Largest iGaming Companies: Leading the Industry with Impressive Revenue and Market Growth

The iGaming industry is dealing out wins left and right, sitting at a whopping $70.64 billion valuation with a steady annual growth rate of 11.7%. This isn’t just a lucky hand—it’s a long-term trend, projected to keep rolling strong through 2030.

Like in a spades card game, the top iGaming players are making big moves, each upping the ante with impressive revenues and stock performance. So, who are the industry’s top players, and what’s their winning strategy? 

Let’s dive into the largest iGaming companies, exploring how they’ve gained the upper hand and what’s keeping investors eagerly watching their next move.

Key Takeaways

• The iGaming industry is valued at $70.64 billion, with an annual growth rate of 11.7%.
• Better Collective, GiG, and Gambling.com are key leaders, especially in the U.S. and European markets.
• Better Collective leads with $380 million; Gambling.com follows at $115.74 million.
• GiG recently split into Gentoo Media Inc. and GiG Software PLC to refine affiliate and tech services.
• Gambling.com’s stock peaked at $10.19 before stabilizing near $9.31; Better Collective shows stability despite recent drops.

Top iGaming Companies by Revenue, Stocks, and Growth

Better Collective is leading the industry’s market cap with a solid $0.85 billion valuation. This shows that investors have a lot of confidence in its brand and growth, especially since it has a strong presence in key markets like the U.S. and Europe.

Following behind are Gaming Innovation Group (GiG) and Gambling.com, with market caps of $364 million and $348 million, respectively. They’ve made their mark in the industry but are still smaller than Better Collective.

On the other hand, Catena Media and Raketech have valuations of about $35.84 million and $87 million. This suggests they might be feeling some pressure from competition or having a tough time scaling up in the competitive iGaming landscape. 

Overall, investors seem to be leaning towards well-established companies in the U.S. markets that have reliable revenue streams.

Revenue Leaders

Better Collective earned $380 million in revenue over the trailing twelve months (TTM) of 2024. This impressive figure is largely attributed to its robust affiliate network and effective monetization strategies. Gambling.com followed closely, earning $115.74 million, thanks to: 

• Its expansion in the U.S. 
• Strong affiliate marketing efforts

Raketech is also making waves with $55 million in revenue, demonstrating growth in Europe while venturing into the U.S. market. In contrast, GiG and Catena Media report more modest earnings of $7.8 million and $6.72 million, respectively, indicating that they may focus on narrower niches or face recent revenue capture challenges.

These revenue trends align neatly with market cap standings. Leaders like Better Collective and Gambling.com continue to showcase substantial income, while the lower revenue levels reported by GiG and Catena Media suggest a more limited operational scope.

Stock Price Performance

Stock prices generally mirror market perception:

• Better Collective shares are valued at $11.50: Aligns with its high market cap and revenue, signaling investor confidence in long-term growth.
• Gambling.com trades at $9.31: Reflect optimism about its expansion in the U.S.
• GiG and Raketech shares are priced lower, at $2.42 and $0.60: Indicates cautious investor expectations or competitive pressures.

Take a look at the in-depth analysis of each of the largest iGaming companies in the industry to learn more about them. 

Better Collective 

	Market Cap	Revenue	Stock Price
	$0.85 B	$0.38 B	SEK 131.40

Better Collective is a giant in digital sports media and iGaming, with partnerships spanning over 250 operators worldwide. Founded in Denmark in 2004, the company has since captured audiences globally with popular platforms like Action Network and VegasInsider. 

It’s not surprising that Better Collective has a loyal fanbase, as the brand offers reliable, in-depth content across North America, Europe, and beyond. Like players who carefully follow “spades rules” for a strategic edge, iGaming enthusiasts choose Better Collective for its broad reach across Europe, North America, and beyond.

Better Collective’s financial journey has been quite the adventure, especially with its market cap climbing sharply in 2020 and again in 2023. In 2021, Better Collective reached a billion-dollar valuation but faced a minor dip the following year. 

On the other hand, Better Collective’s revenue displays a steady upward trend. It’s sitting at $380 million in 2023. From just $35 million in 2017 to its current peak, Better Collective has shown consistent growth and strong audience appeal. 

Better Collective’s stock has also been on a ride of its own. After a promising start in 2024 with stocks priced around SEK 296, it’s since slid down to SEK 131.40, reflecting some market adjustments. However, this company has strong fundamentals to watch as it powers through a competitive landscape.

Gaming Innovation Group

	Market Cap	Revenue	Stock Price
	SEK 3.69 B	SEK 88.62 M	SEK 27.65

Gaming Innovation Group, or GiG, is a full-service provider that delivers iGaming solutions, from casino platforms to account management. 

In 2024, GiG restructured into: 

• Gentoo Media Inc.: Affiliate services 
• GiG Software PLC: Core tech services

The split allows the company to focus on its strengths, catering to niche tech and affiliate marketing audiences.

Note: The figures above are in Swedish Krona (SEK) currency. The market cap values were recorded before the company’s split into Gentoo Media and GiG Software PLC.

GiG’s financial story is equally fascinating. Its market cap surged from SEK 782 million in 2019, hitting SEK 3.4 billion by 2022, spurred by a wave of digital demand during COVID-19. Now, Gentoo Media sits at SEK 3.25 billion, while GiG Software PLC is valued at SEK 369.52 million. This divide may make each entity more competitive in its specific space.

Note: The figures above are in Swedish Krona (SEK) currency.

If GiG’s market cap showed an upward trend until declining in 2023, its revenue paints a different picture. GiG’s revenue kept fluctuating over the years. It saw a major rise in 2020 with 43% growth, but 2022 brought a drop of around 25%. 

In 2023, things picked up again with another 43% revenue jump. The ups and downs reflect the company’s ability to rebound and expand in the iGaming market.

Stock-wise, GiG has also seen fluctuations. After peaking at SEK 27.65, shares were converted to Gentoo’s new ticker, “G2M,” on Nasdaq, while GiG Software trades independently. With recent funding and interest from names like Nicolas Adlercreutz and Juroszek Holding, GiG seems poised for more growth in the years ahead.

Here’s a look at GiG’s funding journey: 

GiG has attracted several investors to support its growth. Nicolas Adlercreutz and Juroszek Holding invested in the company in 2023. Both investments occurred post-IPO, which reflects the investors’ confidence in GiG’s potential. 

The iGaming company also secured €15 million in debt financing in 2024, which provides GiG with a solid financial base as it continues to push forward in the industry. 

Gambling.com 

	Market Cap	Revenue	Stock Price
	$348.03 M	$115.74 M	$9.31

Since 2006, Gambling.com has carved out a solid spot in iGaming, from online casinos to sports and fantasy betting. The company has built a brand known for consistent revenue in countries, including:

• The US
• Ireland
• Malta

In 2024 alone, the company reached $115 million in revenue—a 42.02% rise over the previous year. Here’s a look at its revenue growth over 5 years: 

Note: The figures above are in USD.

Every year, the company has managed to earn more than the previous year. In 2023, Gambling.com’s revenue showed an impressive growth spurt, jumping by 42.02%. Its consistent upward trend shows how the company can capitalize on the booming online gambling industry. 

Note: Original stock prices were in Swedish Kona and converted into USD. 

However, the stock has been anything but predictable. Starting 2024 at $9.15, it climbed to $10.19 in August before settling back around $9.31. Despite fluctuating stock prices, the company has continued attracting high-profile funding, securing $50 million from Wells Fargo in early 2024. 

Here’s a look at its recent funding history: 

Catena Media

	Market Cap	Revenue	Stock Price
	SEK 382.03 M	SEK 76.75 M	SEK 5.14

Catena Media has been making waves in iGaming. It helped online casinos and sports betting platforms lure new players through lead generation and affiliation services. 

Note: The above values are in Swedish Krona (SEK) currency.

Despite an initial surge in valuation, peaking at SEK 4 billion in 2021, Catena’s market cap has declined to SEK 382.03 million in 2024. This decline reflects competitive pressures and revenue challenges as the iGaming sector becomes increasingly demanding.

The revenue side for Catena hasn’t been as encouraging, with earnings sliding in recent years. Revenue dropped 22% from 2022 to 2023 alone, highlighting the company grappling with a challenging market. 

Note: The prices above are in Swedish Krona (SEK).

Likewise, Catena Media’s stock tells pretty much the same story. The stock flew high during the first quarter of 2024, only to slide down to barely SEK 5 by October. This seems to show investors’ waning confidence in the company. Current shareholders can only hope that Catena Media finds its footing again soon. 

Raketech 

	Market Cap	Revenue	Stock Price
	SEK 290.76 M	SEK 77.69 M	SEK 6.64

Like other iGaming companies mentioned above, Raketech has made quite a name for itself in the industry. Since 2010, the award-winning company has guided players on online casinos, sports, and even crypto. 

Raketech started in Scandinavia, but the online affiliate and performance marketing company quickly grew beyond. It now offers an impressive lineup of services worldwide—from casinos and sports to poker and other tools.

Note: The values above are in SEK currency.

Looking at Raketech’s valuation lately, you will see that it’s facing some hurdles. As of October 2024, the company’s market cap was SEK 290.76 million, down over 60% from 2023’s value of SEK 755 million.  

However, 2024 was not the first time Raketech’s value was all over the place. In 2021, Raketech’s market value grew by 144%, only to come back down the following year. The ups and downs indicate how Raketech is in for a bumpy ride. 

Raketech’s story takes a brighter turn. Over the past few years, the company’s revenue growth has been solid and steady. It even reached over SEK 77 million in 2023. 

Despite the fluctuating valuation, Raketech has found a way to keep bringing in revenue. This indicates that the company knows how to capture attention and keep users returning for more.

Conclusion

The iGaming industry is expanding, with Better Collective, GiG, Gambling.com, Catena Media, and Raketech each shaping the market uniquely. Some of these companies thrive with steady revenue and high investor confidence, while others are navigating rougher seas, searching for strategies to keep them afloat. This dynamic sector offers investors a blend of stability and growth potential, where established giants and ambitious challengers offer intriguing opportunities.

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By Maxym Chekalov

With a master's degree in telecommunications and over 15 years of working experience in telecommunications, networking, and online security, he deeply understands cybersecurity's value and importance. Max leverages his vast experience and knowledge to research the latest cyber threats, scams, malware, and viruses in-depth.