• Total horse racing turnover for the season reached HKD 143.31 billion (ca. EUR 16 billion), an increase of 3.2% year-on-year. The season review does not disclose the share of bets placed through digital channels. The season included 88 race meetings with 865 Hong Kong races and 492 overseas simulcast races.
• Hong Kong customers placed wagers worth HKD 106.0 billion (ca. EUR 11.8 billion), accounting for 74.0% of total horse racing turnover during the 2025/26 season.
• Commingling contributed a record HKD 37.3 billion (ca. EUR 4.2 billion), representing 26.0% of total horse racing turnover (24.5% in 2024/2025). Commingling allows licensed betting operators in other countries to merge their customers’ bets into Hong Kong’s pari-mutuel betting pools, giving overseas bettors access to the same odds and payouts as local customers while increasing liquidity and prize pools.
• Visitor numbers also reached a new high, with more than 400,000 tourists from Mainland China and overseas attending race meetings during the season. The Club said racing tourism continued to support Hong Kong’s wider tourism sector. Chief Executive Winfried Engelbrecht-Bresges said: “The growth in racing turnover was driven primarily by improved field sizes and the continued success of the Club’s globalisation strategy.”
• The Club plans to continue expanding its international racing strategy through commingling, simulcasting and World Pool initiatives.

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Top-ranked mobile betting apps in selected Asia-Pacific countries – Q2/2026

The visible chart compares leading betting apps in the Philippines, Australia, New Zealand and India.

• OKBET, Sportsbet and Betcha each led their markets with an average rank of 3. That gives them clear front-runner status.
• Average app ranks show sharp gaps between leaders and challengers. In the Philippines, OKBET ranked 3, while Zenit Bet sat far back at 193.
• Australia had the deepest competitive field, led by Sportsbet, Bet365 and TAB Betting. New Zealand was tighter at the top, with Betcha and TAB NZ leading.

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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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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• Through Q3 FY2026/3, the Gaming Business posted sales of JPY 16.7bn (ca. EUR 92m). That compares with JPY 3.1bn (ca. EUR 17m) in the same period last year. The sharp rise in Sega Sammy gaming revenue follows the completion of the GAN acquisition in May 2025 and Stakelogic in April 2025. 

• GAN and Stakelogic form the foundation of Sega Sammy’s B2B omnichannel strategy. Following their acquisition, the Sega Sammy group is using GAN’s online platform technology and Stakelogic’s digital casino content to deliver integrated B2B solutions to land-based and online operators, positioning gaming as a long-term third pillar of the business.

• Of the JPY 16.7bn total, GAN contributed JPY 9.2bn (ca. EUR 51m) while Stakelogic added JPY 1.4bn (ca. EUR 7.7m). The remaining JPY 5.9bn (ca. EUR 33m) came from gaming machine sales.

• Despite the revenue jump, profitability remains under pressure. The Gaming segment reported operating income of minus JPY 4.8bn (ca. – EUR 26m) for the period. Adjusted EBITDA was close to break-even at JPY 0.1bn (ca. EUR 0.6m), reflecting integration costs, amortisation and acquisition-related impacts.

• As a share of group revenue of roughly JPY 335bn (ca. EUR 1.8bn) through Q3, the Gaming Business represents around 5%. Entertainment Content remains the largest division at more than half of total sales. Pachislot and pachinko machines  account for around 17%, keeping gambling-related activities a smaller part of the mix.

• The company has also flagged impairment risk linked to Stakelogic, with around JPY 15bn (ca. EUR 83m) under review. Regulatory pressure in parts of Europe has weighed on performance. This shows the online gambling build-out brings growth potential, but also financial volatility in the short term.

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• Revenue in FY 2025 reached USD 359.9m (ca. EUR 303m), up from USD 341.3m (ca. EUR 288m) in 2024. SuprNation, the company’s Western Europe-facing iGaming subsidiary, delivered USD 61m (ca. EUR 51m) in revenue, up ca. 85% year-on-year. That growth was largely driven by continued investment in acquiring new players.

• Real-money iGaming made up close to a fifth of total group revenue in 2025. The uplift was steady through the year, with Q4 2025 revenue from SuprNation rising ca. 78% to USD 16.1m (ca. EUR 13.6m), giving extra weight to the full-year result. The DoubleDown FY 2025 results show that regulated gambling is becoming a more meaningful contributor.

• Social casino and free-to-play revenue came in at USD 299m (ca. EUR 252m) for the year, down 3% compared to 2024. The figure includes a partial contribution from WHOW Games following its acquisition in July. Even so, the overall revenue mix shifted slightly towards real-money operations.

• Profit for the year totalled USD 102.5m (ca. EUR 86m), compared with USD 124.1m (ca. EUR 105m) in 2024. The drop was mainly linked to a non-cash impairment charge related to SuprNation goodwill. Stripping that out, underlying gambling revenue trends were stronger than the headline profit suggests.

• Adjusted EBITDA was USD 142.3m (ca. EUR 120m), broadly level with the prior year. The margin edged down to ca. 40%, reflecting higher operating costs during the period. Still, the DoubleDown FY 2025 results point to consistent cash generation from both social casino and iGaming.

• The company ended December 2025 with an aggregate net cash position of around USD 455m (ca. EUR 383m). CEO In Keuk Kim said the group’s iGaming performance reflects “continued success in prudently scaling new player acquisition activities.”

• DoubleDown Interactive is a mobile and web-based social casino developer and operator, running its flagship DoubleDown Casino platform globally, operating real-money iGaming sites in Western Europe via SuprNation, and expanding its European social casino presence through WHOW Games (which is a European social casino operator, mainly active in Germany, being acquired by DoubleDown Interactive in mid 2025).

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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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• 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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• Group revenue grew 17% year-on-year to USD 3.79bn (ca. EUR 3.3bn), with 14.1 million average monthly players and adjusted EBITDA up 6% to USD 478m (ca. EUR 411m). The quarter still closed with a USD 789m (ca. EUR 678m) net loss after a USD 556m (ca. EUR 478m) India impairment and a USD 205m (ca. EUR 176m) US market access payment. Management said the impairment followed India’s shift to a free-to-play environment for real-money games, impacting the Junglee brand.

• The India ruling is expected to cut 2025 revenue by roughly USD 70m (ca. EUR 60m) and EBITDA by about USD 30m (ca. EUR 26m), with further pressure modelled for 2026 and 2027. Junglee has been repositioned as a free-to-play product, ending its previous operating model. Flutter Q3 2025 reflects the first accounting impact of the change, which management described as “sudden and highly disruptive.”

• In the US, revenue reached USD 1.37bn (ca. EUR 1.18bn), up 9%, driven by a 44% jump in iGaming while sportsbook revenue dropped 5% on customer-friendly NFL results. FanDuel maintained a 38% online sports GGR share despite elevated competition early in the NFL season. Adjusted EBITDA fell 12% to USD 51m (ca. EUR 44m) as margin pressure and higher marketing costs outweighed gains in online casino.

• International revenue climbed 21% to USD 2.43bn (ca. EUR 2.01bn), supported by the Snai and Betnacional acquisitions and growth in Southern Europe and Africa. UK and Ireland performance stayed broadly flat, while Italy online revenue rose 46% and Turkey’s iGaming segment grew 65%. International EBITDA increased 10% to USD 505m (ca. EUR 434m), with margin softening as Flutter invested in Brazil and absorbed higher taxes.

• The upcoming FanDuel Predicts launch – developed with CME Group – marks Flutter’s push into prediction markets across US states without sports betting. The product will include sports, financial and cultural markets and is expected to weigh on EBITDA by USD 40m – USD 50m (ca. EUR 34 – ca. EUR 43m) in Q4 2025 and USD 200m – USD 300m (ca. EUR 172m – ca. EUR 258m) in 2026. Updated 2025 guidance now sits at USD 16.69bn (ca. EUR 14.35bn) in revenue and USD 2.92bn (ca. EUR 2.51bn) in adjusted EBITDA after the quarter’s sports results, India impact and FanDuel Predicts investment shift expectations.

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