According to the European Gaming and Betting Association (EGBA), the European Gambling Market within the parameters of 2024, accounted for 123.4 Billion Euros, whilst online gambling within that encompassed 47.9 Billion Euros or 39 per cent of the total. This increase is primarily attributable to Digital-first operators and live casino providers. This article seeks to determine the outliers from the competitors, understand the contributing factors of the increase, and identify the avenues of investor interest.
As the European gambling industry advances through the growth stage, online iGaming has proved a dominating contender. Total gross gaming revenue for 2024 sat at 123.4 billion Euros, an increase of 5 per cent from 2023, and online gambling’s share reached an increase to 39 per cent, as noted by the EGBA.
With the adoption of mobile technology on the rise and the expansion of services on digital gaming platforms, publicly traded iGaming companies are poised to continue on the upward trend within the marketplace. The growth of these companies is the focus of this article, along with their stocks and the financial opportunities for 2025 and beyond.
Key Drivers Behind iGaming Growth
The increase in the use of the internet for gambling activities is fueled primarily by a shift in customer behaviour and patterns. According to EGBA, online channels earned 47.9 billion euros in 2024, while traditional gambling was 75.5 billion euros. Out of total online revenue, 58 per cent came from the use of mobile devices, rising from 56 per cent in 2023, which indicates that consumers are getting more used to mobile apps and gaming platforms.
Growth is aided by sites that provide social gaming and sweepstakes experiences. For example, SocialSweeps gives users in the United States access to entertaining online gaming formats. Although the company primarily focuses on the United States, it indicates the more widespread phenomenon of digital distribution and alternative methods of engaging in online gaming.
The use of better software, user experience improvements, and personalised data is used to engage and retain users. These innovations directly benefit live casino formats and online casinos. Increased regulatory flexibility in several European markets has also simplified the online expansion of accessible gambling services.
Top Performing Stocks in the Sector
iGaming segment players have had their share of success as well. Very recently, Evolution AB – an iGaming live software provider – published one of the industry’s software reports. This showed the company earned revenues of 524.3 million euros for Q2 2025, an increase of 3.1 per cent vis-à-vis the same period the previous year, and an 8.8 per cent increase on a constant currency basis.
Most of the revenue – approximately 453.7 million euros – stemmed from the live casino section of the portfolio. This reflects the continuing need for real-time interactive gaming experiences.
Also for 2024, a revenue review of Evolution AB showed a 23.1 per cent growth in operational revenues with total revenue surmounting the 2.21 billion euros mark. This demonstrates how the developers of live casino and other premium quality digital content have the most in-demand products in their category and, as a result, are seeing unlimited growth in these segments of the iGaming industry.
The surge in digital gaming experiences from within the industry also means that technology and content B2B providers in the iGaming industry have a lot to gain.
Market Trends Shaping 2025 Revenue
The analysis of the European market shows some important changes in the composition of the products. Online casino games, the largest segment, accounted for €21.5 billion out of the €47.9 billion in gross revenue for online gambling.
Sports betting and event betting followed, generating €13.7 billion, followed by the lottery, poker, and bingo. As reported by the European Gaming & Betting Association, the online gambling market is expected to reach €66.8 billion by the year 2029, with a projected CAGR of 6.9% between 2024 and 2029.
Land-based gambling continues to be a big market, especially in regions where there is lower online penetration due to market regulations, cultural and local preferences. This means that although online gambling is growing at a faster pace, the total gambling market, online and land-based, continues to grow.
Investment Opportunities for Shareholders
The expected potential for growth makes iGaming stocks very attractive. The company Evolution is a great example of a company that is doing very well, and its success is driven by the business segments of the company that focus on live casino content and geographical expansion.
For customers seeking a more diversified exposure, there are companies that are focused on the backend infrastructures, such as systems, software, or content aggregation, that are worth investing in as they are likely to face a strong, sustained demand for gaming solutions.
The potential for regulatory controls is a downstream influencing factor on the investment. Governments typically would control advertising, age verification, licensing, and payouts, and that would greatly affect the bottom line for profitability.