EGR Power 50 2022: 30-11

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30. Svenska Spel

Despite facing calls from certain Swedish politicians to see the state-owned operator divested, Svenska Spel continues to hold its own in Sweden following the market’s re-regulation in 2019. Third quarter 2022 NGR dipped slightly, by 1% YoY to SEK195bn, along with a 2% decrease in operating profit that the firm noted was due to its further investments into product and tech. However, the easing of Covid restrictions in Sweden has allowed Svenska Spel to reopen its land-based division, Casino Cosmopol, and drive revenue from its brick-and-mortar gaming and VLTs. In May, CEO Patrik Hofbauer told EGR Intel the operator could act as a “role model” for Sweden and lead the way on responsible gambling measures. Svenska Spel removed bonus offers and auto-spins and introduced stringent deposit limits on younger players while pledging an additional SEK42m to its independent research council over the next five years to support further responsible gambling research. The latest pledge follows its existing SEK60m spend since 2010 when the council was first established.

29. BetVictor 

BetVictor’s position last year was reflective of what was a very quiet year for the legacy bookmaker, and it seems not much has changed in 2022. One highlight came in August when a white-label agreement was sealed with sports radio broadcaster talkSPORT to launch a new UK-facing sports betting brand, talkSPORT BET. The commercial station reaches three million listeners a week and talkSPORT holds global audio rights for the Premier League, making the deal quite a coup and a potentially lucrative white-label partnership going forward. A low point for BetVictor came in February when the Gibraltar-based firm was forced to pay a £2m settlement to the UKGC after an investigation found failings in fairness, social responsibility and preventing money laundering. In September, Sarah Caskie was promoted to head up its Heart Bingo brand.

28. Allwyn

Czech lottery giant Allwyn climbs six places under a new name and after wresting the UK National Lottery licence from long-term incumbent Camelot. It was a tumultuous journey, which saw the UK Gambling Commission name Allwyn as the preferred applicant in March 2022, before Camelot and its technology partner, IGT, launched a series of legal challenges against the decision. With the legal dispute now dropped, and Allwyn positioned to take the fourth licence by February 2024, the operator later confirmed it had acquired Camelot’s UK operations to ease the transition. The deal, thought to be in the region of £100m, is set to close in Q1 2023. The firm, formerly known as Sazka Entertainment, operates lotteries in Austria, Greece, Cyprus, the Czech Republic and Italy. It posted a Q2 NGR rise of 24% to €551m. In other news, a proposed $9.3bn reverse merger with SPAC partner Cohn Robbins Holdings Corp – which would have seen the group list on the New York Stock Exchange – was called off due to worsening macroeconomic conditions.

27. Celton Manx  

Isle of Man-based Celton Manx remains out of the spotlight, choosing instead to focus on its offering rather than seeking publicity. Now in the second year of its multi-year sponsorship deal with Leeds United, Celton Manx has benefited from the increased visibility of its SBOTOP brand in the English Premier League as the Elland Road outfit maintains its stay in the top flight. Aimed predominantly at overseas bettors, particularly in Asia, the diminishing likelihood of a gambling sponsorship ban in the UK has left the firm with a clear horizon going forward to further expand its standing in the world of sports betting.

26. Yolo Group

A fifth consecutive year in the EGR Power 50 for Yolo Group shows former CEO Tim Heath’s faith in his protégé, Maarja Pärt, to step up to the top job has paid dividends. Since replacing Heath in September 2020, Pärt has continued to maintain the firm as a leading crypto-first operator in the industry with the likes of Sportsbet.io, Bitcasino.io and Slots.io while overseeing the corporate restructure that saw the establishment of five new verticals in the business. Incidentally, Sportsbet.io, which has sponsorship deals with Arsenal and Southampton, was crowned brand of the year at the EGR Marketing and Innovation Awards in June. Pärt recently championed the importance of keeping the group’s “values and culture”, despite rapid growth, as a key reason for success. She said: “It is the people that matter most – firstly, retaining our key talent and, secondly, recruiting the best people who live and breathe the same Yolo values.”

25. Rank Group 

Rank Group completed the final stage of the migration of its online business onto proprietary tech platform Stride Gaming in a milestone for the firm. Having purchased Stride Gaming for £115.3m in October 2019, the operator began moving brands over to its in-house tech stack with a view to a seamless omni-channel journey. This began with the transition of Bella Casino in 2020 and has now finished with the Grosvenor brands. Rank Interactive MD Jon Martin said the transition was a “significant landmark” for the business. Rank Group also bolstered its C-level significantly this year, with the hire of Foxtons Group CFO Richard Harris to reprise the same role at the operator in May and Hazel Boyle named as chief people officer in September. The Maidenhead-based company reported a 13% YoY leap in digital NGR for its first fiscal quarter, ending 30 September 2022, yet there was a dip in revenue from non-London retail operations as macroeconomic conditions continue to impact the industry.

24. ComeOn Group 

A newcomer to the Power 50 rankings, ComeOn Group joined the subsequent tranche of operators to launch in the Netherlands by becoming the 20th at the time to be awarded a licence by the KSA. The firm also went live in Ontario with its ComeOn brand as well as launching its Mobilebet platform in Germany earlier in the year. In February, William Hill veteran Efi Peleg was appointed as CMO to oversee the performance and development of all marketing channels across the group’s brands and markets. In the same month, the firm scooped the in-house innovation award at the EGR Nordics Awards 2022. ComeOn Group, which incorporates brands including Cherry Casino and Snabbare, introduced a wellbeing initiative called ComeOnCares in October, covering a new employee assistance programme as well as offering free mental health first aid courses for the general public. With over 500 employees across seven locations, the operator supports its local roots through sponsorship deals with sports clubs Sliema Aquatic Sports Club and Sliema Wanderers FC. Last month, the operator announced it will debut its casino streaming product, WeSpin, in Denmark, allowing customers to watch slot streamers play live.

23. Pinnacle

Despite dropping three places in the Power 50 list, Pinnacle’s legacy high-volume, low-margin business model continues to draw attention from across the globe. Led by long-time CEO Paris Smith and based out of Curaçao, the operator made the news this year after being granted a licence by the Alcohol and Gaming Commission of Ontario (AGCO) to launch in the regulated Ontario market. Pinnacle now finds itself facing off against heavy hitters such as FanDuel, Betway and theScore Bet in the province. The operator is also honouring its esports betting heritage with its ongoing title sponsorship of the Pinnacle Cup, which sees the world’s elite CS:GO teams battle it out in front of thousands of fans.

22. Danske Spil

The state-owned lottery, sports betting and casino operator followed up last year’s strong performance with a somewhat steady 2022. This year also saw Danske Spil merge with another Danish lottery, Danske Klasselotteri, in April. In its most recent financial reporting period, for Q3 2022, the operator posted a 1.8% YoY revenue increase, reaching DKK3.60bn. This mainly came from Danske Lotteri Spil, which contributed DKK2.01bn in the quarter. The sports betting and gaming section achieved revenue of DKK1.23bn. Danske Klasselotteri was factored into the third quarter results, with GGR from the ‘class lottery’ reaching DKK131m. Following the results, Danske Spil reiterated it still aims to hit annual GGR of between DKK4.8bn to DKK5bn, with profit after tax expected to reach between DKK1.6bn and DKK1.7bn. The long-term partnership with sportsbook supplier OpenBet was extended until the end of 2025, with the option of an additional year included in the deal.

21. STS Gaming Group 

STS leads the way in its native Poland but is still feeling the pinch from unlicensed online operators. At the back end of last year, STS listed on the Warsaw Stock Exchange with a market cap of PLN3.6bn, yet CEO Mateusz Juroszek and his family retain a 70% stake in the business. In the ensuing months, STS invested heavily in its technology, which Juroszek believes sets the operator apart from its competition. These events have seen STS post record NGR for Q3 this year, with revenue hitting PLN162m. The STS boss also stated in a recent interview with EGR Intel that the company has a busy roadmap ahead in terms of product and technology for the next few years, so there is still more to come from this Polish powerhouse.

20. Tabcorp

After two failed bids of A$3.5bn and A$4bn from Entain and Apollo, respectively, for Tabcorp’s wagering division, the Australian operator completed the demerger of its lotteries and keno arm in June, now operated by The Lottery Corporation Limited. In its FY 2022 results, Tabcorp saw a 4.3% fall in revenue to A$2.4bn while its wagering and media division reported a 5.1% drop in revenue to A$2.2bn as well as a 26.1% decrease in EBITDA. The drop-off was attributed partly to Covid-19 retail closures in its largest markets of New South Wales and Victoria in H1 2022. In October, the ASX-listed operator ploughed A$33m into social betting startup Dabble Sports in a bid to attract a younger demographic. Together, the pair will explore potential opportunities to develop innovation and growth projects for the TAB and Dabble brands. The investment aligns with the group’s plans to grow its digital market share as it launched the new TAB app in September.

19. Hong Kong Jockey Club 

Following on from what has been a turbulent few years in Hong Kong with political strife and the Covid-19 pandemic, the Hong Kong Jockey Club (HKJC) saw its football betting arm generate turnover of HK$148bn, resulting in revenue of HK$19.7bn for the 12 months to 30 June 2022. The HKJC also contributed a substantial proportion of wagering turnover on a new fixed-odds wagering platform. As for personnel, HKJC appointed a new chairman in September. Deputy chair Michael Lee stepped up to take over from Philip Chen, who had spent 16 years as club steward and the last two as chair. Alongside a new chair, the club named three new board stewards to replace the outgoing Chen, Richard Tang Yat-sun and Rosanna Wong Yick-ming, who retired from the board. They have been replaced by Jackson Woo Ka Biu, Ann Kung Yeung Yun Chi and Anita Fung Yuen Mei.

18. Kaizen Gaming 

Moving up to the top 20, Kaizen Gaming celebrated its 10th anniversary in 2022, boasts over 1.4 million active players and is currently live in 12 markets with Betano. Celebrations continued in 2022 as Kaizen netted five awards in total across both EGR’s Marketing and Innovation and Operator Awards. Scooping operator of the year and sports operator of the year titles at the latter event, judges praised the firm’s ability to build a podium position in a number of key markets. Kaizen was also highly commended in the in-house product, affiliate programme and casino operator categories. On the back of the wins, CEO George Daskalakis took to LinkedIn to speak of his pride in his staff members for helping Kaizen reach the heights that it has today. The Greek operator closed out the year on a high as it revealed its Betano brand had become the latest operator to launch in Ontario and signed up as a regional sponsor for Europe for the World Cup in Qatar, becoming the first sports betting operator to partner with FIFA for the tournament.

17. Sisal

Building on its stellar performance at the EGR Italy Awards 2021, lottery operator Sisal continued its run by netting a quintet of awards for the third year in a row in 2022. Trophies received included operator of the year (for the third consecutive year), socially responsible operator, casino operator, mobile operator and the accolade for diversity and inclusion model. It is impossible to talk about Sisal’s 2022 without mentioning its £1.62bn acquisition by Flutter Entertainment, a deal completed in August. To augment this integration, Flutter CEO Peter Jackson’s former chief of staff, Portia Walker, was tasked with helping Sisal CEO Francesco Durante and his senior team as Flutter embeds Sisal into its International division, a process which is still ongoing. According to its latest set of financial results, Sisal recorded YoY revenue growth of 58% to £402m during H1 2022, while EBITDA jumped 51% to £120m for the first six months of the year. In May, its sprawling 9,000 sq m, 13-floor Milan headquarters was unveiled, while the firm clinched a contract to run the Tunisian lottery but lost out in its bid to operate the UK National Lottery’s fourth 10-year licence from 2024 to fellow operator Allwyn.

16. FL Entertainment

Following the SPAC trend is Betclic parent company FL Entertainment, which floated as part of a reverse merger with Pegasus Entrepreneurial Acquisition Company in May to become a public company listed on Euronext Amsterdam. The new entity, which merged the assets of Banijay Group and Betclic Everest Group, posted revenue of €1.8bn for H1 2022, up 19% on 2021’s figure of €1.51bn. Sports betting and online gaming generated €396.6m in revenue in H1 2022, a 3% drop on the previous year’s figure of €408.7m. However, unique active players were up 7% versus H1 2021. Two months after the SPAC deal, Betclic Everest Group’s Frankfurt-listed bet-at-home brand made a swift exit from the UK market following its licence suspension by the UKGC the prior week for suspected failings in its social responsibility and AML practices. In H1 2022, bet-at-home saw a drop of 18.6% in gross betting and gaming revenue to €26.7m, down from an adjusted figure of €32.8m in H1 2021. The slump was attributed to regulatory challenges, namely in its core market of Germany.

15. Playtech

After one of the most drawn-out sagas in recent gambling history, the proposed sale of Playtech failed to materialise when Hong Kong-based TTB Partners pulled out of the running due to concerns over underlying market conditions. The news brought an end to a drama which saw Playtech investors shoot down a multi-billion-pound takeover from Aristocrat, after it had seen off rival bids from Gopher Investments and a consortium led by former F1 boss Eddie Jordan. At the time of writing, Playtech’s shares have slipped by a quarter in the last year, amid swirling rumours of a sale. The H1 results made for healthier viewing, with B2C revenue jumping 147% in cc to €487.3m and adjusted EBITDA up 143% to €126.6m. Its Snaitech arm in Italy received praise due to adjusted EBITDA soaring 171% compared with H1 2021 and revenue rocketing 174%.

14. LeoVegas Group 

The big news for gaming-led LeoVegas this year is that it was acquired by US-based MGM Resorts International after 96% of the Swedish online operator’s shareholders voted to accept the public tender offer in a deal worth $604m. At LeoVegas’ general meeting ahead of the acquisition, Gary Fritz, William Hornbuckle and current LeoVegas CEO Gustaf Hagman were appointed as new board members, with Fritz taking over as chairman of the board. This year, the Malta-headquartered operator was also registered as an igaming operator by the Alcohol and Gaming Commission of Ontario, which allowed the group to launch alongside the opening of the Canadian province on 4 April. As for what LeoVegas is up to in Europe, the operator launched a new technology hub in Warsaw, Poland, this March as it aims to stay at the forefront of innovation in the industry.C

13. Lottoland

A solid 2022 from Lottoland saw the Gibraltar-based operator bolster its revenue and bring in two industry heavy-hitters. In financials submitted to BDO, online revenue was up on 2021, driven by significant increases across monthly active players and monthly first-time depositors. Lottoland remains the dominant figure in the bet-on-lottery segment and used this pulling power to add talent from Kindred Group and Mr Green to its team this year. The group named Mike Kirwan as VP of UK and Ireland after he joined from Kindred, where he served as head of UK customer marketing, and appointed former Mr Green head of legal Antonio Torralba Villaverde as its VP of legal. The two additions follow that of CFO Jon Hale in 2021 as the firm builds out its leadership core. Lottoland also continues to be one of the leaders in the industry for mental health support, with the group supplying staff with a team of fully trained mental health first aiders, access to external counselling sessions and further care services provided by AXA Health Insurance.

12. Fortuna Entertainment Group

Perceived by some as a potential sleeping giant, it was a year of change at the top for Central and Eastern European (CEE) giant Fortuna Entertainment Group as it saw long-standing CEO Per Widerström depart in February after seven years at the helm. Head of Czech operations David Vaněk was named as interim CEO until September when former Paddy Power online CEO Victor Corcoran was given the job permanently. The Prague-based operator has 3,500 retail shops across its main markets including Croatia, Czech Republic, Poland, Slovakia and Romania, which it uses to full effect with omni-channel efforts. This year also saw company stalwart Petr Royce depart after six years as acquisition and marketing head. Despite these personnel changes, Fortuna was in good spirits after having won the innovation of the year accolade at the EGR Marketing and Innovation Awards 2022 for its marketing hub tools. Breaking into the EGR Power 50 top 10 next year would probably require Fortuna to branch out of its CEE heartlands and/or engage in M&A.

11. Superbet

Superbet has made solid progress, with the Eastern European operator having positioned itself as one of the leading firms in the region as it climbs five positions this year. A new headquarters in Bucharest, spread over three floors and 10,500 sq m, houses tech, finance, HR, commercial and operations teams as the group looks to consolidate its growth in 2022, which saw a significant rise in online revenue. Superbet recently divested its technology division to create a new group within the business dubbed ‘Happening’. Happening will see Superbet unite its various tech and product teams under a single entity and aim to deliver on “Silicon Valley-scale projects”. Superbet chief technology officer (CTO) Bruno Kovačić will lead the new organisation, in an as-yet-undecided role, with 500 staff working within the group. Elsewhere, Superbet has appointed former DAZN Group head Shaun Conning as its new chief people officer.