The iGaming startup stack 2026: platforms, licences, payments, markets and traffic
An online casino business rests on five layers: platform, licence, payments, markets and traffic. Our data covers 25 platform companies and 18 sportsbook suppliers, 14 licensing jurisdictions, 17 payment providers, online GGR in 14 markets and 8 affiliate media groups. The largest online market is the United Kingdom (EUR 9.7bn, FY 2025-26); online casino is the largest product in 10 of 12 markets.
In 60 seconds
- Platform
25 casino platform companies. On a white label, the platform holds the licence and runs the casino.
- Licence
5.5–40% gaming tax on revenue with a national licence. Offshore licences charge fixed yearly fees instead.
- Payments
17 payment providers. Cards, e-wallets and pay-by-bank need providers that accept gambling.
- Markets
EUR 9.7bn online GGR in the United Kingdom, the largest market in our table. Online casino leads in most markets.
- Traffic
8 affiliate media groups, led by Better Collective. Affiliates are paid by revenue share, CPA or both.
Quick version: 8 steps
The same steps as the carousel. Scroll sideways (or use the arrow keys) to see all 10 slides.
8 steps
How to launch an online casino in 2026, in 8 steps
- Choose your licence route
- Budget for licence fees and tax
- Pick a casino platform
- Add a sportsbook
- Set up payments
- Pick your markets
- Know the rules in each market
- Get traffic from affiliates
Step 1 of 8
Choose your licence route
- Own licence You hold the licence and sign your own suppliers
- White label You launch on a platform’s licence and systems
- 4 routes and 14 jurisdictions in our data
Step 2 of 8
Budget for licence fees and tax
5.5–40%
gaming tax on revenue, national licences
- From 5.5% in Estonia to 40% in the United Kingdom
- Offshore licences: fixed regulator fees a year
Step 3 of 8
Pick a casino platform
25
casino platform companies in our data
- On a white label, the platform holds the licence
- Number = brands on each platform today
Step 4 of 8
Add a sportsbook
18
sportsbook suppliers in our data
- Number = brands using each sportsbook today
Step 5 of 8
Set up payments
17
payment providers in our data
- Cards: an acquirer approved for gambling (MCC 7995)
- Cards, e-wallets, pay by bank, vouchers and local methods
- Cards Worldpay
- E-wallets Skrill
- Pay by bank Trustly
- Vouchers paysafecard
Step 6 of 8
Pick your markets
€9.7bn
online GGR, United Kingdom, FY 2025-26
- Casino is the larger product in 10 of 12 markets
- Years and definitions differ by market
Step 7 of 8
Know the rules in each market
3
countries block payments to unlicensed sites
- Great Britain: no credit cards since 2020
- Finland: affiliates not an allowed channel from 2027
- Norway
- Finland
- Germany
Step 8 of 8
Get traffic from affiliates
8
affiliate media groups in our data
- Paid by revenue share or CPA (a fee per new depositor)
- Catena Media: 89% CPA; Gentoo Media: 62% revenue share
Full guide + every source
ultimateowner.org/guides/igaming-startup-stack
Source: UltimateOwner · CC BY 4.0 · Data checked 26 Oct 2026
Download the carousel (PDF) 10 slides, 1080×1350, for LinkedIn and other document posts. Free to share with credit, CC BY 4.0.
The stack at a glance
Yes: own licence
No: white label
Launch on a platform’s licence
- The platform holds the licence and runs games, payments and player checks
- Brands on each platform today:
Set up payments
- Blocked for unlicensed sites in Norway, Finland and Germany
- Worldpay
- Skrill
- Trustly
- paysafecard
- Swish
Pick target markets
- Largest online markets by GGR
Buy traffic
- Review sites, paid per player or revenue share
- Jumpman Gaming · 126
- ProgressPlay · 103
- SkillOnNet · 74
- White Hat Gaming · 35
- EveryMatrix · 14
- Broadway Gaming · 13
- Kambi (sportsbook) · 41
- Altenar (sportsbook) · 27
- Betby (sportsbook) · 15
Number = brands on the platform or sportsbook today.
- Own national licence
- Offshore licence
- White-label / turnkey on a platform's licence
- B2B supplier licence
International: Malta, Curaçao, Anjouan, Kahnawà:ke, Isle of Man, Gibraltar, Alderney. National: United Kingdom, Sweden, Denmark, Estonia, Ontario, Germany, Netherlands.
- Cards: Worldpay, Nuvei
- E-wallets: Skrill, Neteller
- Pay by bank: Trustly, Brite Payments
- Vouchers: paysafecard
- Local methods: Swish
Payment blocking of unlicensed gambling: Norway, Finland, Germany.
- United Kingdom · EUR 9.7bn
- Brazil · EUR 5.9bn (closing)
- Italy · EUR 4.9bn
- New Jersey · EUR 3.6bn
- Michigan · EUR 3.3bn
Online casino leads in 10 of 12 markets with a product split.
- Better Collective · EUR 336.7m
- Grandstand · USD 165.4m
- Gentoo Media · EUR 98.7m
- Catena Media · EUR 46.6m
- Acroud · EUR 46.4m
Revenue of the latest full year in the reporting currency.
Layer 1: platform and software
- 25 casino platform companies and 18 sportsbook suppliers are in our data.
- Jumpman Gaming runs the most brands today (126), then ProgressPlay (103).
- On a white label, the platform holds the licence. With an own platform, the operator holds it and signs each supplier.
A new casino brand either rents a complete platform or builds its own. On a white-label or turnkey platform, a platform company holds the licence and runs the casino (games, payments, KYC, support); the brand owner mainly does marketing under its own brand. With an own platform, the operator holds its own licence and contracts game, sportsbook and payment suppliers. For companies that supply games or platforms to licensed operators, not to players. Many regulators require a supplier licence or certificate.
The table counts the brands that run on each supplier today, as on our supplier pages: one brand on several country domains counts once; former clients and partial products (such as an odds feed) are not counted.
Show all 33 suppliers
| Supplier | Supplies | Company and seat | Casino brands | Sportsbook brands |
|---|---|---|---|---|
| Jumpman Gaming | casino platform | Jumpman Gaming Limited, Alderney | 126 | — |
| ProgressPlay | casino platform, sportsbook | ProgressPlay Limited, Malta | 103 | 0 |
| SkillOnNet | casino platform | Skill On Net Limited, Malta | 74 | — |
| Kambi | sportsbook | Kambi Group plc, Birkirkara, Malta | — | 41 |
| White Hat Gaming | casino platform | White Hat Gaming Limited, Malta | 35 | — |
| Altenar | sportsbook | Altenar Software Limited (Malta); Altenar Technologies Limited (Isle of Man), Malta and Isle of Man | — | 27 |
| SOFTSWISS | casino platform, sportsbook | Malta | 13 | 11 |
| Betby | sportsbook | Earlybird Ltd, Birkirkara, Malta | — | 15 |
| EveryMatrix | casino platform, sportsbook | — | 14 | 1 |
| Broadway Gaming | casino platform | Broadway Gaming Ireland DF Limited, Ireland | 13 | — |
| Soft2Bet | casino platform | — | 11 | — |
| Playtech | casino platform, sportsbook | Playtech plc, Isle of Man | 6 | 0 |
| Anakatech Interactive | casino platform | Anakatech Interactive Limited, Sofia, Bulgaria (head office) | 5 | — |
| BetConstruct | casino platform, sportsbook | Soft Construct (Malta) Ltd, St Julian's, Malta | 4 | 1 |
| VBET (SCGO Limited) | casino platform, sportsbook | SCGO Limited, Malta | 5 | 0 |
| Gaming1 | casino platform | Gaming1 Group, Liège, Belgium | 4 | — |
| GiG (Gaming Innovation Group) | casino platform, sportsbook | GiG Software Limited (Malta, C108629), St Julian's, Malta | 3 | 1 |
| Pragmatic Solutions | casino platform | — | 4 | — |
| BetVictor (BV Gaming) | casino platform, sportsbook | BV Gaming Limited | 3 | 0 |
| Digitain | casino platform, sportsbook | — | 1 | 2 |
| Grace Media | casino platform | Grace Media (Gibraltar) Limited, Gibraltar | 3 | — |
| GAN | casino platform | GAN Limited, Bermuda (head office Las Vegas, USA) | 2 | — |
| Solaya Group | casino platform | Solaya Group Limited | 2 | — |
| The Mill Adventure | casino platform | — | 2 | — |
| Amelco | sportsbook | Amelco UK Limited, London, UK | — | 1 |
| Aspire Global / NeoGames (Aristocrat Interactive) | casino platform | — | 1 | — |
| Betway (white label) | casino platform | Betway Limited, Malta | 1 | — |
| IGT PlaySports | sportsbook | International Game Technology PLC (as of 2023) | — | 1 |
| OpenBet | sportsbook | — | — | 1 |
| Playquarry | casino platform, sportsbook | Playquarry Limited, England and Wales (company 15972306) | 1 | 0 |
| Bede Gaming | casino platform | Bede Gaming Ltd, Newcastle upon Tyne, UK | 0 | — |
| BetMakers | sportsbook | BetMakers Technology Group | — | 0 |
| Oddin.gg | sportsbook | — | — | 0 |
Sources: every brand link has its own source on the supplier pages. gamblingcommission.gov.uk · gamblingcommission.gov.uk (2) · mga.org.mt · bo.cga.cw · mga.org.mt (2) · gamblingcommission.gov.uk (3) (secondary) · gamingcommission.ca
More: all platforms and sportsbook suppliers · how white-label casinos work.
Layer 2: licence
- 4 routes to market: own national licence, offshore licence, white-label / turnkey and B2B supplier licence.
- National licences add a gaming tax on revenue, from 5.5% (Estonia) to 40% (the United Kingdom).
- Offshore licences charge fixed fees instead, for example EUR 47,450 a year in Curaçao.
The licence decides which players a brand may serve and what it pays. A national licence covers players in one country or province and comes with local gaming tax, self-exclusion and reporting systems. An international licence is used to serve players abroad, but it does not make the offer legal in countries that require their own licence. The four routes in short:
| Route | What it is | Cost, as published | Who is responsible |
|---|---|---|---|
| Own national licence | The brand's own company applies for a licence in each country it targets (e.g. UK, Sweden, Denmark, Netherlands, Germany, Ontario). It can legally serve only players in that country, and must pay local gaming tax and connect to local self-exclusion and reporting systems. | Highest fixed cost: application fees range from about EUR 20,000 (Sweden SEK 230,000) to EUR 61,300 (Netherlands); taxes on revenue range from 22% (Sweden) to 40% (UK remote gaming). Plus local compliance staff, testing and audits. | The licensee carries full regulatory responsibility in that market. |
| Offshore licence (Curaçao, Anjouan, Kahnawà:ke) | A licence from a jurisdiction that allows serving players abroad. Fixed fees instead of revenue taxes. It does not make the offer legal in countries that require their own licence. | Regulator fees per year: Curaçao EUR 47,450 (B2C), Anjouan EUR 17,828, Kahnawà:ke USD 20,000 (CPA) plus application fees. Company set-up, local director (Curaçao) and compliance costs come on top. | The licence holder is responsible to its regulator. Under Curaçao's LOK the old sub-licence model ended: each operator now needs its own CGA licence. |
| White-label / turnkey on a platform's licence | A platform company holds the licence and runs the casino (games, payments, KYC, support); the brand owner mainly does marketing under its own brand. | Set-up fees and revenue shares are commercial terms of each platform and are not published by regulators; no official figure exists. | UKGC: the licence holder stays responsible for compliance on all its websites, including white-label sites, and this cannot be transferred; it must do due diligence on partners, and a marketing partner may not offer gambling itself without a licence. MGA: a licensee is responsible for third parties it outsources to, and both the licensee and a third party doing marketing can be held responsible for a breach. Curaçao: the LOK ended sub-licensing, so a brand cannot hold its own 'sub-licence' under a master licence. |
| B2B supplier licence | For companies that supply games or platforms to licensed operators, not to players. Many regulators require a supplier licence or certificate. | Examples: MGA critical gaming supply EUR 25,000-35,000 per year by revenue (application EUR 5,000); Curaçao B2B EUR 24,490 per year; UKGC remote gambling software licence from GBP 7,394 per year (from 1 Oct 2026, smallest band); Kahnawà:ke CSPA USD 20,000 per year plus USD 3,000 per third-party operator. (UK software fee figure not confirmed against a dated official table: secondary.) | The supplier answers for its own products (e.g. game fairness, certification); the B2C operator stays responsible for players. |
14 jurisdictions compared
Fees as published by the regulator. secondary = the figure comes from a law firm, consultancy or the trade press, not from the regulator. "Not published" = the regulator does not publish the figure, or we did not find it.
Compare 14 jurisdictions
| Jurisdiction | Regulator | Scope | Application fee | Annual fee | Gaming tax | Time to licence | Sources |
|---|---|---|---|---|---|---|---|
| Malta | Malta Gaming Authority (MGA) | international | EUR 5,000 One-time, non-refundable. | EUR 25,000 Fixed annual licence fee (EUR 10,000 if the operator offers only Type 4 games). | 5% Gaming revenue generated from the gaming service (MGA wording); the compliance contribution is charged on top. | not published The MGA does not publish a fixed approval time. | mga.org.mt · mga.org.mt (2) · mga.org.mt (3) · mga.org.mt (4) |
| Curaçao | Curaçao Gaming Authority (CGA) | international | EUR 4,592 One-time, non-refundable, B2C and B2B. | EUR 47,450 B2C: EUR 24,490 licence fee to the National Treasury plus EUR 22,960 supervisory fee to the CGA, due in full by 15 January. | not published The LOK fee schedule sets fixed fees; no gaming tax on revenue appears in it. | Two-phase review; the CGA aims to process each phase within eight weeks after a complete file. | portal.cga.cw · bo.cga.cw · portal.cga.cw (2) · the-emgroup.com (secondary) · nur-legal.com (secondary) |
| Anjouan (Comoros) | Anjouan Gaming (Internet Gaming Regulatory Authority), governed by the Anjouan Offshore Financial Authority | international | EUR 17,828 Licence issuance fee. | EUR 17,828 Annual renewal, B2C and B2B. | not published No gaming tax on the regulator's fee page; secondary sources state 0%. | not published Not published by the regulator. Secondary sources quote 2-8 weeks. | anjouangaming.com · anjouangaming.com (2) · globallawexperts.com (secondary) |
| Kahnawà:ke (Mohawk Territory, Canada) | Kahnawà:ke Gaming Commission (KGC) | international | USD 35,000 CPA application fee, includes the first-year annual fee. | USD 20,000 CPA annual fee (unchanged in 2027). | not published No gaming tax found in KGC regulations; only fees. | not published | gamingcommission.ca · gamingcommission.ca (2) · gamingcommission.ca (3) · gamingcommission.ca (4) |
| Isle of Man | Gambling Supervision Commission (GSC) | international | GBP 5,250 secondary Secondary sources (since 27 April 2023). | GBP 36,750 secondary Full licence, secondary sources. | 1.5% / 0.5% / 0.1% secondary | not published Not published by the GSC. Secondary sources quote 10-12 weeks for the formal review. | legislation.gov.im · gov.im · gov.im (2) · iclg.com (secondary) · igaming-times.com (secondary) |
| Gibraltar | Gibraltar Licensing Authority and Gambling Commissioner (HM Government of Gibraltar) | international | GBP 30,000 New B2C betting or B2C gaming operator, per Gambling (Duties and Licence Fees) Regulations 2026 (LN 2026/065). | GBP 50,000 Per licence and vertical, by annual gross yield: GBP 50,000 under GBP 20m; GBP 100,000 for GBP 20m-300m; GBP 200,000 over GBP 300m. | 0.15% General gaming duty on gross gaming profit and general betting duty on gross betting profit; first GBP 100,000 per year exempt. | not published | gibraltarlaws.gov.gi · gibraltarlaws.gov.gi (2) · gibraltarlaws.gov.gi (3) · gibraltar.gov.gi · gibraltarlawyers.com (secondary) |
| Alderney | Alderney Gambling Control Commission (AGCC) | international | GBP 10,000 Initial investigation deposit with the application (supplementary deposit GBP 10,000 may follow). | GBP 35,000 Category 1 first-year fee GBP 17,500 for a new entrant (GBP 35,000 otherwise). | not published The AGCC fee page lists no gambling duty; the band fees are charged on net gaming yield instead. | not published | gamblingcontrol.org · gamblingcontrol.org (2) |
| United Kingdom (Great Britain) | Gambling Commission (UKGC) | national | GBP 8,185 Remote casino, category F1 (annual GGY under GBP 250,000), fees from 1 October 2026. | GBP 7,000 secondary Remote casino, category F1 (GGY under GBP 250,000). | 40% Remote Gaming Duty on profits from remote gaming with UK players, from 1 April 2026 (was 21%). | not published | gamblingcommission.gov.uk · gov.uk · gov.uk (2) |
| Sweden | Spelinspektionen (Swedish Gambling Authority) | national | SEK 230,000 Online gaming licence application fee; a betting licence is also SEK 230,000. | not published No annual licence fee found on Spelinspektionen's fee page. | 22% Gaming tax on the net result (stakes minus payouts) from players resident or habitually staying in Sweden. | not published | regeringen.se · riksdagen.se · spelinspektionen.se · licensansokan.spelinspektionen.se · skatteverket.se |
| Denmark | Spillemyndigheden (Danish Gambling Authority) | national | DKK 343,300 2026 fee for betting or online casino; DKK 480,600 for a combined licence. | DKK 73,200 2026 annual fee by gross gaming revenue: DKK 73,200 below DKK 5m, up to DKK 6,447,500 at DKK 500m or more. | 28% Gross gaming revenue (operator's profit on the games offered). | not published | spillemyndigheden.dk · spillemyndigheden.dk (2) · skat.dk |
| Estonia | Estonian Tax and Customs Board (EMTA / Maksu- ja Tolliamet) | national | EUR 47,940 State fee for an activity licence for games of chance (toto EUR 31,960; skill games EUR 3,200). | not published No annual licence fee published; the operating permit for remote games is granted for up to five years. | 5.5% (2026) Amount received from stakes minus winnings (gross gaming revenue). | EMTA decides on an activity licence within four months of a complete file (max six months from application); operating permit within two months (max four months). | emta.ee · emta.ee (2) · emta.ee (3) · igamingbusiness.com (secondary) · news.err.ee (secondary) |
| Ontario (Canada) | Alcohol and Gaming Commission of Ontario (AGCO) registers operators; iGaming Ontario (iGO) contracts with them | national | not published No separate application fee found; the registration fee below applies. | CAD 100,000 AGCO registration fee per gaming site, per year. | about 20% Not a tax: revenue share under the iGO operating agreement. | not published | agco.ca · agco.ca (2) · igamingontario.ca |
| Germany | Gemeinsame Glücksspielbehörde der Länder (GGL) | national | not published GGL fee amounts not found in public GGL material checked. | not published Not found. | 5.3% Stakes, not GGR. | not published | gluecksspiel-behoerde.de · gluecksspiel-behoerde.de (2) · gesetze-bayern.de · gesetze-im-internet.de · gesetze-im-internet.de (2) · gesetze-im-internet.de (3) · gesetze-im-internet.de (4) · gesetze-im-internet.de (5) · gesetze-im-internet.de (6) · betriebs-berater.ruw.de (secondary) |
| Netherlands | Kansspelautoriteit (KSA) | national | EUR 61,300 Application fee (leges); not refunded if the application is refused or inadmissible. | not published Annual gaming levy (kansspelheffing) not captured from official pages. | 37.8% | not published | kansspelautoriteit.nl · kansspelautoriteit.nl (2) · kansspelautoriteit.nl (3) · kansspelautoriteit.nl (4) · rijksoverheid.nl |
Not in the table: Tobique (New Brunswick, Canada) (No official Tobique Gaming Commission fee schedule found; third-party figures conflict (EUR 10,000-20,000 annual). Left out rather than guessed.)
Changes 2024–2026
- Malta: No change to the headline fee schedule found for 2024-2026; the MGA fee guidance in force is the February 2023 version.
- Curaçao: The LOK came into force on 24 December 2024 and replaced the old master licence / sub-licence system (NOOGH) with licences issued directly by the CGA. Old NOOGH licences were converted to provisional licences. The transitional 'Certificate of Operation' (orange seal) ended on 15 October 2025. Fee schedule v2.0 published 15 October 2025. The CGA moved from the Ministry of Finance to the Ministry of Justice. Provisional licences may be granted for up to 6 months plus a 6-month extension.
- Anjouan: A revised Certificate Verification Framework took effect on 1 April 2026. Quarterly compliance reporting is in place. The regulator notes that fees are reviewed periodically.
- Kahnawà:ke: Regulations amended December 2024. New per-domain fee structure approved April 2025. CPA and Key Person Permit application/renewal fees rise from 1 January 2027 (notice of 13 August 2026).
- Isle of Man: In May 2025 the Isle of Man published a national risk appetite statement that sets a more restrictive appetite for licences with certain risk factors, including links to East and Southeast Asia. A gambling-sector money laundering risk assessment was published in February 2026.
- Gibraltar: The Gambling Act 2025 commenced on 1 April 2026 and replaced the Gambling Act 2005. New fee and duty regulations (LN 2026/065) apply from 1 April 2026, with yield-banded annual fees instead of the earlier flat GBP 100,000 B2C fee. Prediction Market Regulations 2026 followed in July-August 2026.
- Alderney: No fee change found; the AGCC fee page states fees as of 1 April 2015.
- United Kingdom: Remote Gaming Duty rose from 21% to 40% on 1 April 2026; a 25% remote betting rate starts 1 April 2027; bingo duty abolished April 2026. Gambling Commission fees restructured and raised (about 25%) from 1 October 2026 with new GGY bands.
- Sweden: Gaming tax raised from 18% to 22% of net gaming revenue, in force 1 July 2024 (Prop. 2023/24:74).
- Denmark: Application and annual fees indexed for 2026; no rate change found.
- Estonia: Remote gambling tax lowered from 6% (2025) to 5.5% (2026) as the first step of a phased cut; a drafting error briefly left games of chance untaxed in early 2026 until a fix (reported from 1 March 2026, secondary).
- Ontario: Under the iGaming Ontario Act, 2024, iGO became an independent agency separate from the AGCO.
- Germany: The GGL whitelist is updated at least monthly (section 9(8) GlüStV 2021). New GGL application guidance for virtual slot permits issued in December 2024 and January 2025. The Federal Fiscal Court (BFH) in November 2025 saw no need to refer the stake-based slot tax to the Constitutional Court (secondary).
- Netherlands: Gaming tax raised in steps: 30.5% (2024), 34.2% (2025), 37.8% (2026). New licensing policy rules (BRVKOA 2026) apply from 1 January 2026.
More: all regulators · white-label casinos · what a casino licence means for players.
Layer 3: payments and banking
- 17 payment providers in our data: cards, e-wallets, pay by bank, vouchers and local methods.
- Card networks put online gambling (MCC 7995) in a high-risk group: the acquirer needs extra approval.
- Norway, Finland and Germany block payments to unlicensed gambling sites.
A casino needs a card acquirer or gateway, alternative methods such as e-wallets, vouchers and pay-by-bank, a payout route and a bank account for player funds. Card networks treat online gambling as a high-risk category, and several countries block payments to unlicensed operators. The table shows who owns each provider and which financial regulator supervises it.
All 17 payment providers
| Provider | Role | Owner | Regulation | Gambling merchants | Sources |
|---|---|---|---|---|---|
| Worldpay | card acquiring, gateway, payouts | Global Payments Inc. Parent Global Payments Inc. is listed on NYSE (GPN) | not published | yes | worldpay.com · businesswire.com · investors.globalpayments.com |
| Nuvei | card acquiring, gateway, payment-method aggregator, payouts | Private. Delisted from TSX and Nasdaq after the take-private closed on 15 November 2024 | Financial Conduct Authority (UK): Authorised payment institution (Nuvei Financial) Central Bank of Cyprus: Electronic money institution (Nuvei Limited) De Nederlandsche Bank: Payment institution (Nuvei Netherlands) Bank of Lithuania: Electronic money institution (UAB Nuvei) | yes | nuvei.com · sec.gov · nasdaq.com |
| Paysafe (Merchant Solutions) | card acquiring, gateway, payment-method aggregator | Paysafe Limited (Bermuda holding company) NYSE (PSFE). Files an annual report on Form 20-F with the SEC. | Financial Conduct Authority (UK): Paysafe Financial Services Limited, e-money institution, FRN 900015 Central Bank of Ireland: Paysafe Payment Solutions Limited (trading as Paysafe, Neteller, Skrill, Rapid Transfer) | yes | sec.gov · paysafe.com · paysafe.com (2) |
| Checkout.com | card acquiring, gateway | Checkout Ltd (privately held) | Financial Conduct Authority (UK): Checkout Ltd, authorised e-money institution, no. 900816 ACPR (France): Checkout SAS, authorised e-money institution, no. 17208, passported across the EEA | yes | checkout.com · support.checkout.com |
| PayNearMe | gateway, payouts, cash and ACH | PayNearMe, Inc. | US state money-transmission regulators (NMLS): PayNearMe MT, Inc. (NMLS ID 957940) and PayNearMe Financial, Inc. (NMLS ID 2642362) | yes | paynearme.com · paynearme.com (2) · businesswire.com |
| Skrill | e-wallet | Paysafe Limited Parent Paysafe Limited is listed on NYSE (PSFE) | Financial Conduct Authority (UK): Skrill Limited, e-money institution, FRN 900001 Central Bank of Ireland: Paysafe Payment Solutions Limited, trading as Skrill (EEA) FinCEN / US state regulators: Skrill USA, Inc., money transmitter in various US states | yes | paysafe.com · skrill.com · sec.gov |
| Neteller | e-wallet | Paysafe Limited (trademark held by Skrill Limited) Parent Paysafe Limited is listed on NYSE (PSFE) | Central Bank of Ireland: Paysafe Payment Solutions Limited, trading as Neteller Financial Conduct Authority (UK): Paysafe Financial Services Limited, e-money institution, FRN 900015 | yes | neteller.com · paysafe.com · sec.gov |
| PayPal | e-wallet | PayPal Holdings, Inc. Nasdaq (PYPL) | Financial Conduct Authority (UK): PayPal UK Ltd, e-money institution, FRN 994790 | yes Gambling is allowed only with PayPal's prior approval. | paypal.com |
| MuchBetter | e-wallet | MIR Limited (business and assets acquired by Investcorp in 2021, per press reports) | not published MuchBetter's past press releases call MIR Limited UK Ltd an 'FCA-licensed e-money issuer'. | yes | prnewswire.co.uk · prnewswire.co.uk (2) · wamda.com |
| Jeton | e-wallet | Jeton Bank Limited (Commonwealth of Dominica) | Financial Services Unit, Ministry of Finance, Commonwealth of Dominica: Banking institution under the International Banking Act (Jeton Bank Limited, company no. 2022/C0175) | not confirmed Jeton's own pages do not mention gambling merchants. | jeton.com |
| paysafecard | voucher, prepaid | Paysafe Limited Parent Paysafe Limited is listed on NYSE (PSFE) | Central Bank of Ireland: Paysafe Prepaid Services Limited (EEA issuer). paysafecard.com Wertkarten Vertriebs GmbH acts as its registered e-money distribution agent. Financial Conduct Authority (UK): Prepaid Services Company Limited, e-money institution, FRN 900021 SRO Fiduciary Suisse (FINMA-licensed SRO): paysafecard.com Schweiz GmbH, affiliated financial intermediary | yes | paysafecard.com · paysafe.com · paysafe.com (2) |
| Trustly | open banking, pay by bank, payouts | Trustly Group AB. | Finansinspektionen (Sweden): Payment institution (Trustly Group AB, 556754-8655, FI no. 45002). Authorised to execute payment transactions, money remittance, payment initiation and account information services. NMLS (US state money transmission): Trustly, Inc. (d/b/a Trustly Payments), NMLS #2463855 | yes | fi.se · trustly.com · trustly.com (2) · nordiccapital.com |
| Brite Payments | open banking, pay by bank, payouts | Brite AB (venture-backed; investors reported to include Dawn Capital, Headline and Incore Invest) | Finansinspektionen (Sweden): Payment institution (Brite AB, 559116-1632, FI no. 46649). Authorised since 24 October 2019 for payment transactions, payment initiation and account information services. | yes | fi.se · britepayments.com · britepayments.com (2) · finder.techleap.nl |
| Zimpler | open banking, pay by bank, payouts, local method access | TrueLayer (acquisition completed 3 March 2026) | Finansinspektionen (Sweden): Payment institution (Zimpler AB, 556887-9984, FI no. 44018). Authorised for payment transactions, payment initiation and account information services. | yes | fi.se · zimpler.com · truelayer.com · sbcnews.co.uk |
| TrueLayer | open banking, pay by bank, payouts | TrueLayer Ltd (privately held) | Financial Conduct Authority (UK): Authorised under the Payment Services Regulations 2017 and Electronic Money Regulations 2011, FRN 901096 | yes | truelayer.com · truelayer.com (2) · truelayer.com (3) |
| Swish | local payment method | Getswish AB, jointly owned by Swedish banks (reported owners include Danske Bank, Handelsbanken, Länsförsäkringar, Nordea, SEB, Swedbank and the savings banks) | not published Not checked against a register. | yes Merchants usually reach Swish through PSPs (for example 'Swish by Zimpler'). | inderes.se · zimpler.com · svt.se |
| iDEAL (moving to Wero) | local payment method | European Payments Initiative (EPI). | not published | not confirmed We found no EPI or Kansspelautoriteit source on gambling use of iDEAL or Wero. | betaalvereniging.nl |
Payment rules
All 11 payment rules
- Visa's Integrity Risk Program (VIRP, dated 6 April 2023) puts card-absent gambling under MCC 7995 in 'Tier 1', its highest High Integrity Risk tier. Adult content, dating/escort services and pharmacies are in the same tier. An acquirer needs High Integrity Risk Acquirer Registration plus a separate Visa approval for each Tier 1 category before it can solicit or process such merchants. It must also pay an application fee, pass a financial review and control assessments, and register every merchant with Visa before transactions start. VIRP replaced Visa's Global Brand Protection Program. Sources: visa.cl
- Acquirers have told merchants about a Mastercard gambling and gaming monitoring programme from 30 June 2025. It covers merchants under MCCs 7800, 7801, 7802, 7995 and 9406 based in APAC, MENA and the US. Transactions must be verified or authenticated, for example by CVV, 3-D Secure, a fully authenticated network token, or a merchant-initiated transaction linked to an earlier verified one. We did not find Mastercard's own rulebook text on this. Sources: support.checkout.com (secondary)
- The Gambling Commission banned gambling businesses from accepting credit cards from consumers in Great Britain. It announced the ban on 14 January 2020 and it took effect on 14 April 2020. The ban covers online and offline gambling, except non-remote lotteries paid face to face. Sources: gamblingcommission.gov.uk · gamcare.org.uk (secondary)
- Under UKGC licence condition 4.1.1, most remote operators that hold customer funds must keep them in a separate client bank account or accounts. They must also tell customers the protection level under the Commission's insolvency rating scale, from 'not protected' to 'high protection'. The condition does not apply to B2B licence types such as gambling software. So operators need a client-money banking arrangement on top of their operating account. Sources: gamblingcommission.gov.uk · gamblingcommission.gov.uk (2)
- The FCA's wider review of bank-account refusals and closures was reported to cover gambling-linked customers. In earlier research, the FCA found that banks' de-risking decisions weigh costs and benefits that do not always match the actual financial-crime risk of the customer. Sources: fca.org.uk · igamingbusiness.com (secondary)
- Brazil's Portaria Normativa SPA/MF nº 615 (16 April 2024) sets the payment rules for licensed fixed-odds betting operators. Deposits, withdrawals and prize payments must move by electronic transfer between the bettor's own registered account and the operator's transactional account. Both accounts must be at institutions authorised by the Banco Central. Allowed methods are Pix, TED, and debit or prepaid cards. Credit cards and other post-paid instruments, cash, boletos, cheques, crypto-assets and third-party payments are banned. Sources: legisweb.com.br (secondary) · canaltech.com.br (secondary)
- Since 2010, Norway has barred banks and other payment service providers from passing on stakes and winnings for gambling without a Norwegian permit. From 1 January 2020, Lotteritilsynet (the Norwegian Gaming Authority) can order payment blocks by company name and account number and can act against payment intermediaries. Lotteritilsynet has written directly to Norwegian banks about this. Sources: regjeringen.no · lottstift.no · igamingbusiness.com (secondary)
- Finland's gambling payment blocks took effect at the start of 2023. Payment service providers must block players' deposits to operators on a list kept by the National Police Board. Operators get on the list after a ban on illegal marketing. Withdrawals are not blocked. Finland's new Gambling Act opens online gambling to licensed private operators, with the market reported to open in 2027. It moves enforcement, including payment and website blocking, to a new supervisory agency. Sources: valtioneuvosto.fi · vixio.com (secondary) · paymentexpert.com (secondary)
- Under § 9(1) sentence 3 no. 4 of Germany's 2021 State Treaty on Gambling (GlüStV 2021), the regulator (GGL) can bar banks and other payment parties from taking part in payments for, or payouts from, unlicensed gambling. It does not have to act against the operator first. In October 2024 the Halle Administrative Court upheld a broad GGL blocking order against a Swiss payment service provider (trade press). Sources: gesetze-bayern.de · paymentexpert.com (secondary)
- Spelinspektionen (the Swedish Gambling Authority) wrote to payment providers in 2019, warning them not to serve unlicensed operators that target Sweden. Later law changes repealed the original court-dependent payment-blocking mechanism. They let the regulator act against payment flows through the ban on promoting unlicensed gambling. Its 2023 order against Zimpler under this route was later overturned in court. Sources: igamingbusiness.com (secondary) · igamingbusiness.com (2) (secondary) · sbcnews.co.uk (secondary)
- Maltese law treats player funds as separate from the licensee's own assets. They must be held with a licensed credit, financial or payment institution in Malta, the EU/EEA or another approved jurisdiction, and must not be mixed with operator funds. Source: legal commentary on the Gaming Act and the MGA Player Protection Directive. Not checked against the MGA text. Sources: mondaq.com (secondary)
Layer 4: markets
- The largest online market in our table is the United Kingdom: EUR 9.7bn GGR (FY 2025-26).
- Online casino is the larger product in 10 of 12 markets with a product split.
- Years, currencies and definitions differ by market, so read the order as a rough guide.
Where the money is: online gross gaming revenue (stakes minus winnings) of the licensed market, as published by each regulator. Local amounts are converted to euros at the ECB 2025 average rate. Years and definitions differ, so read the table as a rough comparison.
Market breakdowns
One card per market with an online GGR figure, largest first in EUR; markets that are being closed come last. Each card shows only what the regulator data has.
-
United Kingdom (Great Britain)
- Online GGR
EUR 9.7bn GBP 8.3bn
At 1 EUR = 0.8568 GBP (ECB, 2025 annual average); fiscal year Apr-Mar converted at calendar-2025 average; approximate.
GGY, remote casino, betting and bingo (RCBB).
- Product split
- casino 68.7%
- betting 28.9%
- bingo 1.8%
- Active accounts
- 25,700,000
active accounts at end of the last reporting quarter, as published; accounts, not unique people
- Operators
2,154 gambling operators in GB at 31 Mar 2026 (all sectors, remote and non-remote not split).
Product amounts are rounded headline figures; 'of which slots' is a subset of casino and is not additive.
Sources: gamblingcommission.gov.uk (official)
-
Italy
- Online GGR
EUR 4.9bn
Reported in EUR.
spesa (raccolta minus vincite) = GGR, gioco a distanza; derived from official figures.
- Product split
- casino 57.1%
- betting 38%
- poker / skill games 3.6%
- bingo 1.4%
- Operators
New 9-year remote concessions under Legislative Decree 41/2024; ADM admitted 46 operators to the next tender stage in July 2025 (final number not verified here).
- Online share
- 23.5%
Derived from Libro Blu table A.86: remote spesa 5,072.45 of total 21,548.41 EUR m (2024).
Remote raccolta (stakes) 2024: EUR 92.09bn (+11.57%).
Sources: adm.gov.it (official) · adm.gov.it (2) (official)
-
New Jersey (USA)
- Online GGR
EUR 3.6bn USD 4.1bn
At 1 EUR = 1.13 USD (ECB, 2025 annual average).
Internet gaming win + online sportsbook gross revenue; derived from official figures.
- Product split
- casino 71%
- betting 28.3%
- poker 0.7%
Internet gaming win +22.0% vs 2024.
Sources: nj.gov (official)
-
Michigan (USA)
- Online GGR
EUR 3.3bn USD 3.8bn
At 1 EUR = 1.13 USD (ECB, 2025 annual average).
gross receipts (iGaming + internet sports betting).
- Product split
- casino incl. poker 82.2%
- betting 17.8%
- Licensed operators
- 15
15 internet gaming and sports betting operators (12 tribal, 3 commercial) at end of 2025.
iGaming gross receipts given as USD 3.1bn in the press release and USD 3.09bn in the annual report; 3.09bn used.
Sources: michigan.gov (official) · michigan.gov (2) (official)
-
Pennsylvania (USA)
- Online GGR
EUR 3bn USD 3.4bn
At 1 EUR = 1.13 USD (ECB, 2025 annual average).
iGaming revenue + sports wagering revenue; derived from official figures.
- Product split
- casino incl. poker 82.2%
- betting 17.8%
iGaming +27.22% vs 2024.
Sources: gamingcontrolboard.pa.gov (official)
-
Ontario (Canada)
- Online GGR
EUR 2.7bn CAD 4.3bn
At 1 EUR = 1.5787 CAD (ECB, 2025 annual average); fiscal year Apr-Mar converted at calendar-2025 average; approximate.
NAGGR (non-adjusted GGR: cash wagers minus winnings; promotional wagers excluded); derived from official figures.
- Product split
- casino 79%
- betting 19.3%
- poker 1.7%
- Active accounts
- 1,240,000
active player accounts in March 2026 (monthly figure; accounts, not unique players)
Calendar 2025 (sum of monthly NAGGR) is close to CAD 4.0bn per trade press; not used.
Sources: igamingontario.ca (official) · igamingontario.ca (2) (official)
-
France
- Online GGR
EUR 2.6bn
Reported in EUR.
PBJ (produit brut des jeux) = GGR, online market.
- Product split
- betting 67.5%
- poker 20.1%
- horse-race betting 12.5%
- Active accounts
- 6,100,000
active player accounts (CJA) 2025; 4.2 million unique players. By segment: sports 5.267m, poker 2.465m, horse racing 0.718m
- Online share
- 18.5%
Published: online = 18.5% of total PBJ (EUR 14.1bn) in 2025.
Online PBJ +8.5% in 2025.
Sources: anj.fr (official) · anj.fr (2) (official)
-
Germany
- Online GGR
EUR 1.8bn
Reported in EUR.
Bruttospielertrag (BSE) = GGR; poker = rake; derived from official figures.
- Product split
- betting 66.6%
- virtual slot games 29.5%
- poker 3.7%
- online casino games 0.1%
- Active accounts
- 5,300,000
registered players in the central files (LUGAS) in 2025; registered, not monthly active
- Operators
2025: 29 sports betting licensees (27 active; 19 online-only), 40 virtual slot licensees (37 active, 82 websites), 5 online poker licensees. 135 cross-state licensees on the whitelist at 31 Dec 2025.
- Online share
- 25%
Published: 25% (EUR 3.5bn) of the permitted market (EUR 14.4bn) was sold online in 2025, incl. lotteries.
Total sports betting BSE EUR 1,887m (65% internet).
Sources: gluecksspiel-behoerde.de (official) · gluecksspiel-behoerde.de (2) (official)
-
Sweden
- Online GGR
EUR 1.7bn SEK 18.4bn
At 1 EUR = 11.066 SEK (ECB, 2025 annual average).
omsattning = stakes minus winnings paid out, licence category 'commercial online gaming and betting'.
Quarterly 2025: Q1 4,295; Q2 4,632; Q3 4,537; Q4 4,950 MSEK.
Sources: spelinspektionen.se (official) · spelinspektionen.se (2) (official) · spelinspektionen.se (3) (official)
-
Spain
- Online GGR
EUR 1.5bn
Reported in EUR.
GGR, state-wide online market.
- Product split
- casino 50.2%
- betting 41.9%
- poker 6.9%
- bingo 1%
- Active accounts
- 1,433,715
monthly average of active accounts, 2024; active players 1,992,889
2025: DGOJ published the 2025 annual report as an interactive Power BI report (not machine-readable here).
Sources: ordenacionjuego.es (official) · ordenacionjuego.es (2) (official) · ordenacionjuego.es (3) (official) · ordenacionjuego.es (4) (official) · ordenacionjuego.es (5) (official)
-
Netherlands
- Online GGR
EUR 1.2bn
Reported in EUR.
BSR (brutospelresultaat) = GGR, Koa licence holders; derived from official figures.
- Product split
- casino vs house 78%
- sports betting 20%
- casino player vs player 1.8%
- horse betting 0.2%
Shares are for H2 2025 only (Jul-Dec); no euro split published.
- Active accounts
- 1,380,000
average active accounts per month in H2 2025; about 500,000 people played per month
- Licensed operators
- 31
31 remote licence holders in Dec 2025; 27 actually operating.
Online BSR fell ~18% vs 2024 (player limits from 1 Oct 2024 and higher gambling tax).
Sources: kansspelautoriteit.nl (official) · kansspelautoriteit.nl (2) (official) · kansspelautoriteit.nl (3) (official) · kansspelautoriteit.nl (4) (official)
-
Belgium
- Online GGR
EUR 964.5m
Reported in EUR.
GGR (stakes minus winnings) of online licences A+, B+, F1+.
- Product split
- casino 57.5%
- slots 17.2%
- betting 25.4%
- Active accounts
- 458,403
active player accounts at A+ online casinos only (2025); 528,706 people played online at least once in 2025
- Operators
Supplementary online licences at 31 Dec 2025: A+ 9, B+ 48, F1+ 22.
- Online share
- 59.5%
Published: online 59.51% of total KSC-regulated GGR (EUR 1,620.6m) in 2025.
Online GGR +5.41% in 2025; B+ (online slots halls) -13.66%.
Sources: gamingcommission.be (official)
-
Denmark
- Online GGR
EUR 825.6m DKK 6.2bn
At 1 EUR = 7.4634 DKK (ECB, 2025 annual average).
BSI (bruttospilleindtaegt) = GGR, expressed at 2026 price level (GDP deflator) by the source; derived from official figures.
- Product split
- casino 69.9%
- betting 30.1%
- Operators
Licences in 2025: 41 online casino (3 revenue-limited) and 27 betting (2 revenue-limited). Licences, not unique companies.
- Online share
- 73%
Published: 73% of total market BSI came from online play in 2025 (total market 11.5bn DKK, incl. online monopoly lottery).
Online casino became the largest gambling form in Denmark in 2025 (38% of market).
Sources: spillemyndigheden.dk (official) · spillemyndigheden.dk (2) (official)
-
Brazil
closing- Online GGR
EUR 5.9bn BRL 37bn
At 1 EUR = 6.3072 BRL (ECB, 2025 annual average).
GGR (bets minus prizes) of authorised fixed-odds betting operators (sports betting and online games).
- Active accounts
- 25,245,319
unique CPFs (people) who placed bets in 2025; 100.8m active accounts across brands
- Licensed operators
- 79
79 authorised companies in 2025.
Market closure: Medida Provisoria 1.394 of 25 Sep 2026 bans fixed-odds betting (sites to go offline from 6 Oct 2026 per secondary sources); the MP is under challenge at the STF and needs congressional approval.
Sources: gov.br (official) · gov.br (2) (official) · www12.senado.leg.br (official)
No official online GGR figure for Finland and Norway, so no card: Finland: Veikkaus reports that 61% of the gaming margin (pelikate) of its Finnish gambling business came from digital channels in 2025; Norway: Norsk Tipping net gaming revenue was NOK 10.2bn in 2025 (all channels).
All 16 markets
| Market | Year | Online GGR (EUR) | Local currency | Product split | Sources |
|---|---|---|---|---|---|
| United Kingdom (Great Britain) | FY 2025-26 (1 Apr 2025 - 31 Mar 2026) | EUR 9.7bn | GBP 8.3bn | casino 68.7% · betting 28.9% · bingo 1.8% | gamblingcommission.gov.uk |
| Brazil Secretaria de Premios e Apostas, Ministerio da Fazenda (SPA/MF) closing | 2025 (1 Jan - 30 Dec 2025, first year of the regulated market) | EUR 5.9bn | BRL 37bn | not published | gov.br · gov.br (2) · www12.senado.leg.br |
| Italy derived from official figures | 2024 (calendar year) - Libro Blu 2024 is the latest edition | EUR 4.9bn | — | casino 57.1% · betting 38% · poker / skill games 3.6% · bingo 1.4% | adm.gov.it · adm.gov.it (2) |
| New Jersey (USA) derived from official figures | 2025 (calendar year) | EUR 3.6bn | USD 4.1bn | casino 71% · betting 28.3% · poker 0.7% | nj.gov |
| Michigan (USA) | 2025 (calendar year) | EUR 3.3bn | USD 3.8bn | casino incl. poker 82.2% · betting 17.8% | michigan.gov · michigan.gov (2) |
| Pennsylvania (USA) derived from official figures | 2025 (calendar year) | EUR 3bn | USD 3.4bn | casino incl. poker 82.2% · betting 17.8% | gamingcontrolboard.pa.gov |
| Ontario (Canada) derived from official figures | FY 2025-26 (1 Apr 2025 - 31 Mar 2026) | EUR 2.7bn | CAD 4.3bn | casino 79% · betting 19.3% · poker 1.7% | igamingontario.ca · igamingontario.ca (2) |
| France Autorite nationale des jeux (ANJ) | 2025 (calendar year) | EUR 2.6bn | — | betting 67.5% · poker 20.1% · horse-race betting 12.5% | anj.fr · anj.fr (2) |
| Germany derived from official figures | 2025 (calendar year) | EUR 1.8bn | — | betting 66.6% · virtual slot games 29.5% · poker 3.7% · online casino games 0.1% | gluecksspiel-behoerde.de · gluecksspiel-behoerde.de (2) |
| Sweden | 2025 (calendar year; preliminary) | EUR 1.7bn | SEK 18.4bn | not published | spelinspektionen.se · spelinspektionen.se (2) · spelinspektionen.se (3) |
| Spain | 2024 (calendar year) - latest annual figure verified at source | EUR 1.5bn | — | casino 50.2% · betting 41.9% · poker 6.9% · bingo 1% | ordenacionjuego.es · ordenacionjuego.es (2) · ordenacionjuego.es (3) · ordenacionjuego.es (4) · ordenacionjuego.es (5) |
| Netherlands derived from official figures | 2025 (calendar year = H1 + H2) | EUR 1.2bn | — | casino vs house 78% · sports betting 20% · casino player vs player 1.8% · horse betting 0.2% | kansspelautoriteit.nl · kansspelautoriteit.nl (2) · kansspelautoriteit.nl (3) · kansspelautoriteit.nl (4) |
| Belgium Kansspelcommissie / Commission des jeux de hasard (KSC) | 2025 (calendar year) | EUR 964.5m | — | casino 57.5% · slots 17.2% · betting 25.4% | gamingcommission.be |
| Denmark derived from official figures | 2025 (calendar year) | EUR 825.6m | DKK 6.2bn | casino 69.9% · betting 30.1% | spillemyndigheden.dk · spillemyndigheden.dk (2) |
No official online GGR: Finland (No official euro figure for online GGR found.); Norway (No official online GGR found.)
casino · betting · poker · bingo · other
Casino or betting?
Online casino (slots and table games) is the larger product in 10 of the 12 markets with a product split: United Kingdom, Denmark, Netherlands, Spain, Italy, Belgium, Ontario, New Jersey, Pennsylvania and Michigan. Betting leads in Germany and France. Sweden, Brazil, Finland and Norway have no official online product split. Netherlands split is H2 2025 shares only. Pennsylvania betting includes retail. Spain and Italy are 2024 data.
Brazil: Market closure: Medida Provisoria 1.394 of 25 Sep 2026 bans fixed-odds betting (sites to go offline from 6 Oct 2026 per secondary sources); the MP is under challenge at the STF and needs congressional approval. Treat Brazil as a closed market at time of writing.
More: regulators and their licensed brands.
Layer 5: traffic from review and affiliate sites
- 8 affiliate media groups; the largest by revenue is Better Collective (EUR 336.7m).
- Paid by revenue share, CPA or both: Catena Media earns 89% from CPA, Gentoo Media 62% from revenue share.
- In Great Britain the operator answers for its affiliates. Finland leaves affiliates off its list of allowed marketing channels from 2027.
Most new players reach a casino through search, review sites and affiliates. Listed media groups publish their revenue, how they are paid and how many new depositing customers (NDCs) they send. Review and affiliate media groups that send players to casinos and sportsbooks (the acquisition channel). Figures come from the latest full-year annual report, 20-F or year-end report.
All 8 media groups
| Media group | Revenue | How it is paid | NDCs | Main sites | Sources |
|---|---|---|---|---|---|
| Better Collective A/S Nasdaq Copenhagen: BETCO (also traded on Nasdaq Stockholm) | EUR 336.7m 2025 | revenue share 47% · CPA 24% · other 29% 2025 split from the annual report: revenue share 47%, CPA 24%, sponsorships 14%, CPM (display advertising) 9%, subscription 5%. | 1,200,000 2025 | Action Network · VegasInsider · ScoresAndOdds · RotoGrinders · bettingexpert · HLTV · Futbin | filings.xbrl.org · inderes.se · igamingbusiness.com |
| Grandstand Limited (formerly Gambling.com Group Limited) Nasdaq: GRSD (ticker GAMB until 22 July 2026) | USD 165.4m 2025 | not published | not published | Gambling.com · Bookies.com · Bookmakers.co.uk · Casinos.com · BonusFinder · RotoWire · Freebets.com · WhichBingo · Nettikasinot · Vedonlyonti.com · OddsJam | sec.gov · sec.gov (2) |
| Gentoo Media Inc. Nasdaq Stockholm main market: G2M (delisted from Euronext Oslo Bors in July 2025) | EUR 98.7m 2025 | revenue share 61.7% · CPA 13.5% · other 24.8% | 443,400 2025 | AskGamblers · JohnSlots · NewCasinos · Casinomeister · CasinoTopsOnline · WSN · Time2Play | mb.cision.com · inderes.se · breakit.se |
| Catena Media plc Nasdaq Stockholm Small Cap: CTM | EUR 46.6m 2025 | revenue share 8.7% · CPA 89.1% · other 2.1% | 106,510 2025 | Bonus.com · GamblingOnline.com · Lineups · BonusSeeker · TheLines · PlayUSA · CasinoBonus360 | storage.mfn.se · placera.se |
| Acroud AB (publ) Nasdaq First North Premier Growth Market: ACROUD | EUR 46.4m 2025 | No full-year split by deal type. | 210,059 2025 | — | mb.cision.com · inderes.se |
| Raketech Group Holding p.l.c. Nasdaq First North (Stockholm): RAKE | EUR 27m 2025 | not published | not published | Casinofeber | storage.mfn.se · sbcnews.co.uk |
| XLMedia plc (wound down) Formerly LSE AIM: XLM; trading suspended around 12 May 2025 | USD 17.7m 2024 | not published | not published | Freebets.com (sold to Gambling.com Group) · Sports Betting Dime (sold to Sportradar) | investegate.co.uk |
| Legend (subsidiary of Genius Sports Limited) Not listed itself; parent Genius Sports is on the NYSE (GENI) | not published | Standalone financials not published. | not published | Covers · Casino.org · Casino Guru | sec.gov · sec.gov (2) |
Affiliate rules by market
Rules by market
- Operators pay affiliates in three main ways. Revenue share is a set percentage of the net gaming revenue a referred player generates over their lifetime. CPA is a one-off fee per referred player who makes a first deposit. Hybrid deals combine the two. Some affiliates also charge flat listing or advertising fees. The mix varies a lot: in 2025 Catena Media earned 89% from CPA, while Gentoo Media earned 62% and Better Collective 47% from revenue share. The definitions here come from company annual reports and filings, not from operators' own affiliate terms. Sources: sec.gov · storage.mfn.se · storage.mfn.se (2) · filings.xbrl.org
- Great Britain: affiliates do not need their own Gambling Commission licence. Instead, social responsibility code 1.1.2 makes licensed operators responsible for the third parties they contract with. Contracts must bind the affiliate to the same licence conditions and codes, and must let the operator end the contract promptly, including when an affiliate breaks an advertising code. Commission guidance says the operator is primarily responsible for affiliate breaches, such as marketing sent to self-excluded people. Sources: gamblingcommission.gov.uk · gamblingcommission.gov.uk (2)
- Ontario: the AGCO lists 'marketing affiliates' (sites paid to send traffic to igaming operators) among businesses that may not need to register as gaming-related suppliers, decided case by case. Responsibility sits with operators. Standard 1.19 makes them answerable for contracted third parties. Standard 1.21 says affiliates working for them must not also promote sites that take Ontario bets without AGCO registration. Standard 2.05 bans public advertising of bonuses and inducements, including by affiliates. Sources: agco.ca · agco.ca (2) · bennettjones.com (secondary)
- Finland: the Gambling Act 10/2026 (published 20 January 2026) opens online casino and betting to licensed operators. It takes full effect on 1 July 2027, and licence applications opened on 1 March 2026. Section 51 lists the only allowed marketing channels and bans all others: the operator's own site and social accounts, TV/radio, events, print and equivalent e-publications, gaming venues, and search ads on brand terms. Affiliate sites are not on that list. Lawyers read this as a ban on affiliate and influencer marketing. Marketing must also be moderate in volume, scope, visibility and frequency. Sources: finlex.fi · borenius.com (secondary)
- Netherlands: since 1 July 2023, licensed online gambling providers may not run untargeted advertising (TV, radio, print, public spaces). Sponsorship was phased out after that. Online and direct advertising is still allowed only if it is targeted away from minors, young adults (18-24) and other vulnerable groups. The Kansspelautoriteit (Ksa) enforces the rules. Affiliate websites therefore count as one of the few remaining online channels, under these targeting rules. Sources: rijksoverheid.nl · zoek.officielebekendmakingen.nl · fieldfisher.com (secondary)
- Sweden: Chapter 15 section 1 of the Gambling Act (2018:1138) requires gambling marketing to consumers to be moderate ('måttfullhet') and not aimed at people under 18. Chapter 3 section 7 bans anyone acting commercially from promoting unlicensed gambling, and this covers affiliates. Spelinspektionen uses this rule against websites with banners for unlicensed operators and against influencers. The Consumer Agency's general advice KOVFS 2025:2 on gambling marketing for licensed operators applies from 1 September 2025. Sources: riksdagen.se · spelinspektionen.se · spelinspektionen.se (2)
More: who owns the review sites.
The stack on one page
Method and caveats
- Information only, not legal or tax advice. Fees and taxes change often; confirm with the regulator before you budget.
- Source kinds: 'official' = regulator, tax authority, government or law text. 'secondary' = law firm, consultancy or trade press; such figures are marked in the note.
- 'scope: national' = the licence covers only players in that country/province. 'scope: international' = the licence is used to serve players abroad, subject to the law of each target country.
- Apple's App Review Guidelines (5.3.4) require real-money gaming apps to hold the necessary licences for each location where they are used and to be geo-restricted to those locations.
- Payment-provider and app-store acceptance is not published by most regulators, so it is not in the jurisdiction table. Apple requires real-money gaming apps to hold a licence for each place where they are used and to be geo-restricted to those places.
- Amounts in millions of the source currency. 'eur' is given directly for EUR sources; other currencies converted at the ECB 2025 annual average reference rate (data-api.ecb.europa.eu). Fiscal-year markets (UK, Ontario) use the same calendar-2025 rate, so their EUR values are approximate. Years differ by market (see 'year'); compare with care.
- online_ggr = stakes minus winnings for online casino-type games, betting, poker and bingo; lotteries excluded where the source allows (see online_ggr_scope). 'derived' = summed or split by us from official figures. share = product amount / online_ggr.
- Review and affiliate media groups that send players to casinos and sportsbooks (the acquisition channel). Figures come from the latest full-year annual report, 20-F or year-end report.
- Media revenue is shown in the reporting currency; the order uses euros at the same ECB 2025 rates.
This page describes the market. It is not legal, tax or investment advice, and it does not rate or recommend any company.
Questions and answers
What are the layers of an iGaming startup stack?
Five: the platform and software (an own platform, or a white-label or turnkey platform), the licence (own national licence, offshore licence, white-label / turnkey on a platform's licence and B2B supplier licence), payments and banking, the target markets, and traffic from review and affiliate sites. This page has a data table for each layer.
How much does an online gambling licence cost?
Regulator fees differ widely. Examples for licences used to serve players abroad: Malta EUR 5,000 to apply and EUR 25,000 a year; Curaçao EUR 4,592 to apply and EUR 47,450 a year; Anjouan EUR 17,828 to apply and EUR 17,828 a year; Kahnawà:ke USD 35,000 to apply (including the first year) and USD 20,000 a year. National licences add a gaming tax on revenue, from 5.5% (Estonia) to 40% (United Kingdom) in our table. Company set-up, staff, audits and compliance come on top.
Which is the largest regulated online gambling market?
In our table, the United Kingdom (EUR 9.7bn online GGR, FY 2025-26), then Brazil (EUR 5.9bn, a market that is being closed) and Italy (EUR 4.9bn). Years, currencies and definitions differ by market, so the order is a rough guide.
Is online casino or sports betting the bigger product?
Online casino is the larger product in 10 of 12 markets with a product split (United Kingdom, Denmark, Netherlands, Spain, Italy, Belgium, Ontario, New Jersey, Pennsylvania and Michigan). Betting leads in Germany and France. In France: online casino games are not part of the licensed online market.
How do casino affiliates get paid?
Mainly by revenue share (a percentage of the net gaming revenue of each player they refer), by CPA (a one-off fee per referred player who makes a first deposit) or by a hybrid of both. The mix differs by company: Catena Media earned 89% of its 2025 revenue from CPA, Gentoo Media 62% from revenue share.
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Payments and banking
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- wamda.com/en/2021/09/bahrain-investcorp-acquires-british-fintech-mir-limited
- jeton.com/
- fi.se/en/our-registers/company-register/details?id=72257
- trustly.com/verticals/gaming
- trustly.com/us/gaming
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Markets
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Review and affiliate media
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- investegate.co.uk/announcement/rns/xlmedia--xlm/final-results/8811618
- mb.cision.com/Main/15972/4341542/4064427.pdf
- inderes.se/en/releases/gentoo-media-inc-publishes-2025-annual-report
- breakit.se/pressreleaser/4328/gentoo-media-continued-listing-on-nasdaq-stockholm-delisting-from-euronext-oslo-bors-from-25-july-2025
- live.euronext.com/en/products/equities/company-news/2023-01-31-gaming-innovation-group-completes-acquisition-askgamblers
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- placera.se/pressmeddelanden/catena-media-catena-media-publishes-its-2025-annual-report-20260324
- gamingintelligence.com/finance/manda/183683-catena-media-completes-review-with-sale-of-italian-assets-for-e19-8-million/
- storage.mfn.se/46e65d76-c058-49f6-9563-28db9b81bc78/raketech-annual-report-2025.pdf
- sbcnews.co.uk/affiliatenews/2026/02/19/raketech-fy25-revenue-drops/
- raketech.com/mfn_news/raketech-announces-divestment-of-casumba-assets/
- mb.cision.com/Main/11576/4312397/3950650.pdf
- inderes.se/en/releases/acroud-ab-acroud-publishes-interim-report-october-december-2025
- sec.gov/Archives/edgar/data/1834489/000119312526038384/d58400dex991.htm
- sec.gov/Archives/edgar/data/0001834489/000119312526199000/d262500dex991.htm
- gamblingcommission.gov.uk/licensees-and-businesses/lccp/condition/1-1-2-responsibility-for-third-parties-all-licences
- gamblingcommission.gov.uk/licensees-and-businesses/guide/page/affiliates-or-third-parties
- agco.ca/en/lottery-and-gaming/responsibilities-and-resources/internet-gaming-suppliers-application-guide
- agco.ca/en/news/important-information-advertising-and-marketing-ontarios-new-igaming-market
- bennettjones.com/Insights/Blogs/Ontario-iGaming-Registration-Requirements-and-AGCO-Updates (secondary)
- finlex.fi/api/media/statute/901719/mainPdf/main.pdf
- borenius.com/insights/2026/05/28/finlands-gambling-act-reform-a-practical-guide-to-the-new-licensing-regime/ (secondary)
- rijksoverheid.nl/actueel/nieuws/2022/07/08/verbod-op-ongerichte-gokreclames-en-sponsoring
- zoek.officielebekendmakingen.nl/stb-2023-120.pdf
- fieldfisher.com/en/insights/amended-advertising-rules-for-online-games-of-chance-in-the-netherlands (secondary)
- riksdagen.se/sv/dokument-och-lagar/dokument/svensk-forfattningssamling/spellag-20181138_sfs-2018-1138/
- spelinspektionen.se/nyhetsarkiv/atgarder-mot-framjande-av-olagligt-spel/
- spelinspektionen.se/nyhetsarkiv/allmanna-rad-om-marknadsforing-av-spel/
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Last checked 26 Oct 2026. How we check facts.
