m (ca. EUR 303m), reflecting improved operating leverage. The Super Group financial results show an overall margin of around 25% for the year.

• Monthly average customers increased 17% to 5.6 million in 2025, up from 4.8 million in 2024. The rise reflects continued expansion of Betway in sportsbook and Spin in online casino across core territories. Customer activity supported double-digit growth in both revenue and earnings.

• During the year, the company exited the US iGaming market to focus on markets where it sees stronger long-term returns. CEO Neal Menashe said 2025 was “a standout year for Super Group,” pointing to record customer growth.

• The company returned USD 156m (ca. EUR 132m) to shareholders during the year and declared a further USD 125m (ca. EUR 106m) special dividend in early 2026. Under the updated dividend policy, the annual target increases to at least USD 0.20 (ca. EUR 0.17) per share, highlighting the cash generation reported in the Super Group financial results.

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• In Q4 2025 net revenues declined 3.7% year-on-year to EUR 514.2m, while total operating revenues fell to EUR 565.9m. Adjusted EBITDA dropped 6.1% to EUR 341.5m, with the margin easing to 66.4%. Profit for the quarter reached EUR 306.8m, compared with EUR 377.1m in the same period last year.

• For the full year 2025, net revenues increased slightly by 0.2% to EUR 2.07bn, while total operating revenues declined 4.3% to EUR 2.12bn. Adjusted EBITDA came in at EUR 1.37bn, down 3.2%, with a margin of 66.1%. Profit for the year totalled EUR 1.06bn, compared with EUR 1.24bn in 2024.

• CEO Martin Carlesund said constant currency net revenue growth in Q4 2025 was estimated at 4.9%, underlining the impact of foreign exchange on reported figures. He described the year as operationally strong despite the financial outcome. “Overall, we are proud but not happy with 2025,” Carlesund said.

• Asia returned to growth in the Q4 2025 after a weaker Q3 2025, which the company linked to progress in addressing cybercriminal activity. Evolution said improvements in the region are gradual and require continued focus. Its studio operations in the Philippines continued to develop during the quarter.

• North America recorded steady growth during the period, supported by the re-launch of the Ezugi brand in New Jersey. Latin America also grew year-on-year, with Brazil progressing under new regulation and an additional studio acquired in Argentina. Europe remained under pressure due to regulatory developments, while Africa continued to deliver growth.

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• IBIA reported a total of 300 suspicious betting alerts to relevant authorities during 2025. The alerts covered 16 different sports and reflect activity identified through IBIA’s monitoring network. Football and tennis together accounted for more than half of all reported cases.

• Football generated the highest number of alerts at 110 cases, representing 37% of the total. Tennis followed with 74 alerts, or 25%, including 29 cases linked to events outside the main professional tours. Table tennis and esports each recorded 34 alerts during the year.

• Europe accounted for the largest regional share with 35% of all alerts. South America followed at 15%, while North America represented 16% of cases. Asia and Africa contributed 13% and 10% respectively, with a further 11% classed as global alerts, largely tied to esports.

• IBIA data was also used to support integrity investigations that led to confirmed sanctions. In total, 54 matches were proven to be corrupted using IBIA alerts. These cases resulted in sanctions against players, officials and teams across several sports, including tennis, football, esports and darts.

• Tennis-related cases led to sanctions against 10 players and six umpires during the year. Football sanctions involved two players and one club, while esports cases included one player and one team. Individual sanctions were also recorded in MMA and darts.

• Special focus was given to increased betting activity/integrity in the African continent for the period 2021 to 2025 with 117 suspicious betting alerts tracked at sporting events (Football accounted 57%, followed by tennis with 36%).  The rising betting activity is also reflected in a rising online betting GGR from USD 6.2bn (ca. EUR 5.2bn) in 2024 to a projected figure of USD 16.4bn (ca. EUR 13.9bn) by 2030.

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• Monthly active customers and customer deposits both reached record levels in the fourth quarter of 2025. Casino remained the most stable contributor to earnings, helping offset lower sports betting hold in December. The company said overall engagement trends stayed consistent across its markets.

• Full-year revenue is expected to fall between USD 2.17bn (ca. EUR 1.86bn) and USD 2.27bn (ca. EUR 1.94bn), in line with earlier guidance. Adjusted EBITDA is forecast at USD 555m (ca. EUR 475m) to USD 565m (ca. EUR 483m) for 2025. Super Group said performance was supported by sustained customer activity despite short-term sportsbook volatility.

• Sports betting hold dropped in December 2025 to its lowest level since October 2023 due to customer-friendly outcomes. Even so, sports wagers, deposits and monthly active users all reached all-time highs during the quarter. Casino growth helped balance the softer sportsbook results.

• The board approved a special cash dividend of USD 0.25 (ca. EUR 0.21) per share, payable on 9 February 2026. The Super Group dividend will be paid to shareholders on record as of 2 February. Chief executive Neal Menashe said: “Today’s dividend reflects that strength and our confidence in the durability of the business.”

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• Group turnover rose to GBP 1.46bn (ca. EUR 1.7bn), up from GBP 908.0m (ca. EUR 1.1bn) previously, with retail gambling accounting for GBP 894.8m (ca. EUR 1bn) and online gambling GBP 563.6m (ca. EUR 650m). Gross profit increased to GBP 1.07bn (ca. EUR 1.2bn) over the same period. The company noted that all revenue relates to gambling operations.

• Operating profit reached GBP 209.7m (ca. EUR 242m) after exceptional costs of GBP 3.4m (ca. EUR 3.9m), compared with GBP 0.5m (ca. EUR 0.6m) a year earlier. Exceptional items were lower due to reduced impairment charges and fewer onerous contract provisions. The group also exited several unprofitable overseas businesses during the period.

• Profit after tax for the period came in at GBP 128.8m (ca. EUR 148.6m), compared with a GBP 71.7m (ca. EUR 83m) loss in the previous reporting period. The group paid an interim dividend of GBP 25.4m (ca. EUR 29m) but did not propose a final dividend. Directors said the longer reporting window was a key factor behind the shift in results.

• Betfred continued investment in its online platform, with GBP 88.3m (ca. EUR 102m) in development costs capitalised as intangible assets. The platform went live in December 2023 and was rolled out to existing customers in early 2024.

• During the year, the group exited nine US states and completed the disposal of its Spanish online business for GBP 2.0m (ca. EUR 2.3m). It also acquired a South Africa-based investment holding company for GBP 2.0m, supporting its local operations. The acquisition generated goodwill linked to workforce integration and expected cost efficiencies.

• Average employee numbers stood at 9,622 during the period, with full-time equivalent staff at 7,872. Total payroll costs increased to GBP 361.6m (ca. EUR 417m), partly reflecting the longer reporting period. A portion of staff costs was capitalised as part of ongoing technology development.

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• The Botswana launch follows Play’n GO and Betway’s first African collaboration in South Africa in July. Betway already operates across several African markets and has an established local presence. This agreement extends the partnership into another regulated territory.

• Betway players in Botswana now have access to a selection of Play’n GO titles, including Book of Dead, Reactoonz and Rise of Olympus. These games are being introduced to the market for the first time. The rollout focuses on well-known titles from the supplier’s existing catalogue.

• Play’n GO is now active in more than 35 regulated jurisdictions worldwide with a portfolio of over 400 casino games. Magnus Olsson, chief commercial officer at Play’n GO, said: “Play’n GO intends to be in every regulated market in the world, and Botswana now joins over 35 other regulated markets globally that are able to offer our games.” The company continues to prioritise regulated market expansion.

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• From 2 December 2025, residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nepal, Nicaragua, Nigeria, the Republic of Congo, the Democratic Republic of Congo, Somalia and Vietnam will no longer be able to participate in the operator’s offerings and services.

• For customers in above mentioned markets, William Hill confirms that balances are safe. Until 5 January 2026, William Hill account holders will still have login access to their accounts in order to withdraw funds. After that date, login credentials will stop working and customers must contact the customer service team to withdraw any remaining funds.

• Open bets placed by affected residents will be settled normally if they are due before 2 December 2025. Any bets that are due to be settled after that date will be voided and refunded to the customer’s account.  It is emphasised that when withdrawing funds, users should ensure that withdrawal is made to the payment method used for their last deposit.

• The operator William Hill is owned by Evoke plc (formerly known as 888 Holdings) while William Hill was acquired in mid-2022 for about GBP 1.95 billion (ca. EUR 2.3 billion).  Evoke plc is a publicly listed company operating various online and retail gaming brands including William Hill, 888casino, 888sport, and Mr Green.

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